Ghana has overtaken Ethiopia in Africa’s economic rankings, with its gross domestic product projected to reach $128.64bn in 2026, according to the International Monetary Fund’s October 2026 World Economic Outlook.
The West African nation is projected to climb from ninth to eighth place among Africa’s largest economies in 2026, overtaking Ethiopia, with an estimated GDP of $127.15bn, and the Democratic Republic of Congo, at $122.28bn.
Ghana’s improved ranking follows efforts to recover from a severe financial crisis that forced the country to restructure its debt and seek financial assistance from the International Monetary Fund.
Ghana’s economy has faced several challenges in recent years, including currency depreciation, high inflation, rising public debt and mounting pressure on government finances.
In 2023, the country secured a $3bn programme from the International Monetary Fund to promote economic stability, rebuild investor confidence and address its debt crisis.
Since then, the government has introduced fiscal reforms, restructured its debt and implemented measures to curb inflation and stabilise the cedi.
According to the IMF’s latest projections, Ghana’s economy is expected to grow by 5.7 per cent in real terms in 2026, despite ongoing external economic pressures.
The country’s economy is supported by key sectors, including gold production, cocoa exports, oil and gas, financial services and a growing consumer market.
Gold remains a major source of Ghana’s export earnings, with rising international prices helping to boost foreign exchange inflows.
The latest rankings put Ghana slightly ahead of Ethiopia in terms of GDP, although the two countries have different growth outlooks.
Ethiopia’s economy is projected to grow by 9.2 per cent in 2026, faster than Ghana’s forecast growth rate of 5.7 per cent.
