Ghana

Ghana: strong, sustained growth, 1980–2025

A relatively stable democracy and major gold, cocoa, and (since 2010) oil exporter, Ghana grew rapidly through the 2010s before a severe 2022 debt crisis forced a default and IMF-backed restructuring. Between 1980 and 2025, Ghana's GDP per capita grew from $372 to $3,257 (current US$), a compound annual growth rate of 4.9% — strong, sustained growth. Annual GDP growth averaged 4.5% with a year-to-year standard deviation of 3.4 points, reflecting relatively stable macroeconomic conditions. Structurally, agriculture's share of the economy moved from 57.9% to 21.3% of GDP (a classic decline as the economy industrialized/modernized), while services rose from 35.0% to 42.9% of GDP, underscoring a shift toward a services-driven economy. On human development, life expectancy rose from 51.1 to 65.7 years, while tertiary school enrollment moved from 1.4% to 21.3%, while the urban population share grew from 31.0% to 58.9%.

What this growth cost: Growth was not without cost: per-capita CO2 emissions rose from 0.22 to 0.70 tonnes CO2e per person; income inequality (Gini index) widened from 35.3 to 43.5; the poverty headcount ratio fell from 78.2% to 39.0%.