After several years of economic crisis, Ghana should see its GDP exceed that of Côte d’Ivoire in 2026. Upstream of the publication on June 2 of its ranking of the “20 best performing countries”, Jeune Afrique analyses point by point the rivalry between the two West African locomotives.According to IMF projections, this year, Ghana’s GDP is expected to reach $118 billion, and thus exceed that of Côte d’Ivoire, which is expected at $110 billionThe announcement surprised the most informed observers: on December 30, the Ghanaian Ministry of Finance settled a Eurobond of $709 million even before its maturity date. In total, in 2025 alone, Accra has repaid $1.4 billion to its creditors. The Ghanaian state welcomed this “important new step in Ghana’s economic recovery and in its debt management efforts”. In fact, the country comes back from far away.Find our 2026 ranking of the 20 best performing countries.Back in 2020. Borders are closing in order to slow down the spread of Covid-19. To finance the fight against the pandemic, Ghana spends without counting. “We can’t bring back the lives lost, but we can rebuild an economy,” explains Nana Akufo-Addo. But did the president anticipate the economic crisis that would follow? Very quickly, Ghana’s debt trajectory turned red, with a peak of 93% of GDP, a situation heavily sanctioned by rating agencies.“As a result, the country has lost access to international markets,” recalls economist Maxwell Opoku-Afari, then Deputy Governor of the Central Bank of Ghana. Then the war in Ukraine further worsens the situation, and Ghana defaults. Finally, Accra must rely on the IMF and obtains, in 2024, a programme in exchange for a painful restructuring of its debt. During the same period, Côte d’Ivoire is doing much better. The country stood out as one of the few to have not experienced a recession in 2020 and was, in January 2024, the first in sub- Saharan Africa to succeed in returning to the financial markets after the crisis.But, for Ghana, two years later, after a severe cure of austerity, the results are already there: inflation has fallen below 4%, foreign exchange reserves have recovered, and the deficit has returned below the 5% mark. The country now has a debt ratio of 53% – compared to 58% in Côte d’Ivoire – and has announced its intention to return to the financial markets in the coming months.According to IMF projections, this year, Ghana’s GDP is expected to reach $118 billion, and thus exceed that of Côte d’Ivoire, which is expected at $110 billion.Despite years of crisis, is the Ghanaian economy already supplanting that of its neighbor? The two countries, which have many common points, are often neck and neck, as demonstrated by our exclusive ranking “Governance, influence, innovation: the 20 best performing countries”. Thus, Côte d’Ivoire (9th), although ahead of Ghana (8th) in our ranking, wins hands down in terms of economic performance.Demonstration in Four Points1. Growth dynamics and inflationFor more than a decade, Côte d’Ivoire has recorded strong GDP growth, generally between 6% and 7% per year, making it one of the most successful economies in the world. Ghana also shows solid growth, around 5% to 6% in the last two years, but this is more volatile. After registering a strong expansion in the 2010s – up to 14% growth in 2011 – driven by the exploitation of hydrocarbons, the economy collapsed with the 2022 crisis, and the growth rate fell to 0.5%.But the fundamental difference between the two countries concerns inflation: it remains under control in Côte d’Ivoire, around 2% to 3%, while in Ghana it reached very high levels, exceeding 50% in 2023, before falling below 4% at the beginning of 2026.2. Two economies still too dependent on raw materials Ghana is Africa’s leading gold producer, with yellow metal accounting for about 15% of its GDP and more than 60% of its exports. Cocoa (9% of exports) and crude oil (7%) complete the picture of an economy that is particularly vulnerable to changes in international prices. Côte d’Ivoire, for its part, is the world’s leading producer of cocoa, providing about 40% of world production, and bean exports account for about a third of its export sales.“However, Côte d’Ivoire has begun a gradual diversification by developing the local processing of cocoa and other agri-food industries,” notes Alban Ahouré, professor of economics at Félix-Houphouët-Boigny University.A trend that can also be found in our 2026 ranking of the 500 African Champions of the economy. Côte d’Ivoire manages to place 31 companies in various sectors, while Ghana only places 19, mostly active in the extractive sectors.Ivorian exports of processed products (first processed or manufactured) now represent more than 40% of the country’s sales. In addition, the service sector, driven in particular by the construction industry, represents more than 50% ofGDP, a sign of an economy in transition. “Côte d’Ivoire has gained the lead in economic diversification while Ghana has not sufficiently benefited from its oil boom to initiate this transformation,” says Alban Ahouré.3. Infrastructure and attractiveness: clear advantage in Côte d’IvoireOver the period 2021-2025, Côte d’Ivoire is one of the most dynamic countries in sub-Saharan Africa in terms of infrastructure investment. With amounts estimated at nearly $20 billion cumulative, it relies on a proactive strategy driven by major projects (roads, ports, energy, metro…).Conversely, Ghana has a more moderate pace, with about $5 to $6 billion invested over the same period. As a result, a growing gap between the two economies. Mechanically, this gap is found in the volume of foreign direct investment (FDI): while in 2024 Côte d’Ivoire recorded $3.8 billion in FDI, a record, Ghana only received $1.7 billion.4. The monetary system, a key economic factorOne structural element deeply distinguishes the two countries: their monetary system. Côte d’Ivoire uses the CFA franc, a currency tied to the euro, which guarantees low inflation and great stability. On the other hand, this limits his ability to adjust his monetary policy. Ghana, with its national currency, the cedi, has greater flexibility, but this autonomy is accompanied by increased risks, as illustrated by high depreciation and recent inflation.“Ghana has sunk into the crisis due to significant electoral spending before the 2020 presidential election,” recalls Alban Ahouré. On the contrary, belonging to a monetary union makes it possible to outsource its fiscal discipline, with community standards to be respected. “Many elements of the macroeconomic framework in Côte d’Ivoire automatically come from its membership of the monetary union,” explains Maxwell Opoku-Afari. But the recent crisis in Ghana does not mean that one system is superior to the other. What matters is budgetary discipline. “A criterion that, over the period, still allows Côte d’Ivoire to take over Ghana.