During a recent Stanbic Economic Series webinar, cloaked under the theme of “The Economy under a New Era”, Mr. Qureishi unfolded a tapestry of insightful analysis and bold predictions about Ghana’s economic landscape. The discussion was a captivating dive into key growth drivers and structural risks that hover like spectres over the country’s economic future. One might wonder, amidst global uncertainties, what fuels this optimism?
Strong Recovery in 2024 Sets Stage for 2025
Ghana’s economic resilience in 2024 captured attention, as Mr. Qureishi reported an impressive GDP growth of 5.8% year-on-year, a significant leap from the previous year’s 2.9%. Such numbers spark curiosity, don’t they? How does a nation bounce back with such vigour?
“This is the fastest rate of economic growth since 2021,” he asserted with palpable enthusiasm, “and we anticipate this momentum will continue, with projected growth of 5.4% in 2025 and 5.7% in 2026.” These projections are not merely statistics; they hold promise and expectation, hinting at a future that demands preparedness and strategic foresight.
Mining Sector Remains a Key Driver
Central to this economic renaissance is the mining sector—a stalwart facilitator of Ghana’s resurgence, with gold production leading the charge like an unwavering beacon. In reminiscing about a gold rush, one might chuckle at the irony of history’s tendencies to repeat.
“There has been a notable pickup in mining activities across the country, with gold leading the charge,” Mr. Qureishi elaborated. This resurgence is not a mere coincidence; it is a testament to strategic revitalization efforts, such as the rejuvenation of faltering mines like Obuasi and the potential debut of a significant lithium facility around 2026/2027.
Consider the ambition behind these undertakings—the unwavering drive to redefine Ghana’s mining narrative can only bolster its future economic prospects.
Non-Mining Sectors Face Ongoing Challenges
Yet, in this landscape of opportunity, there linger challenges. While the mining sector sparkles, other sectors seem ensnared in ongoing struggles. They tell a tale of a more nuanced picture—where triumphs are juxtaposed against trials.
“While mining is flourishing, sectors such as manufacturing and real estate continue to face persistent headwinds,” Mr. Qureishi observed. Imagine the frustration—a symphony of economic activity silenced by unforeseen adversities.
Agricultural productivity, too, has not been spared, suffering a setback from last year’s dry spell in Northern Ghana that threatened to wither hopes of growth. Such climatic caprices remind us of our vulnerability, don’t they?
Optimistic yet pragmatic, Mr. Qureishi warned that to sustain growth, structural weaknesses must not be ignored.
“The revival of key mining operations and the potential for stronger-than-expected growth in 2026 highlight the resilience of Ghana’s economy,” he acknowledged. “But issues such as energy sector arrears and fiscal imbalances must be tackled for growth to remain stable.”
Here lies a pertinent question: Can Ghana navigate these crossroads of promise and predicament, embracing both opportunity and challenge with equal measure?
Edited By Ali Musa Axadle Times International–Monitoring.
