Mining surge drove Ghana’s 2024 growth – IMF backs Ato Forson’s claims

Ghana’s economy recorded stronger-than-expected growth in 2024, largely driven by robust performance in the mining and construction sectors, according to the International Monetary Fund (IMF).

This was confirmed during a two-week IMF mission to Accra, from April 2 to April 15, 2025, led by Mission Chief Stéphane Roudet.

The mission, part of Ghana’s ongoing engagement under the Extended Credit Facility (ECF) programme, assessed the country’s recent economic developments and policy performance.

He also noted a significant improvement in the country’s external position, thanks to strong export performance, particularly in gold—and increased remittances.

“Growth in 2024 was higher than expected, underpinned by strong mining and construction activity. The external sector has seen a considerable improvement, driven by solid exports—particularly gold and to a lesser extent oil, and higher remittances. As a result, international reserves accumulation has far exceeded the ECF-supported program targets.”

Earlier on March 11, the Minister of Finance, Dr. Cassiel Ato Forson, while presenting the 2025 Budget Statement and Economic Policy to Parliament, attributed the 5.7% GDP growth in 2024 to increased activity in the mining sector, including illegal small-scale mining, popularly known as galamsey.

He highlighted the mining and quarrying sector as the key driver of economic expansion.