Dr Cassiel Ato Forson, Minister of Finance
The latest report from IC Research has shown that Ghana’s economy is on course to outperform its 2025 macroeconomic targets, driven by strong first-half results.
According to the report, improvements in inflation, exchange rate stability, interest rates, first-quarter GDP growth, and gross international reserves were the key contributors to the positive outlook.
Reviewing the 2025 Mid-Year Budget, IC Research noted that fiscal performance in the first six months delivered a “sizable fiscal adjustment,” surpassing both government targets and its forecasts.
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“Our analysis shows renewed discipline in spending and a halt in arrears accumulation, supported by solid tax revenue, despite weaker non-tax revenue. Given the stronger-than-expected fiscal results, the government remains confident in meeting end-2025 macro-fiscal goals, all of which were retained,” the report said.
The report added that the robust first-half performance has alleviated short-term fiscal concerns for 2024, although it cautioned that execution risks remain.
However, authorities have identified key threats and proposed credible mitigation strategies.
Total revenue and grants for the first half of 2025 stood at GH¢99.3 billion, or 7.1% of GDP, 3.2% below target but 8.3% above IC Research’s forecast, boosted by enhanced tax compliance.
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