Finance Minister, Cassiel Ato Forson, has placed the country’s economic recovery firmly on the global stage, highlighting significant macroeconomic gains while earning strong commendation from the World Bank at the ongoing IMF/World Bank Spring Meetings in Washington, D.C.
Addressing the 13th African Fiscal Forum High-Level Roundtable held on the sidelines of the meetings, Dr. Forson presented Ghana’s recovery story as a compelling example of how African economies can rebound from crisis through disciplined reforms and strong policy direction.
Speaking on the theme of “Macro-Fiscal Developments and Outlook in Sub-Saharan Africa,” the Minister noted that Ghana’s experience over the past fifteen months demonstrates that economic shocks, while severe, can be transformed into opportunities for structural reset and long-term stability.
He recalled that Ghana faced a period of acute economic distress in 2022 and 2023, marked by high inflation, currency depreciation, and fiscal imbalances. However, he stressed that bold reforms implemented since 2025 have helped restore macroeconomic stability and reposition the economy on a sustainable growth path.
Dr Forson pointed to tangible improvements across key economic indicators. Real GDP growth rose to 6 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.
He also highlighted a strong recovery in the local currency, noting that the Ghana cedi appreciated by more than 40 percent against the US dollar in 2025, with the positive trend continuing into 2026.
On the fiscal front, the Minister reported a significant turnaround in Ghana’s primary balance—from a deficit of 2.9 percent of GDP to a surplus of 2.6 percent in 2025—underscoring improved fiscal discipline. Public debt levels have also declined markedly, with the debt-to-GDP ratio falling from 61.8 percent to 45.3 percent, far ahead of the country’s initial 2034 target.
Additionally, Ghana’s 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 these gains are the result of deliberate policy choices anchored in fiscal discipline, institutional reforms, and a commitment to transparency—measures he said are critical to sustaining the recovery over the medium term.
Dr Forson described 2025 as a decisive turning point for Ghana’s economy, marking a transition from instability to recovery and renewed growth. He reiterated that Ghana is now firmly on the path to debt sustainability, supported by improved macroeconomic fundamentals and strengthened policy frameworks.
Beyond stabilisation, the Minister outlined the government’s next phase of economic transformation, which will focus on key sectors including agriculture, energy, education, and infrastructure. These priority areas, he noted, are central to consolidating the gains achieved so far while driving inclusive growth and job creation.
He also reaffirmed Ghana’s commitment to maintaining social investments, particularly in education, healthcare, and social protection programmes, to ensure that the benefits of economic recovery are broadly shared.
The Minister’s presentation drew strong endorsement from senior officials of the World Bank, who praised both Ghana’s progress and the leadership driving the reforms.
Ousmane Diagana, Regional Vice President for Western and Central Africa, described Ghana’s turnaround as impressive, signalling the Bank’s readiness to deepen its support for the country’s development agenda.
Other senior officials were equally emphatic in their praise. Seynabou Sakho, Regional Practice Director for Prosperity, commended the Minister’s fiscal reforms, particularly the restructuring efforts, noting that they have gained recognition beyond Ghana.
Similarly, Trina Hague, Regional Practice Director for People, highlighted Ghana’s resilience and the government’s commitment to safeguarding vulnerable populations despite global economic pressures.
