Ghana GDP Growth to Hit 6.4% in 2026 on Oil Recovery
IC Securities forecasts Ghana's real GDP to grow 6.4% in 2026, driven by new oil wells and tech services.
Key points
- IC Securities forecasts Ghana's 2026 GDP growth at 6.4 percent, allowing a 0.5 percentage point deviation.
- The services sector grew 8.0 percent in Q2 2026, with tech subsector growth reaching 30.9 percent.
- Oil production is expected to recover in late 2026 after new Tullow Oil wells began operating in July.
Ghana's real GDP growth is projected to reach 6.4 percent in 2026. IC Securities maintains this forecast despite a recent slowdown in industrial activity.
The economy slowed to 6.0 percent growth in the second quarter of 2026. Weakness in non-oil sectors and slower agricultural output drove this deceleration.
Oil production drives second-half recovery
New Tullow Oil wells began operating in July and August 2026. Initial production figures met expectations, supporting the energy sector's rebound.
Analysts expect the oil and gas sector to recover significantly by year-end. This recovery is critical for meeting the full-year growth target.
Services sector leads economic expansion
The services sector grew 8.0 percent year-on-year in the second quarter. It contributed 57.6 percent of the total economic growth during that period.
Information and communications technology growth accelerated to 30.9 percent in the second quarter. This subsector outpaced the 25.2 percent growth recorded in the first quarter.
Agriculture faces mixed performance trends
Agricultural output rose 3.9 percent year-on-year, slightly below the first-quarter rate. Fishing contracted by 24.7 percent, marking the third consecutive decline.
The cocoa sector grew by 5.2 percent in the second quarter. IC Insights expects the seasonal harvest to support agriculture through the end of the year.
