Ghana records 11.1% surplus, exceeds IMF target – Ato Forson

Ghana has recorded a primary fiscal surplus of 11.1 per cent of GDP, exceeding the government’s 2025 mid-year target of 0.4 per cent, the Finance Minister, Dr Cassiel Ato Forson has said.

Presenting the 2025 Mid-Year Budget Review in Parliament today [July 24, 2025], Dr Forson described the figure as evidence that the economy was recovering, following what he referred to as “the most fiscally reckless period in Ghana’s democratic history.”

He added that the overall fiscal deficit stood at 0.7 per cent of GDP, compared with a target of 1.8 per cent for the same period.

“These results are not accidental,” Dr Forson said. “They are the outcome of hard decisions, structural reforms, and discipline at every level of fiscal management.”

According to Dr Forson, the IMF has expressed confidence in the policy measures introduced by the Mahama administration, attributing the progress to what he called “bold and targeted reforms.”

Questions about the credibility of fiscal data remain common during budget reviews, but Dr Forson said the figures presented had been independently verified.

He stated that the government’s fiscal measures would not be implemented at the expense of public services.

“We are tightening the budget but not cutting back on education, health, agriculture or infrastructure. The poor and vulnerable will not be sacrificed in the name of fiscal prudence,” he said.

Dr Forson also reported improvements in several economic indicators. Inflation declined from 23.8 per cent in December 2024 to 13.7 per cent in June 2025, while interest rates on 91-day treasury bills fell by more than 1,300 basis points over the same period.

The government attributes these results to tighter control of public spending, renewed cooperation with the Bank of Ghana, and the introduction of institutions such as the Ghana Gold Board.

Ghana is expected to undergo three more reviews under the IMF programme. The outcome of those assessments will determine whether the current fiscal gains can be sustained.