On Thursday, November 13, Finance Minister Dr. Cassiel Ato Forson presented the 2026 Budget Statement and Economic Policy to Parliament, detailing a more moderate set of macroeconomic objectives for the upcoming year and the medium term.
The budget anticipates a recovery based on stability, growth, and fiscal discipline, with explicit targets extending from 2026 to 2029.
Within the medium-term macroeconomic framework (2026–2029), the government aims for an average real GDP growth rate of 4.9 percent, with non-oil GDP growth projected to be around 5.0 percent as part of efforts to diversify from extractive industries.
Inflation is expected to remain within the target band of 8 ± 2 percent, while the primary balance is anticipated to achieve a surplus of 1.5 percent of GDP on a commitment basis starting in 2026, in accordance with the Fiscal Responsibility Framework designed to consolidate recent stability gains.
On the external front, the government is also aiming for gross international reserves to cover at least three months of imports – a level the minister emphasized is vital for bolstering investor confidence, enhancing external buffers, and supporting the stability of the cedi.
For the 2026 fiscal year, Dr. Ato Forson outlined specific targets that he deemed achievable under the government’s reset agenda.
The budget establishes an overall real GDP growth target of not less than 4.8 percent, primarily driven by growth in services, manufacturing, and agriculture.
Non-oil real GDP growth is projected to reach a minimum of 4.9 percent, highlighting the government’s initiative to lessen dependence on oil revenues.
In presenting the fiscal outlook, the Minister indicated that the government is forecasting a budget deficit of 2 percent for 2026, which represents an improvement from the 2.8 percent deficit anticipated for 2025.
Dr. Ato Forson stated that the macroeconomic targets signify the government’s renewed dedication to stability, sustainable growth, and prudent fiscal management as Ghana progresses into the next phase of economic recovery and transformation.
