In 2024, Ghana’s economy experienced growth that surpassed expectations, primarily fueled by strong performances in the mining and construction industries, as reported by the International Monetary Fund (IMF). This assessment was made during a two-week IMF mission to Accra, which took place from April 2 to April 15, 2025, under the leadership of Mission Chief Stéphane Roudet.
The mission was part of Ghana’s ongoing participation in the Extended Credit Facility (ECF) program, focusing on evaluating the nation’s recent economic trends and policy effectiveness.
Roudet also highlighted a notable enhancement in the country’s external position, attributed to robust export activities, especially in gold, along with increased remittances. He stated, ‘The growth in 2024 exceeded expectations, supported by vigorous mining and construction activities.
The external sector has shown significant improvement, driven by strong exports—particularly in gold and, to a lesser extent, oil, alongside higher remittances.
Consequently, the accumulation of international reserves has greatly surpassed the targets set by the ECF-supported program.’
Earlier, on March 11, the Minister of Finance, Dr. Cassiel Ato Forson, while delivering the 2025 Budget Statement and Economic Policy to Parliament, credited the 5.7% GDP growth in 2024 to heightened activity in the mining sector, including illegal small-scale mining, commonly referred to as galamsey. He emphasized the mining and quarrying sector as the principal catalyst for economic growth.
