Shama: President John Dramani Mahama has announced that Ghana has surpassed Cote d'Ivoire to become the second largest economy in West Africa.
According to Ghana News Agency, in the latest African economic rankings, Ghana is now positioned as the seventh largest economy on the continent. President Mahama shared this development during the commencement of construction for a $250 million float glass factory in Shama by KEDA (Ghana) Ceramic Company Limited.
The President highlighted that in 2022, Cote d'Ivoire had overtaken Ghana as the second largest economy in West Africa, with Nigeria maintaining its lead with a GDP of about $300 billion. At that time, Ghana's GDP was approximately $75 billion. However, Ghana's GDP has now exceeded the $100 billion mark, estimated at $113 billion, regaining its position ahead of Cote d'Ivoire. The country's economy expanded by 5.5 percent in the third quarter of 2025, marking the strongest performance since 2020.
President Mahama noted the significant economic improvements, including a decline in inflation from 23.5 percent in January 2025 to 3.8 percent in January 2026. He acknowledged that the nation had faced challenges with dwindling foreign investment, weakened investor confidence, and a declining local currency. However, through a reset agenda, Ghana has restored macroeconomic stability and revived investor confidence, making it an attractive destination for investments.
The President attributed the country's fiscal consolidation program to restoring international credibility, as reflected in sovereign rating upgrades by agencies such as Switch, Moody's, and S and P. He emphasized that these improvements signal stability and predictability to both local and foreign investors. President Mahama also highlighted the visible confidence in the country's industrial sector, evidenced by the sod-cutting for the new float glass manufacturing facility, the commissioning of a modern sanitary ware factory, and the inauguration of Phase 5 of the ceramic tile production line.
He stated that the expansion of these facilities is a declaration of Ghana's determination to produce, process, manufacture, and export, rather than merely remain a consumer economy. The global float glass market is valued at approximately $60 billion annually, and Ghana aims to capitalize on this industry. The new float glass facility, with a total investment of $250 million, will be one of the largest industrial investments in Ghana's history.
Phase 1 of the float glass factory will have a capacity of 600 tons per day, while Phase 2 will add another 800 tons, resulting in a total capacity of 1,400 tons daily. President Mahama expressed hope that the commissioning of Phase 1 and the start of Phase 2 will take place in August next year. Once completed, the facility will be among the largest float glass factories in Africa, with plans to export glass to other African countries and international markets.