Ghana’s economic recovery story has taken centre stage at the ongoing IMF/World Bank Spring Meetings, as Finance Minister Cassiel Ato Forson presented the country’s turnaround experience at the 13th African Fiscal Forum’s High-Level Roundtable.
Addressing a session on “Macro-Fiscal Developments and Outlook in Sub-Saharan Africa,” Dr. Forson said Ghana’s experience over the past fifteen months demonstrates that African economies can not only navigate crises but also turn them into opportunities for deep structural reform.
He recalled that Ghana faced severe economic challenges in 2022/2023, but noted that a combination of policy measures and sustained reforms since 2025 has helped restore macroeconomic stability and strengthen the fundamentals of the economy.
Providing evidence of the recovery, the Finance Minister highlighted improvements across key macroeconomic indicators. Real GDP growth rose to 6% in 2025, up from 5.8% in 2024, while inflation declined sharply from 23.8% in 2024 to 5.8% in 2025, falling further to 3.2% as of March 2026.
He also pointed to stabilisation of the local currency, with the cedi appreciating by more than 40% against the US dollar in 2025, with gains continuing into 2026.
On the fiscal front, Dr. Forson noted that Ghana’s primary balance, measured on a commitment basis and serving as the fiscal anchor, improved from a deficit of 2.9% of GDP to a surplus of 2.6% of GDP in 2025. Public debt levels also declined, with the debt-to-GDP ratio falling from 61.8% to 45.3% 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 clearer fiscal rules.
Dr. Forson emphasised that the gains reflect disciplined fiscal management and a deliberate strategy to anchor economic policy in credible institutions, ensuring sustainability over the medium term.
The IMF/World Bank Spring Meetings continue in Washington, D.C., bringing together finance ministers, central bank governors, and global economic leaders to assess the global economic outlook and policy priorities for sustained growth.
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