Ghana's economy expands by 13.4% in May as inflation rises to 5.3%

Ghana’s economy recorded strong growth in May 2026, with economic activity expanding by 13.4%, compared to 4.4% during the same period last year.

Addressing the media after the Bank of Ghana’s Monetary Policy Committee meeting on July 22, 2026, the Governor of the Bank of Ghana, Dr Johnson Asiama, said the improvement reflected stronger performance across key sectors of the economy.

“Credit to the private sector, international trade activities, industrial production, and tourist arrivals all contributed to the improved economic performance during the period,” he said.

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The Governor also noted that the Bank of Ghana’s latest confidence surveys conducted in June 2026 pointed to improving consumer and business confidence.

“The latest confidence surveys conducted in June 2026 showed positive consumer and business sentiments, supported by optimism about growth prospects, subdued inflation, and declining lending rates,” he stated.

Despite the positive economic outlook, Dr Asiama disclosed that headline inflation increased to 5.3% in June 2026 from 3.7% in May.

The Bank of Ghana is expected to continue monitoring inflation developments and broader economic conditions as it pursues its price stability mandate while supporting sustained economic growth.

DR/MA