Ghana’s GDP Growth Plot Twist: Extractives and Non-Extractives Set to Equalize!
The IMF projects that in the year 2029, both Ghana’s extractive industries like oil, gas, and gold and non-extractive sectors such as agriculture, services, and parts of manufacturing will grow at about 5 percent, showing a more balanced growth path over the medium term. Currently, non-extractive industries are growing faster, while extractive sectors have slowed down, but both are likely to pick up again thanks to smart investments, reforms, and good commodity prices. The forecasts of the IMF indicates that the extractive sector growth to rise gradually from 1.7 percent in 2025 to 5 percent in 2029, while growth in non-extractive areas slows slightly to 5 percent, meaning the two parts of the economy should align. This projection depends on keeping the economy stable, diversifying industries, improving governance, and expanding non-oil sectors, putting Ghana on track for steady medium-term growth despite current differences between sectors.
