Ghana’s Finance Minister Dr Cassiel Ato Forson has used the International Monetary Fund (IMF) and World Bank Spring Meetings in Washington to present the country’s economic recovery as a platform for deeper market re-entry, anchored by a new bond issuance and proposed legislation to discipline future borrowing.
Speaking at the 13th African Fiscal Forum High-Level Roundtable, Dr Forson said Ghana’s recent progress demonstrates that African economies can overcome crises and use them as opportunities for major structural reforms, pointing to bold policy decisions and sustained reforms since 2025 as having restored macroeconomic stability.
The recovery is visible across key indicators. Real GDP growth rose to six percent in 2025, up from 5.8 percent in 2024, while inflation declined sharply from 23.8 percent in 2024 to 5.8 percent in 2025, falling further to 3.2 percent as of March 2026. The cedi has appreciated by more than 40 percent against the US dollar in 2025, with gains extending into 2026. The primary fiscal balance shifted from a deficit of 2.9 percent of gross domestic product (GDP) to a surplus of 2.6 percent, while the debt-to-GDP ratio fell from 61.8 percent to 45.3 percent by end-2025, well ahead of the government’s earlier consolidation timeline. International reserves now cover 5.8 months of imports.
The improved conditions have enabled Ghana’s return to the domestic bond market after a three-year absence. The expiration of issuance restrictions linked to the Domestic Debt Exchange Programme (DDEP) reopened the domestic bond market for new longer-dated instruments, and the government raised GH¢2.7 billion through a seven-year bond at a yield of 12.5 percent, attracting GH¢3.1 billion in bids. The oversubscription signals a meaningful shift in investor sentiment following years of debt restructuring. Yields have fallen sharply from crisis-era highs of nearly 28 percent, creating a lower-cost window for longer-tenor issuances designed to redistribute debt service obligations and reduce near-term rollover risk ahead of a concentration of maturities in 2027 and 2028.
Alongside the bond market return, Dr Forson pointed to a proposed Loans Act that would restrict government borrowing to projects with clear economic returns, addressing weaknesses exposed during the 2022 crisis when debt accumulation outpaced growth outcomes. The minister said the objective is to link fiscal policy to measurable performance benchmarks, reinforcing credibility through rules rather than discretion.
Ghana is on course to exit its IMF-supported programme in August 2026, and the Spring Meetings have served as a critical window to consolidate momentum and secure new partnerships ahead of that transition. Risks remain, including global financial conditions, declining cocoa output for a third consecutive year, and energy sector vulnerabilities. The World Bank’s Regional Vice President for Western and Central Africa, Ousmane Diagana, described the turnaround as impressive and signalled the institution’s readiness to deepen its support.
“We are anchoring our policies in credible institutions and clear fiscal rules,” Dr Forson said. “This is essential to ensure that the gains we have made are sustained over the medium term.”
