Finance Minister Cassiel Ato Forson Reports Ghana Debt Sustainability

Finance Minister Cassiel Ato Forson presented the 2026 Mid-Year Fiscal Policy Review to Parliament on July 23, 2026, announcing that Ghana reached a statutory debt-to-GDP target of 45% ahead of the International Monetary Fund's schedule. He reported that the joint World Bank-IMF Debt Sustainability Analysis now rates the country's debt as sustainable, with the risk of debt distress moving from high to moderate.

Economic gains cited in the review include inflation dropping to 5.3% by June 2026 and a 40.7% appreciation of the cedi against the U.S. dollar in 2025. To ensure fiscal discipline, the government reduced the number of ministers from 123 to 60 and cut ministries from 30 to 23. Additionally, Ghana issued a GH¢2.7 billion seven-year cedi-denominated bond in April 2026.

These developments follow the Bank of Ghana's decision to maintain its benchmark lending rate at 14% to manage geopolitical uncertainty and imported inflation. While the government highlighted these successes, analysts warned that any new borrowing, including a reported $1 billion request, must be tied to output-enhancing investments in manufacturing and industry.