Ghana's economy expanded by a significant 7.4% in the first quarter of 2026. This growth rate surpassed the government's full-year target of 4.8%.
Finance Minister Dr. Cassiel Ato Forson announced these figures during the 2026 Mid-Year Budget Review in Parliament. He stated that non-oil GDP growth also performed strongly, reaching 7.3% in the first quarter of 2026. This figure exceeded the full-year non-oil growth target of 4.9%.
This robust economic performance indicates a positive trajectory for Ghana's economic recovery and stability efforts. The country has been working to restore macroeconomic balance after recent challenges. Strong growth figures suggest that these efforts are yielding tangible results.
Dr. Forson emphasized that Ghana has not merely met its first-half targets but has exceeded them. He highlighted significant improvements in inflation, which has more than halved over the past year. Inflation declined from 13.7% in June 2025 to 5.3% by the end of June 2026. This performance exceeded the government’s target of 8% plus or minus 1% by year-end.
On fiscal performance, the Finance Minister reported a primary balance surplus of 0.9% of GDP on a commitment basis. This puts the government on track to achieve its end-year target of 1.5% of GDP. A primary balance surplus means the government is collecting more revenue than it spends, excluding interest payments on its debt. This is a key indicator of fiscal health.
Ghana’s gross international reserves stood at five months of import cover as of the end of June 2026. This also exceeded the target of at least three months. Import cover refers to how many months of imports a country can finance with its foreign exchange reserves. A higher number indicates greater economic resilience.
Dr. Forson attributed this strong performance to the government’s fiscal consolidation measures. These measures aim to reduce the budget deficit and public debt. He also cited improved revenue mobilisation and reforms designed to create a stable environment for sustainable economic growth. These efforts are crucial for attracting investment and fostering long-term prosperity.
These positive indicators demonstrate the progress made in restoring macroeconomic stability and strengthening confidence in Ghana’s economy. Investors and international partners will closely watch these trends. Continued fiscal discipline and economic reforms will be essential to sustain this momentum. The government's ability to maintain these positive trends will influence future economic policy and market sentiment.