The Finance Ministry has announced that Ghana recorded a robust fiscal and macroeconomic turnaround in 2025, with Finance Minister Dr. Cassiel Ato Forson describing the performance as a testament to disciplined economic management and policy consistency.
Addressing the media, Dr. Forson said the government inherited significant economic challenges but was able to reverse the trends through strict fiscal discipline, structural reforms, and prudent monetary coordination.
“We met a difficult economic situation, but through commitment to fiscal discipline, improved revenue mobilisation, and controlled public spending, we have been able to restore stability and put the economy back on a sustainable growth path,” he said.
According to the Ministry, key economic indicators at the end of 2024 reflected the extent of the challenges faced by the economy. The primary balance on a commitment basis recorded a deficit of 3.0 percent of GDP, while the 91-day Treasury bill rate was as high as 27.7 percent. Inflation stood at 23.8 percent, and the Ghana cedi had depreciated by 19.2 percent against the US dollar.
However, the Ministry said reforms introduced in 2025 helped transform the macroeconomic landscape, with fiscal performance significantly exceeding expectations.
The overall fiscal balance on a commitment basis recorded a deficit of 1.0 percent of GDP, outperforming the target deficit of 2.8 percent. The primary balance improved remarkably, recording a surplus of 2.6 percent of GDP, above the targeted surplus of 1.5 percent. On a cash basis, the fiscal deficit stood at 3.1 percent of GDP, better than the projected 3.8 percent, while the primary balance recorded a surplus of 0.5 percent of GDP.
Dr. Forson attributed the positive performance to strict expenditure controls and enhanced domestic revenue mobilisation.
“We have strengthened our public financial management systems and ensured that every cedi spent delivers value for the Ghanaian people,” he stated.
The strong fiscal outturn, combined with strategic debt management measures, also contributed to a sharp reduction in Ghana’s debt stock. Total public debt declined by GH¢82.1 billion, falling from GH¢726.7 billion (61.8 percent of GDP) in December 2024 to GH¢641.0 billion (45.3 percent of GDP) by December 2025.
Dr. Forson described the debt reduction as historic. “The significant reduction in debt reflects our commitment to sustainable borrowing and responsible debt management,” he said.
Beyond fiscal consolidation, the economy also recorded strong growth indicators. Real GDP growth was provisionally estimated at 6.1 percent year-on-year during the first three quarters of 2025, driven largely by services and agriculture. Non-oil growth was even stronger at 7.5 percent, compared with 5.8 percent in 2024.
Inflation has also maintained a steady downward trend, falling for 13 consecutive months. Inflation dropped by 19.7 percentage points, from 23.5 percent in January 2025 to 3.8 percent in January 2026.
“This is clear evidence that our macroeconomic policies are working,” Dr. Forson noted. “Price stability is essential for protecting household incomes and supporting business planning.”
Interest rates have also declined significantly. The 91-day Treasury bill rate fell from 27.7 percent at the end of 2024 to 6.5 percent in February 2026, while commercial bank lending rates dropped from 30.25 percent in 2024 to 20.45 percent in 2025.
Private sector credit expanded by GH¢17.1 billion in 2025, with further growth projected in 2026. “Supporting the private sector is central to our economic transformation agenda,” the Finance Minister said.
On the external front, the Ghana cedi recorded strong gains, appreciating by 40.7 percent against the US dollar, 30.9 percent against the British pound, and 24.0 percent against the euro by December 2025.
Ghana’s external position also strengthened, with the current account recording a surplus of US$9.1 billion by the end of 2025, up from US$1.5 billion in 2024. Gross international reserves rose to US$13.8 billion, representing 5.7 months of import cover.
Dr. Forson reaffirmed government’s commitment to sustaining the economic recovery. “Our focus going forward is to maintain stability, accelerate growth, and create more jobs for the Ghanaian people through strategic economic transformation,” he said.
The Ministry expressed confidence that continued fiscal discipline and structural reforms would support long-term economic resilience and inclusive development.
