Ghana’s economy has expanded significantly in nominal terms, reaching a total value of GH¢1.4 trillion as of end-March 2025, according to data from the Bank of Ghana.
The new figure represents a GH¢224 billion ($21.6 billion) increase from the GH¢1.176 trillion ($112.9 billion) recorded at the end of 2024.
In dollar terms, the economy is now valued at approximately $135.1 billion, reflecting a strong quarter-on-quarter expansion.
The surge in value is primarily attributed to a notable uptick in the country’s key commodity exports gold and cocoa coupled with the strengthening of the Ghanaian cedi against major international currencies.
Gold exports saw a significant jump from $3.72 billion in March to $5.25 billion in April, representing a 40.8% increase month-on-month.
Cocoa exports also advanced during the same review period, rising from $1.50 billion to $1.84 billion, a growth rate of 22.5%.
The increased output and earnings from these commodities have boosted fiscal revenue and improved the country’s current account outlook.
In addition, the continued appreciation of the Ghanaian cedi has contributed to the upward revision of the economy’s valuation in US dollar terms.
With the continuous appreciation of the cedi, the value of the economy in dollar terms is likely to continue rising.