Soaring commodity prices influenced our 2026 revised growth forecast of 5.7 % for Ghana – IMF

The International Monetary Fund (IMF) has revised its growth forecast for Ghana to 5.7% by the end of 2026, citing soaring global commodity prices, particularly gold, as a key driver of this decision. IMF Director Zeine Zeidane explained during a press conference that higher commodity prices could lead to increased export earnings, a better trade balance, and overall economic expansion for Ghana.

He stated that Ghana's performance in the first half of the year had also contributed to this revised forecast, and that this growth momentum was expected to continue. Despite recent shocks from energy price fluctuations, the IMF praised Ghana's fiscal performance. The IMF's report also projected year-end inflation at 4.8%, down from the previous 7.9% forecast, which is below the government and Bank of Ghana's target band of 6%-10%.

September's inflation rate of 5.2% further suggests a potential decrease in price pressures by the end of the year. If this forecast becomes reality, Ghana would experience single-digit inflation for the second consecutive year, following a similar outcome in 2025.