The Ministry of Finance has reported a significant improvement in Ghana’s fiscal performance for 2025, describing the year as one of the most notable periods of economic recovery in the country’s recent history.
In a press statement issued in Accra on Monday, February 23, 2026, the Ministry disclosed that the overall fiscal deficit on a commitment basis narrowed sharply to 1.0 per cent of Gross Domestic Product (GDP), surpassing the initial target of 2.8 per cent.
The primary balance posted a surplus of 2.6 per cent of GDP, exceeding the projected surplus of 1.5 per cent. On a cash basis, the fiscal deficit stood at 3.1 per cent of GDP, also outperforming the target of 3.8 per cent.
According to the Ministry, the improved fiscal outturn was driven by stringent expenditure controls, strengthened domestic revenue mobilisation efforts, and sustained structural reforms. These measures were further reinforced by prudent monetary policy interventions, which together helped stabilise the macroeconomic environment and restore confidence in public finances.
A key highlight of the report was the substantial decline in public debt. Ghana’s total public debt fell by GH¢82.1 billion, decreasing from GH¢726.7 billion — equivalent to 61.8 per cent of GDP — in December 2024 to GH¢641.0 billion, or 45.3 per cent of GDP, in December 2025. The Ministry described this as one of the steepest reductions recorded in recent years.
Reaffirming its commitment to fiscal consolidation, the Government, under President John Dramani Mahama, pledged to sustain the gains achieved, uphold fiscal discipline, and implement policies aimed at promoting job creation and long-term economic transformation.
