Ghana has emerged ahead of Ethiopia in Africa's economic rankings, with its gross domestic product (GDP) projected to reach $128.64 billion in 2026, according to figures from the International Monetary Fund's October 2026 World Economic Outlook.
- Ghana is projected to surpass Ethiopia in Africa's economic rankings with a GDP of $128.64 billion by 2026, according to the IMF.
- Ghana's economy benefits from gold, cocoa, oil and gas exports, and a growing consumer market, with gold remaining a key export.
- Ethiopia's economy is forecast to grow faster in real terms, but depreciation of the birr has reduced its GDP in dollar terms.
- Despite Ghana's improved macroeconomic position, it faces challenges in translating this into long-term investment, jobs, and industrial growth.
The West African country is projected to rise from ninth to eighth place among Africa’s largest economies in 2026, overtaking Ethiopia, whose GDP is estimated at $127.15 billion, and staying ahead of the Democratic Republic of Congo at $122.28 billion.
Ghana’s improved ranking comes as the country continues to recover from a severe financial crisis that forced it to restructure its debt and seek IMF support.
Ghana's economic recovery strengthens its position
Ghana's economy has faced significant challenges in recent years, including currency depreciation, inflation, rising debt and pressure on government finances.
In 2023, the country secured a $3 billion IMF programme to support economic stability, restore investor confidence and address its debt problems.
Since then, Accra has pursued fiscal reforms, debt restructuring and measures aimed at stabilising prices and the cedi.
According to the IMF's latest projections, Ghana's economy is expected to expand by 5.7% in real terms in 2026, reflecting continued growth despite external economic pressures.
The country's economy also benefits from gold production, cocoa exports, oil and gas, financial services and an expanding consumer market.
Gold remains particularly important to Ghana's export earnings, while higher international prices have helped support foreign-exchange inflows.
Ghana edges ahead of Ethiopia
The latest rankings place Ghana slightly ahead of Ethiopia, although the two countries have different economic growth prospects.
Ethiopia's economy is projected to expand by 9.2% in 2026, outpacing Ghana's expected growth of 5.7%.
However, the depreciation of the Ethiopian birr following exchange-rate reforms in 2024 has reduced the country's GDP when measured in US dollars, despite strong domestic economic growth.
Ghana, meanwhile, has benefited from improving macroeconomic conditions, strengthening its position among Africa's largest economies.
Despite the shift in rankings, exchange-rate movements continue to influence nominal GDP figures, meaning Ghana's higher position does not necessarily reflect stronger underlying growth or higher living standards.
Sustaining its economic recovery will depend on Ghana's ability to attract investment, create jobs and expand industrial production.