Finance Minister Dr. Cassiel Ato Forson has announced that Ghana outperformed its key macroeconomic targets during the first half of 2026, citing stronger-than-expected growth, lower inflation, improved fiscal performance and a significant build-up in foreign exchange reserves.
Presenting the 2026 Mid-Year Budget Review in Parliament on Thursday, July 23, Dr. Forson said the government’s economic policies are beginning to yield tangible results, with first-quarter data indicating broad-based improvements across the economy.
According to him, the country’s economic expansion has exceeded official projections, with both the overall economy and the non-oil sector recording growth rates above the government’s full-year targets.
He noted that the positive performance reflects more than gains from the petroleum industry, stressing that non-oil sectors have also contributed significantly to the country’s economic momentum.
Dr. Forson further attributed the encouraging outlook to fiscal consolidation efforts and prudent economic management, which he said have strengthened investor confidence while laying the foundation for sustained growth.
“Ghana has not merely met its first half-year targets, it has exceeded them. Overall GDP growth was 6.4 percent in the first quarter of 2026, well ahead of the 4.8 percent full-year target. Non-oil GDP growth was 6.3 percent in the first quarter of 2026, well ahead of the 4.9 percent full-year target.
“Inflation has more than halved, falling from 13.7 percent in June 2025 to 5.3 percent by the end of June 2026. The Primary Balance recorded a surplus of 0.9 percent of GDP on commitment basis, firmly on track to achieve our end-of-year target of 1.5 percent of GDP. Gross International Reserves were five months of import cover as at June 2026, exceeding the target of at least three months’ cover.”
The Finance Minister said the latest figures demonstrate that the government’s economic recovery programme remains on course and is delivering measurable results across key indicators.
The Mid-Year Budget Review is expected to provide Parliament and the public with an update on the implementation of the 2026 Budget, including progress on fiscal policy, revenue mobilisation, expenditure management and the broader economic outlook for the remainder of the year.
