The Ministry of Finance has said Ghana’s economy has returned to a stable footing, pointing to sharp declines in public debt and inflation, as well as improved fiscal and macroeconomic indicators in 2025.
In a press release issued on Monday, February 23, 2026, the Ministry described 2025 as a turning point for the economy, following what it said were severe challenges at the end of 2024.
According to the statement, Ghana’s public debt stock fell by GH¢82.1 billion, from GH¢726.7 billion, which was 61.8 per cent of GDP in December 2024, to GH¢641.0 billion, representing 45.3 per cent of GDP in December 2025. The Ministry said this was one of the sharpest declines recorded in recent years.
Inflation dropped from 23.8 per cent at the end of 2024 and declined for thirteen consecutive months to 3.8 per cent by the end of January 2026. Interest rates also eased, with the 91-day Treasury bill rate falling from 27.7 per cent at the end of 2024 to 6.5 per cent in February 2026.
On the fiscal side, the overall budget deficit on a commitment basis narrowed to 1.0 per cent of GDP in 2025, beating the target of 2.8 per cent. The primary balance recorded a surplus of 2.6 per cent of GDP, above the 1.5 per cent target. On a cash basis, the overall deficit stood at 3.1 per cent of GDP, compared to the programmed 3.8 per cent, while the primary balance recorded a surplus of 0.5 per cent.
The Ministry attributed the outcome to tighter spending controls, improved revenue collection and coordination between fiscal and monetary policy.
Real GDP growth reached a provisional 6.1 per cent year-on-year in the first three quarters of 2025, driven largely by the services and agriculture sectors. Non-oil growth rose to 7.5 per cent, up from 5.8 per cent over the same period in 2024.
The cedi strengthened by 40.7 per cent against the US dollar by the end of December 2025, reversing a 19.2 per cent depreciation recorded in 2024. It also appreciated by 30.9 per cent against the pound sterling and 24.0 per cent against the euro.
External sector indicators also improved. The current account recorded a surplus of US$9.1 billion by the end of December 2025, compared with US$1.5 billion in 2024. Gross international reserves rose to US$13.8 billion, covering 5.7 months of imports.
Credit to the private sector increased by GH¢17.1 billion in 2025, while the average commercial bank lending rate declined from 30.25 per cent in 2024 to 20.45 per cent in 2025.
The Ministry said the broad improvements point to restored macroeconomic stability and place public finances on a more sustainable path. It added that the government will continue measures aimed at supporting job creation and long-term economic growth.
