Ghana's economy has grown by 6% with a debt-to-GDP ratio down from 61.8% to 44.7%. The inflation rate has also decreased from 23.8% to 5.2%.
However, youth unemployment remains high at 32.4%.
The Ghana Statistical Service reports that the Consumer Price Index has seen a 10.3% increase in housing, water, and energy inflation. This has resulted in a huge financial burden on ordinary Ghanaians.
The government's New Economy policy aims to create jobs and increase growth in the economy. The policy will be funded with US$10bn over five years, approximately GH¢23bn a year. However, the funding for this policy is still uncertain, with possibilities including new taxes, tightened revenue mobilisation, or domestic borrowing.
Experts have raised concerns about the effectiveness of the government's policies in reducing unemployment. Dr Mahamudu Bawumia and Hon. Kojo Oppong Nkrumah have questioned the government's approach to the economy. The Ghana Statistical Service reports that the unemployment rate has only decreased by 0.1 percentage point, from 13.1% to 13.0%.
The Bank of Ghana has reported a reduction in the lending rate from 30.2% to 15.6%. This reduction is expected to increase access to credit for businesses and individuals. However, the high youth unemployment rate remains a major concern for the economy.
The government's ability to fund the New Economy policy without borrowing will be a major challenge. The 2026 budget has already planned for GH¢72bn of borrowing at home. The World Bank has projected lower gold prices in 2027, which could offset Ghana's foreign earnings and affect the country's fiscal position.