Ghana’s Economy Projected to Expand by 5.67% in 2026 – Databank
By Praisebell Rosemond Larbi
Ghana’s economy is projected to expand by 5.67 percent in 2026, marking a return to a firmer growth trajectory as monetary easing and targeted fiscal interventions begin to yield stronger output gains, according to Databank Research’s 2026 Outlook report.
Excluding oil, real Gross Domestic Product (GDP) is forecast to grow even faster at 5.95 percent, underscoring the strengthening contribution of the non-oil economy amid ongoing diversification efforts.
Databank describes 2026 as an “expansionary phase,” driven by improved policy transmission from reforms and flagship programmes rolled out in 2025.
“Our forecast is firmly anchored in expectations of higher year-on-year output from policies rolled out in 2025, key among them being the Big Push initiative, export promotion, road construction, and the ‘one million coders’ programme,” the report stated.
Services Sector to Lead Growth
The services sector is expected to remain the primary growth engine, with Databank projecting a median growth rate of 9.6 percent by end-2026. Further benchmark interest rate cuts are anticipated to stimulate consumer demand and business expansion across trade, ICT, financial services, and transport.
“The ripple effects of incentives to advance the 24-hour economy agenda and the uncapping of selected statutory funds (GETFund, NHIF, Road Fund) to support key sub-sectors are among the social interventions expected to sustain growth momentum,” the report added.
However, the research firm cautioned that rising wage pressures and a growing labour force amid limited job absorption capacity could heighten the risk of industrial actions. It noted that the effective rollout of the Ghana Labour Export Programme may help ease domestic labour market pressures while supporting remittance inflows.
Agriculture Recovery Gains Traction
The agriculture sector is forecast to grow by 7.95 percent in 2026, reflecting a sustained recovery from the downturn recorded in 2025. Cocoa and livestock production are expected to rebound strongly, supported by improved farmgate incentives and policy interventions.
“We believe the full impact of subsidies on seeds, fertilisers, and imports of key agricultural machinery will fully materialise in 2026. As cocoa production rebounds on the back of artificial pollination mechanisms, limited pod infection and reduced smuggling, amid attractive compensation to farmers, we remain fairly optimistic about a sustained sector recovery,” Databank noted.
Industry Faces Oil Drag, Gold and Construction Support
Despite persistent weaknesses in crude oil output, the industrial sector is projected to grow by 4.55 percent, supported largely by construction and mining activity.
“With a road infrastructure allocation of GH¢13.8 billion, we anticipate that the construction subsector will outperform its 10-year average growth rate of 1.4 percent,” the report indicated.
Steady gold inflows from both large- and small-scale mining are also expected to underpin industrial performance, although Databank cautioned that any blanket ban on small-scale mining amid environmental concerns could weigh on output.
Overall, the 2026 outlook signals strengthening macroeconomic stability, with growth broadening beyond oil and anchored in services, agriculture, and infrastructure-led expansion.
