Alan Kwadwo Kyerematen, Leader of Movement for Change
The International Monetary Fund (IMF) has unveiled its growth projections for 2025, but Ghana is conspicuously absent from the list of the world’s fastest-growing economies. Despite hopes for economic recovery and investment inflows, Ghana’s growth forecast is being overshadowed by other nations, with the IMF highlighting a group of emerging economies expected to grow rapidly next year.
South Sudan, Guyana, and Libya Set to Lead Growth
According to the IMF’s latest biannual outlook published in October 2024, South Sudan is predicted to top the global growth chart with a staggering 27.2% GDP growth in 2025. This follows a sharp contraction of 26.4% in 2024, due to the ongoing conflict in neighbouring Sudan. The IMF forecasts a rebound in South Sudan as peace and reconstruction efforts are expected to take hold following the end of hostilities. This significant recovery comes on the heels of a shallow base caused by the war’s devastating impact on the country’s economy.
Guyana, in the Americas, is also set to shine with a 14.4% growth forecast for 2025. The small nation’s growth is largely driven by a booming oil and gas sector, thanks to the discovery of major offshore reserves in 2015. The surge in production by ExxonMobil and its partners in the Stabroek block has transformed Guyana into one of the world’s fastest-growing oil exporters.
Libya, too, is poised for impressive growth, with an expected GDP expansion of 13.7% in 2025, thanks to the resumption of oil production following the resolution of internal political disputes. While Libya’s economy is set to recover in the short term, growth is expected to moderate to 4.1% by 2026.
Sub-Saharan Africa’s Growing Economies: Where Does Ghana Stand?
Ghana, once a shining star of Sub-Saharan Africa’s economic growth, now finds itself off the list of the fastest-growing nations in 2025. The country has been grappling with multiple economic challenges, including high inflation, a depreciating currency, and rising debt levels. While Ghana’s economic recovery is expected, it is not on track to see the same rapid growth as other African countries.
In contrast, Senegal, a key player in West Africa, is expected to experience a historic growth rate of 9.3% in 2025, driven by recent oil and gas discoveries. Although this projection is slightly revised downward from the IMF’s earlier prediction, it still places Senegal as one of the region’s top performers. Meanwhile, countries like South Sudan, Guyana, and Libya are seeing rapid growth thanks to oil and gas, leaving Ghana’s mineral-rich economy in a precarious position.
Global Growth Forecasts Remain Cautious
The IMF’s global growth forecast for 2025 is a modest 3.2%, aligning with the growth expected for 2024. However, the IMF has expressed concerns about the global outlook, highlighting geopolitical risks, financial market volatility, and ongoing issues in China’s property sector as potential threats to stability. The forecast also predates the re-election of Donald Trump as US president, whose protectionist policies could further strain international trade and economic expansion.
Despite the challenges, the IMF’s report shows that more than 20 developing economies are expected to grow by more than 6% in 2025. This offers hope for global investors seeking opportunities in emerging markets, with these nations becoming increasingly attractive for investment due to their expected economic rebounds.
The Missing Piece: What Does Ghana Need?
Ghana’s absence from the list of fastest-growing economies is a stark reminder of the hurdles the country faces in its quest for sustained growth. Economic reforms and investments in key sectors such as infrastructure, agriculture, and manufacturing will be crucial for Ghana to regain its position as a regional economic leader.
To attract foreign investment, Ghana must tackle inflation, address the challenges posed by its debt levels, and foster a business-friendly environment that incentivizes growth across industries. The country’s rich natural resources, including gold, cocoa, and oil, remain a potential source of growth, but these assets need to be leveraged more effectively to ensure long-term stability and prosperity.
Looking Ahead: Can Ghana Make a Comeback?
While Ghana’s growth prospects for 2025 may not be as dazzling as those of its peers, the country still has an opportunity to turn its fortunes around in the coming years. The key will lie in how the government navigates its economic challenges, implements crucial reforms, and engages with international investors who are increasingly looking to Sub-Saharan Africa as a key growth region.
For now, however, South Sudan, Guyana, and Libya dominate the conversation as the fastest-growing economies, while Ghana waits for its chance to rejoin the ranks of the global economic powerhouses
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