Ghana recorded stronger fiscal results in 2025, with lower public debt, easing inflation, and improved growth indicators following fiscal consolidation and monetary reforms, Finance Minister Cassiel Ato Forson said Monday.
The government reported an overall fiscal deficit of 1.0% of gross domestic product on a commitment basis in 2025, beating a 2.8% target.
Public debt fell to GH¢641 billion ($59 billion), or 45.3% of GDP, from GH¢726.7 billion ($67 billion) a year earlier, reflecting tighter fiscal controls and debt management measures.
The figures indicate a shift in Ghana’s macroeconomic trajectory after inflation, currency pressure, and high borrowing costs marked the previous period.
Fiscal performance influences credit access, public investment capacity, and regional investor confidence across West African markets.
Real gross domestic product grew an estimated 6.1% year over year during the first three quarters of 2025, driven largely by services and agriculture.
Non-oil growth reached 7.5% over the same period. Inflation declined for 13 straight months, falling to 3.8% by January 2026 from above 23% a year earlier.
Interest rates also eased. The 91-day Treasury bill rate dropped from 27.7% at the end of 2024 to 6.5% in February 2026, while average commercial lending rates fell to 20.45% in 2025.
The Ghanaian cedi appreciated against major currencies during 2025, reversing earlier depreciation.
External accounts strengthened as well. The current account posted a $9.1 billion surplus by the end of 2025, while foreign reserves reached $13.8 billion, covering nearly six months of imports.
Forson said the government aims to sustain the gains “to create jobs and set the economy on a path of strong growth and economic transformation.”
