The Ministry of Finance has announced that Ghana recorded one of its most significant economic turnarounds in history during 2025, with fiscal discipline and structural reforms driving broad-based improvements across key indicators.
In a press release issued on Monday, February 23, 2026, the Ministry highlighted that the overall fiscal balance on commitment basis recorded a deficit of 1.0 percent of GDP, outperforming the target deficit of 2.8 percent. The primary balance improved to a surplus of 2.6 percent of GDP, exceeding the target of 1.5 percent. On a cash basis, the fiscal deficit stood at 3.1 percent of GDP, better than the projected 3.8 percent, while the primary balance moved into a surplus of 0.5 percent.
The strong fiscal outturn was supported by sound debt management strategies, resulting in a sharp reduction in Ghana’s public debt stock. Between December 2024 and December 2025, the debt fell by GH¢82.1 billion, from GH¢726.7 billion (61.8% of GDP) to GH¢641.0 billion (45.3% of GDP).
Macroeconomic indicators also rebounded impressively. Real GDP growth strengthened to a provisional 6.1 percent year-on-year in the first three quarters of 2025, driven mainly by services and agriculture. Non-oil growth was even higher at 7.5 percent, compared to 5.8 percent in 2024. Inflation fell for thirteen consecutive months, dropping from 23.5 percent in January 2025 to 3.8 percent in January 2026.
Interest rates declined sharply, with the 91-day Treasury bill rate falling from 27.7 percent at end-2024 to 6.5 percent in February 2026. Commercial bank lending rates also dropped from 30.25 percent in 2024 to 20.45 percent in 2025, easing credit conditions for the private sector.
The Ghana cedi appreciated strongly against major currencies in 2025, gaining 40.7 percent against the US dollar, 30.9 percent against the pound sterling, and 24.0 percent against the euro. The external position improved significantly, with the current account recording a surplus of US$9.1 billion, up from US$1.5 billion in 2024. Gross international reserves rose to US$13.8 billion, covering 5.7 months of imports.
The Ministry described the turnaround as “broad-based and comprehensive,” noting that all sectors of the economy had witnessed remarkable improvement. Officials emphasized that the gains were anchored in fiscal discipline, prudent monetary policy, and reforms in revenue mobilization and spending control.
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