Ghana overtakes Côte d’Ivoire and Ethiopia to become Africa’s 8th largest economy, 2nd in West Africa

• Ghana has become Africa’s eighth-largest economy after its GDP reached about $118 billion.

• The latest rankings show Ghana overtaking Côte d’Ivoire and Ethiopia, while emerging as the second-largest economy in West Africa behind Nigeria.

• Analysts say growth in mining, oil, services and financial reforms contributed to Ghana’s economic rise despite ongoing fiscal challenges.

Ghana has climbed to become the eighth-largest economy in Africa after the country’s Gross Domestic Product (GDP) reached approximately $118 billion, according to the April 2026, World Economic Outlook report from the International Monetary Fund and other economic trackers.

READ ALSO: Ghana’s economy grows 6.3% in second quarter of 2025 (April – June)

Data from IMF show Ghana’s nominal GDP for 2026 standing at about $118.29 billion, marking a significant increase from previous years and pushing the country higher in continental economic rankings.

The growth reflects continued expansion across key sectors including mining, oil and gas, financial services, information technology, agriculture and telecommunications.

According to economic reports, Ghana moved up from 10th position in 2025 to 8th in 2026, aided largely by stronger gold export earnings, improved macroeconomic stability and steady growth in the services sector.

READ ALSO: 2026 Budget: ‘Ghana’s economy has recovered’ – Dr Ato Forson declares

The development comes as the country continues efforts to recover from its recent economic crisis, which saw the country undertake debt restructuring and implement reforms under a $3 billion IMF support programme. 

Reuters previously reported that Ghana secured a $2.8 billion debt relief agreement with official creditors as part of measures to restore economic stability.

Finance Minister Cassiel Ato Forson earlier projected that Ghana’s economy was on course for sustained growth, citing easing inflation, improved investor confidence and fiscal reforms.

• South Africa — $479.96 billion

• Egypt — $429.64 billion

• Nigeria — $377.37 billion

• Algeria — $317.17 billion

• Morocco — $194.33 billion

• Angola — $152 billion

• Kenya — $120 billion

• Ghana — $118 billion

• DR Congo - $113.41 billion

• Ethiopia - $109.3 billion

READ ALSO: Somalia's Economy Rebounding from 'Triple Shock'

Ghana’s rise in the rankings echoes the resilience of the economy despite persistent challenges including debt pressures, currency volatility and high public expenditure.

Ghana’s improved ranking is expected to strengthen investor confidence and reinforce the country’s position as one of West Africa’s leading economic hubs.