A Debt Sustainability Analysis (DSA) conducted in October 2025 confirms that Ghana has now moved from a high risk to a moderate risk of debt distress.
According to the Finance Minister, Dr. Cassiel Ato Forson, this is a major milestone on the path to debt sustainability and creditworthiness restoration.
Presenting the 2026 Budget in Parliament, Dr. Forson said this achievement is proof that responsible fiscal management delivers tangible results.
“Government will continue to deepen fiscal prudence, expand domestic revenue mobilisation, and adhere strictly to our Medium-Term Debt Management Strategy to safeguard these gains”, he added.
The government began 2025 with a bold fiscal consolidation plan, designed to rebuild buffers, restore macroeconomic stability, and anchor debt sustainability.
According to the Finance Minister, the consistent implementation of this plan has yielded substantial progress. “I am pleased to report that the consolidation we are witnessing is one of the strongest in recent history, underscoring the government’s unrelenting commitment to sound fiscal governance and reform-driven growth”.
He explained that the fiscal deficit has narrowed significantly, the primary balance has turned positive, and expenditure restraint has been achieved without compromising essential social protection programmes and growth-enhancing investments. 109.
He added that the provisional fiscal performance for the first three quarters of 2025 demonstrates this progress. It is presented against the revised 2025 overall deficit target (commitment basis) of 2.8% of Gross Domestic Product (GDP) with a primary surplus of 1.5% of GDP on a commitment basis, and an overall deficit (cash basis) of 3.8% of GDP with a primary surplus of 0.5% of GDP.
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