Finance Minister Cassiel Ato Forson announced Ghana secured a primary fiscal surplus of 1.1% of GDP in first-half 2025, exceeding the 0.4% target.
The overall deficit stood at 0.7% of GDP, below the projected 1.8%, signaling economic stabilization under President John Mahama’s administration.
The surplus stemmed primarily from stringent expenditure control. Total government spending reached GH¢109.7 billion (7.8% of GDP), 14.3% below target. Primary expenditure, excluding interest, was cut by GH¢13.3 billion to GH¢84.3 billion. Net domestic financing fell to GH¢13.1 billion, well under the GH¢18.7 billion programmed.
Interest payments declined to GH¢25.4 billion (1.8% of GDP), saving GH¢4.9 billion domestically. This resulted from plummeting Treasury bill rates the 91-day rate dropped from 27.7% in December 2024 to 14.7% by June and reduced borrowing.
Revenue performance was mixed:
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Non-oil tax revenue surpassed targets by GH¢787 million, driven by corporate tax (GH¢555 million above forecast) and mineral royalties (GH¢143 million excess)
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Customs shortfalls of GH¢1.6 billion occurred due to smuggling and systemic leakages, prompting new AI-based risk tools and cargo monitoring systems
The International Monetary Fund endorsed Ghana’s progress in July, approving a $367 million disbursement under its Extended Credit Facility. Fitch Ratings upgraded Ghana’s credit outlook from “Restricted Default” to “B-“, citing exchange rate gains and debt moderation. The cedi appreciated 42.6% against the U.S. dollar in H1 2025, supported by gold export initiatives.
Risks remain, including unbudgeted public sector wages and energy liabilities. The government will establish a Sinking Fund for 2026–2028 debt obligations and ban foreign-currency denominated public contracts.
“These early successes encourage us to stay disciplined,” Forson stated, retaining Ghana’s 2025 growth target of 4%.
