Ghana’s economic recovery has taken centre stage at the IMF–World Bank Spring Meetings in Washington, D.C., where Finance Minister Cassiel Ato Forson presented the country’s reform progress at the 13th African Fiscal Forum High-Level Roundtable.
Addressing discussions on macro-fiscal developments in Sub-Saharan Africa, Dr Forson said Ghana’s experience over the past 15 months demonstrates how crises can be leveraged to drive structural reforms.
He noted that following severe economic challenges in 2022 and 2023, a series of policy interventions since 2025 has helped restore stability and strengthen fundamentals.
Key indicators point to a robust recovery. 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, easing further to 3.2% by March 2026. The cedi also strengthened, appreciating by over 40% against the US dollar in 2025, with gains extending into 2026.
On the fiscal front, Ghana recorded a significant turnaround, with the primary balance shifting from a 2.9% deficit to a 2.6% surplus in 2025. Public debt levels also fell markedly, with the debt-to-GDP ratio declining from 61.8% to 45.3% by the end of 2025, ahead of the 2034 target.
Dr Forson further highlighted improvements in external buffers, with international reserves covering 5.8 months of imports, alongside enhanced policy credibility driven by stronger institutions and fiscal discipline.
He concluded that Ghana’s recovery narrative illustrates the impact of decisive leadership and credible policy frameworks in driving sustainable economic transformation across Africa. The meeting was held on Tuesday, April 14.