Ghana's macroeconomic situation is improving, with growth outperforming expectations and authorities making headway on debt, the International Monetary Fund (IMF) said on Thursday.
IMF spokesperson Julie Kozack told a regular briefing that the West African country's public debt was expected to fall to 60% of gross domestic product (GDP) this year from 82% in 2022.
She said Ghana needs to continue reforms, including taking steps to boost domestic revenues, to entrench debt sustainability.
Ghana's economy expanded by 6.3% year-on-year in the second quarter of 2025, up from a revised 5.7% in the same period last year, with strong growth in the services sector, the country's statistics agency said on Wednesday.
The services sector, encompassing finance, insurance, trade and education, surged by 9.9% in the quarter compared to 2% a year earlier, government statistician Alhassan Iddrisu said during a news conference.
"In fact, it contributed the most growth in the quarter. It contributed four percentage points to the 6.3% growth we recorded in the quarter," Iddrisu said.
Non-oil GDP rose 7.8%, boosting growth while agriculture expanded and oil contracted, he said.
The gold-, oil- and cocoa-producing nation is emerging from its most severe economic crisis in decades.
Ghana's annual inflation rate slowed to 11.5% in August, its lowest level since October 2021. The country's finance ministry targets year-end inflation of 11.9%.
Reuters
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