By Clement Akoloh
Accra, July 23, 2026
Finance Minister Dr. Cassiel Ato Forson on Thursday told Parliament that Ghana’s economy has stabilized after 18 months of “sound policy” and fiscal discipline, as he presented the 2026 Mid-Year Fiscal Policy Review.
The Minister, appearing before the House in fulfillment of Section 28 of the Public Financial Management Act, said no supplementary budget was being requested. Instead, government will do a “strategic realignment of expenditures within the existing appropriations.”
“We Inherited an Economy on Its Knees”
Dr. Forson began by recalling the 2022 crisis, saying President Mahama inherited “an economy on its knees” in January 2025.
“The economic crisis of twenty twenty-two was not an accident. It was the consequences of a series of wrong policy choices. Choices about reckless spending, choices about excessive and vague borrowing, choices about accountability,” he said.
He listed the impact: inflation above 50%, collapsed investor confidence, downgraded sovereign debt, loss of access to international capital markets, and the Domestic Debt Exchange Program that “even pensioners were not spared.”
“Businesses closed or relocated, jobs were lost and many households that had escaped poverty fell back into hardship,” the Minister stated.
2026 Revised Macroeconomic Targets
Dr. Forson announced revised targets for 2026:
- Overall GDP growth: at least 4.8%
- Non-oil real GDP growth: at least 4.9%
- End-year inflation: 8% ± 2%
- Primary surplus: 1.5% of GDP on commitment basis
- Gross international reserves: not less than 3 months of import cover
He said the current reserves of $13.8 billion representing 5.7 months of cover already exceed that target.
Debt and Fiscal Performance
The Minister confirmed Ghana’s debt stock dropped from GHS 726.8 billion in 2024 to GHS 641.1 billion in 2025. He credited fiscal consolidation, debt restructuring, and cedi appreciation for the improvement.
On revenue, he acknowledged the GHS 5.1 billion shortfall in 2025 but expressed confidence that new measures will close the gap this year. “The numbers are looking good. Tomorrow you hear good news,” he told MPs, a day after similar remarks were made during the debt report debate.
No New Borrowing Request, But Realignment
“Mister speaker, today I am not here to seek a supplementary estimate. The twenty-six appropriations remains unchanged,” Dr. Forson said.
He added that funding for a “permanent solution” to flat bond areas across the country will be provided in the 2027 budget and medium term.
Bank of Ghana Coordination
The Minister addressed concerns over BoG operations without naming figures. He said government is working with the Central Bank to ensure monetary policy supports growth without choking liquidity, following the Governor’s decision to discontinue excessive sterilization and direct funding of the Gold Board.
“This is a Story of Recovery”
“Beyond fulfilling a statutory obligation, this statement tells a story of where Ghana stood. Where Ghana stands today and where Ghana is headed,” Dr. Forson said.
“I stand before this house with a deep sense of pride and confidence born out of strong performance in the last one and half years in the management of the Ghanaian economy.”
Source: parliamentnews360.com
