Keypoints:
- Minister says recovery is firmly underway
- Growth lifted by services and agriculture
- Rising exports boost investor sentiment
GHANA’S government says the country’s economy has moved decisively beyond its worst crisis in a generation and is now positioned for sustained growth. Finance Minister Cassiel Ato Forson made the assessment late on Thursday while presenting the 2026 Budget Statement to Parliament, arguing that firm corrective measures have restored stability and confidence across key sectors.
Forson said the administration took office in January to find an economy ‘in distress’, marked by rising debt, weakened fiscal discipline, and a collapse in public confidence. According to him, the immediate priority was to confront the crisis head-on and rebuild stability through tighter controls, targeted reforms, and efforts to reassure domestic and external investors.
‘The storm is past; the foundation is firm,’ he told MPs. ‘Ghana’s economy is breathing again, stronger, steadier, and full of promise.’
Growth rebounds as services lead recovery
New data cited by the minister showed real GDP expanding by 6.3 percent in the first half of 2025, compared with 5.1 percent during the same period in 2024. The rebound was driven largely by services, which Forson described as the ‘heartbeat’ of the recovery, expanding by 8.8 percent as sectors such as finance, ICT, transport, and hospitality regained momentum.
Agriculture recorded 6 percent growth, reflecting improved yields and greater market activity. Household consumption rose 8.2 percent, an indication, Forson said, of rising consumer confidence and more predictable price movements. Government expenditure grew by just 3.7 percent as the administration tightened public spending to consolidate gains.
Forson stressed that the recovery has reinforced one critical lesson: ‘Fiscal discipline is the backbone of national progress, and there is no shortcut to responsible economic management.’
Investor confidence improves as exports surge
The minister highlighted rising export earnings as further evidence of renewed economic strength. Total exports grew 11.5 percent in the first half of 2025, supported by stronger performance in gold, cocoa, and nontraditional exports. He said this expansion was already attracting deeper investor interest and helping to stabilise the external balance.
‘This is growth that creates jobs, lifts incomes, and builds lasting stability,’ Forson said, noting that the government intends to build on the gains by deepening diversification efforts and strengthening public financial management.
Government urges continued discipline
Despite the improving outlook, Forson cautioned that the recovery remains vulnerable to global market shifts and domestic complacency. He urged lawmakers to continue supporting measures that reinforce fiscal discipline, broaden the tax base, and encourage private-sector-led growth.
The minister described the resurgence as ‘a rebirth from the ashes of a daunting inheritance’, insisting that Ghana cannot afford a repeat of the policy lapses that triggered the crisis.
