On Thursday, November 13, Finance Minister Dr. Cassiel Ato Forson gave Parliament the 2026 Budget Statement and Economic Policy, which outlined a more modest set of macroeconomic goals for the upcoming year and the medium term.
With specific goals for 2026–2029, the budget anticipates a recovery based on stability, growth, and fiscal restraint.
As part of attempts to diversify away from extractive industries, the government is aiming for an average real GDP growth rate of 4.9 percent under the medium-term macroeconomic framework (2026–2029), with non-oil GDP growth predicted to hover around 5.0 percent.
Inflation is projected to remain within the 8 ± 2 percent target band, while the primary balance is expected to record a surplus of 1.5 percent of GDP on commitment basis from 2026 onwards in line with the Fiscal Responsibility Framework aimed at consolidating recent gains in stability.
The government is also aiming for gross foreign reserves of at least three months’ worth of import cover on the external front.
The minister stated that this level is essential for bolstering investor confidence, fortifying external buffers, and promoting cedi stability.
Dr. Ato Forson outlined particular goals for the 2026 fiscal year that he claimed could be accomplished under the government’s reset program. A minimum of 4.8% real GDP growth is set by the budget, primarily due to growth in industry, services, and agriculture.
Non-oil real GDP growth is expected to reach at least 4.9 percent, underscoring government’s push to reduce reliance on oil revenues.
Presenting the fiscal outlook, the Minister announced that government is projecting a budget deficit of 2 percent in 2026 which is an improvement from the 2.8 percent deficit projected for 2025.
According to Dr. Ato Forson, as Ghana enters the next stage of economic recovery and transformation, the macroeconomic targets demonstrate the government’s renewed dedication to stability, sustainable growth, and responsible fiscal management.