Ghana’s economy has recorded one of its biggest fiscal turnarounds in decades, according to Finance Minister Dr. Cassiel Ato Forson.
Presenting the 2026 Budget Statement in Parliament on Thursday, Dr. Forson said, “2025 marked one of Ghana’s strongest fiscal turnarounds in decades.
According to him, the country’s primary balance on a commitment basis swung from a 3% deficit in 2024 to a 1.6% surplus by September 2025, surpassing government targets.
He explained that reforms in revenue mobilisation and spending controls anchored the recovery.
Dr. Forson noted that the removal of the E-Levy did not hurt government revenue. Instead, broader tax reforms and efficiency improvements boosted non-oil tax revenue to 8.7% of GDP, up from 7.8% in 2024.
He added that the government cut non-essential spending while protecting key investments in education, health, and infrastructure.
According to him, Treasury bill rates have dropped, saving the country GH₵8.8 billion in interest payments between January and September 2025. Ghana’s public debt has also fallen to its lowest level in 10 years, leading to a debt risk reclassification from “high” to “moderate.”
“These gains have created room for more social and capital investments, eased external debt pressures, and restored investor confidence,” Dr. Forson said.
He stressed that Ghana’s ongoing fiscal consolidation is now credible, sustainable, and homegrown, a model that “turns stability into progress and ensures every cedi works for the Ghanaian people.”
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