Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has assured investors that the country is on course to achieve a 1.5% primary surplus this year, attributing the progress to strong domestic revenue growth and prudent fiscal management.
Speaking at a high-level engagement in Washington, D.C., Dr. Forson said, “With strong revenue performance and disciplined spending, Ghana is well-positioned to meet its 2025 primary surplus target.”
He revealed that the Ghana Revenue Authority (GRA) exceeded its Q1 revenue target by over GH¢2.4 billion, largely due to robust performance in VAT and other key tax categories.
“On the expenditure side, the government has restrained non-essential spending, maintaining allocations for goods and services at 2023 levels while ensuring essential services are fully delivered.”
Dr. Forson also highlighted the stability of the Ghanaian cedi, saying, “Ghana’s foreign reserves now cover more than four months of imports, further reinforcing confidence in the economy’s resilience and the country’s capacity to meet external obligations.”
He added, “The Bank of Ghana’s strong external reserve position guarantees timely servicing of our debt and underpins financial stability.”
Looking ahead, Dr. Forson announced that a comprehensive debt management strategy will be unveiled in the upcoming Mid-Year Budget Review, focusing on sustaining economic growth, managing public debt responsibly, and deepening investor confidence.