Els: MBN360
Ahead of the presentation of the State of the Nation Address, Finance Minister Dr. Cassiel Ato Forson has emphasized that government has delivered what he describes as one of the strongest fiscal and macroeconomic turnarounds in Ghana’s recent history, citing sharp improvements in inflation, interest rates, debt levels and exchange rate stability.
In a detailed update on the 2025 fiscal outturn, the Minister asserted that the economy has moved from a position of stress at end-2024 — when the primary balance recorded a deficit of 3.0 percent of GDP, inflation stood at 23.8 percent, the 91-day Treasury bill rate was 27.7 percent and the cedi had depreciated by 19.2 percent against the US dollar to a position of stabilisation and surplus performance in 2025.
According to the figures released, the overall fiscal deficit on a commitment basis narrowed to 1.0 percent of GDP in 2025, outperforming the 2.8 percent target, while the primary balance swung to a surplus of 2.6 percent of GDP, exceeding the 1.5 percent target.
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On a cash basis, the overall deficit was contained at 3.1 percent of GDP, better than the 3.8 percent target, with a primary surplus of 0.5 percent of GDP.
The strong fiscal outturn, combined with debt management measures, resulted in a significant reduction in public debt. Ghana’s debt stock declined by GH¢82.1 billion — from GH¢726.7 billion, equivalent to 61.8 percent of GDP in December 2024, to GH¢641.0 billion, representing 45.3 percent of GDP in December 2025.
On the macroeconomic front, provisional data show real GDP growth of 6.1 percent year-on-year in the first three quarters of 2025, driven mainly by services and agriculture. Non-oil growth was stronger at 7.5 percent over the same period, compared to 5.8 percent in 2024.
