At IMF/World Bank Spring Meetings: World applauds Ghana’s economic turnaround
Ghana’s remarkable economic recovery story has taken centre stage at the ongoing IMF/World Bank Spring Meetings, with Finance Minister, Dr Cassiel Ato Forson, presenting the country’s turnaround experience at the 13th African Fiscal Forum’s High-Level Roundtable.
Speaking at a session on the theme: “Macro-Fiscal Developments and Outlook in Sub-Saharan Africa”, Dr Forson told the gathering that Ghana’s experience over the past 15 months had proved that African economies could not only weather crises, but also turn them into opportunities for deep structural reform.
He recalled that Ghana faced severe economic difficulties in 2022 and 2023; however, he indicated that a combination of bold policy measures and sustained reforms since 2025 had helped to restore macroeconomic stability and to rebuild the fundamentals of the economy.
Strong indicators of recovery
The Finance Minister provided evidence of the recovery, highlighting robust improvements across key macroeconomic indicators.
Real gross domestic product (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, and fell further to 3.2 per cent as of March 2026.
Dr Forson also pointed to a significant stabilisation of the local currency, with the cedi appreciating by more than 40 per cent against the United States dollar in 2025, with gains continuing into 2026.
On the fiscal front, Dr Forson said Ghana’s primary balance, measured on a commitment basis and serving as the country’s fiscal anchor, improved from a deficit of 2.9 per cent of GDP to a surplus of 2.6 per cent of GDP in 2025.
Debt reduction
Public debt levels, he said, had also declined markedly, with the debt-to-GDP ratio falling from 61.8 per cent to 45.3 per cent at the end of 2025, well ahead of the initial 2034 target.
In addition, international reserves have strengthened, now covering 5.8 months of imports, while policy credibility has been reinforced through stronger institutions and the adoption of clear fiscal rules.
Dr Forson emphasised that the gains reflected disciplined fiscal management and a deliberate strategy to anchor economic policy on credible institutions, ensuring sustainability over the medium term.
Global stage for Ghana’s Story
The IMF/World Bank Spring Meetings continue in Washington, DC, bringing together Finance Ministers, central bank governors, and global economic leaders to assess the global economic outlook and policy priorities for sustained growth.
Ghana’s experience has emerged as a shining example of how decisive leadership and sound policies can drive economic transformation.
