Ghana’s economy has recovered from its most severe crisis in a generation and is poised for sustained growth in 2026 as investor confidence returns, Finance Minister Cassiel Ato Forson said on Thursday during a budget presentation to parliament.
Forson attributed the recovery to fiscal reforms and prudent policies, projecting real GDP growth of at least 4.8% in 2026.
The government also targets a fiscal deficit of 4.0% of GDP on a cash basis and a primary balance of around 1.5% of GDP from 2026 onward, according to Reuters.
“We have restored fiscal discipline, brought inflation under control, stabilized the cedi, and rekindled investor confidence,” Forson said, adding that inflation is expected to remain within the target band of 8%, with a margin of error of 2 percentage points either side.
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“To our international partners and investors, Ghana is back, strong, credible, and open for business. The story of Ghana is no longer one of crisis but of recovery and renewal,” he added, noting that Ghana plans to return to the domestic debt market in 2026.
Ghana’s consumer inflation has declined sharply from a record 54% in January 2023.
Inflation slowed for the tenth consecutive month to 8.0% year-on-year in October, down from 9.4% in September, marking the lowest level since June 2021.
The country’s central bank cut its interest rate by a record 350 basis points to 21.5% in September, citing a sustained decline in inflation and an improving macroeconomic outlook.
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Image Credit: My Joy Online
