Ghana’s economic recovery has come under international spotlight at the ongoing IMF/World Bank Spring Meetings, where the Minister of Finance, Cassiel Ato Forson, presented the country’s turnaround story at the 13th African Fiscal Forum High-Level Roundtable.
Addressing a session on “Macro-Fiscal Developments and Outlook in Sub-Saharan Africa,” Dr Forson told participants that Ghana’s experience over the past 15 months demonstrates how African economies can weather crises and use them as a springboard for structural reform.
He recalled that the country faced significant economic challenges in 2022 and 2023, but explained that a mix of bold policy decisions and sustained reforms since 2025 had helped restore macroeconomic stability and strengthen economic fundamentals.
Strong indicators of recovery
The Finance Minister cited improvements across key macroeconomic indicators as evidence of the recovery.
Real GDP growth rose to six per cent in 2025, up from 5.8 per cent in 2024, while inflation declined sharply from 23.8 per cent in 2024 to 5.8 per cent in 2025, falling further to 3.2 per cent as of March 2026.
Dr Forson also highlighted the stabilisation of the cedi, noting that it appreciated by more than 40 per cent against the United States dollar in 2025, with gains continuing into 2026.
On the fiscal front, he said Ghana’s primary balance, measured on a commitment basis, improved from a deficit of 2.9 per cent of GDP to a surplus of 2.6 per cent in 2025.
Debt reduction ahead of target
Public debt levels, he added, had also declined significantly, with the debt-to-GDP ratio dropping from 61.8 per cent to 45.3 per cent by the end of 2025, well ahead of the initial 2034 target.
International reserves have strengthened to cover 5.8 months of imports, while policy credibility has improved through stronger institutions and the adoption of clear fiscal rules.
Dr Forson emphasised that the progress reflects disciplined fiscal management and a deliberate effort to anchor policy in credible institutions to ensure long-term sustainability.
Ghana’s story on the global stage
The IMF/World Bank Spring Meetings in Washington, D.C., have brought together finance ministers, central bank governors and global economic leaders to assess the global outlook and policy priorities.
Ghana’s recovery narrative, Dr Forson suggested, underscores the potential for decisive leadership and sound policy choices to drive economic transformation across the continent.
Source:
www.graphic.com.gh