Ghana has reported a significant fiscal and macroeconomic recovery in 2025, reversing the challenges inherited from the previous year and putting the country on a sustainable growth trajectory.
Announcing the results on Facebook, Finance Minister Dr. Cassiel Ato Forson highlighted key achievements in fiscal discipline, revenue mobilization, and debt management.
According to him, the overall fiscal balance on a commitment basis recorded a deficit of just 1.0% of GDP, outperforming the target of 2.8%, while the primary balance registered a surplus of 2.6%, exceeding the projected 1.5%.
“Through prudent fiscal management and structural reforms, we have restored macroeconomic stability and achieved one of the sharpest reductions in public debt in Ghana’s history,” Dr. Forson stated.
Ghana’s public debt fell by GH¢82.1 billion, from GH¢726.7 billion (61.8% of GDP) in December 2024 to GH¢641.0 billion (45.3% of GDP) by the end of 2025.
The minister also underscored strong macroeconomic gains, including a provisional real GDP growth of 6.1% in the first three quarters of 2025, led by the services and agriculture sectors, and non-oil growth of 7.5%, up from 5.8% the previous year.
Inflation, which stood at 23.8% in 2024, declined sharply to 3.8% by January 2026, while the cedi appreciated 40.7% against the US dollar.
Interest rates also fell significantly, with the 91-day Treasury bill rate dropping from 27.7% in December 2024 to 6.5% in February 2026, reducing borrowing costs and stimulating private sector credit, which expanded by GH¢17.1 billion in 2025.
Ghana’s external position strengthened, with the current account recording a US$9.1 billion surplus, and gross international reserves reaching US$13.8 billion, covering 5.7 months of imports.
Dr. Forson emphasized that the Mahama administration is committed to sustaining these gains to create jobs, enhance economic transformation, and secure broad-based development across all sectors of the economy.
