Finance Minister Dr. Cassiel Ato Forson has revealed that Ghana has achieved a primary fiscal surplus of 11.1% of GDP by the end of June, a significant overperformance compared to the mid year target of 0.4% set under the IMF-supported programme.
He also reported that the overall fiscal deficit stood at just 0.7% of GDP, better than the 1.8% target.
These figures reflect a remarkable turnaround following what Forson called “the most fiscally reckless period in Ghana’s democratic history.”
Ghana’s 2025 mid-year fiscal review shows significant progress, with the country recording an 11.1% primary surplus, far exceeding the 0.4% target and keeping the overall deficit at just 0.7% of GDP, well below the 1.8% cap.
Interest savings of GH₵4.9 billion were achieved on domestic debt by mid-year, while inflation fell sharply from 23.8% in December 2024 to 13.7% by June 2025, driven by agricultural gains and tighter financial policies.
These outcomes reflect strong budget discipline, improved revenue performance, and close coordination with the Bank of Ghana.
Ghana’s successful completion of the IMF’s fourth review unlocked $367 million in financing and, along with Fitch’s upgrade, has strengthened market confidence.
The surplus also opens fiscal space for social investments and enhances the country’s external stability and resilience to shocks.
By: J.W. Quarm
