Finance Minister Dr. Cassiel Ato Forson says the implementation of the 2026 Budget is progressing ahead of expectations, insisting that the Mahama administration is delivering on the commitments it made to Ghanaians.
Presenting the 2026 Mid-Year Budget Review in Parliament on Wednesday, Dr. Forson highlighted improvements in key macroeconomic indicators, including declining interest rates, a stronger cedi, lower inflation and an improving debt profile.
According to him, Ghana has already achieved its statutory debt target of 45 per cent of Gross Domestic Product (GDP), while borrowing costs have declined significantly over the past year.
He noted that the 91-day Treasury bill rate fell from 11 per cent in December 2025 to 5.73 per cent in June 2026, representing a reduction of 536 basis points. The 182-day Treasury bill rate also declined from 12.52 per cent to 7.69 per cent, while the 364-day bill rate dropped marginally from 12.94 per cent to 12.82 per cent.
Dr. Forson added that government bond yields had also fallen sharply, with two-year, three-year and five-year bonds now trading between 11 and 12.6 per cent, compared to about 20 per cent a year ago.
The Finance Minister further disclosed that the Bank of Ghana’s monetary policy rate has been reduced by a cumulative 1,300 basis points, from 27 per cent in January 2025 to 14 per cent in July 2026.
“These are not merely lower interest rates; they are lower borrowing costs for households and businesses, creating room for entrepreneurs to invest, expand and create jobs,” he told Parliament.
On the external sector, Dr. Forson said Ghana recorded a current account surplus equivalent to 8.3 per cent of GDP in 2025, with the strong performance continuing through the first half of 2026.
He also stated that the cedi appreciated by 40.7 per cent against the US dollar in 2025, reversing years of sharp depreciation and helping to restore confidence in the economy.
According to the Finance Minister, the latest economic data demonstrates that the government’s fiscal programme remains on course.
“These results demonstrate that the 2026 Budget is firmly on track. The targets we set at the beginning of the year were not aspirational; they were grounded in sound policy, disciplined implementation and realistic assumptions,” he said.
He added that economic growth was exceeding projections, inflation had fallen below the projected range, fiscal performance was outperforming programme targets and the country’s debt trajectory was improving faster than expected.
“The commitments we made to the people of Ghana are being honoured, and the results are evident,” Dr. Forson told Parliament.
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