10 key takeaways from Ghana's 2026 Mid-Year Budget Review

Economist and Technical Adviser at the Ministry of Finance, Dr Theo Acheampong, has outlined what he describes as the 10 key takeaways from Ghana’s 2026 Mid-Year Budget Review, highlighting the country’s improving macroeconomic performance and the government’s policy direction.

In a post shared on X analysing the budget presented by Finance Minister Dr Cassiel Ato Forson on Thursday, July 23,2026, he said government is not seeking a supplementary budget and has introduced no new taxes.

He noted that expenditure targets remain unchanged, despite the abolition of taxes such as the E-Levy, Betting Tax, COVID-19 Levy, Emissions Levy and VAT on motor insurance.

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He also pointed to stronger-than-expected economic growth, with real GDP expanding by 6.4% in the first quarter of 2026, while non-oil GDP grew by 6.3%.

According to him, the government’s economic recovery is anchored on three key reforms which fiscal correction, tax modernisation and complementary fiscal policies aimed at supporting inflation targeting and exchange-rate stability.

“Fiscal discipline (KTP1) created the space, tax modernisation (KTP2) proved revenue can rise without new taxes, and the gold-anchored external strategy (KTP3) restored the cedi and reserves. Together they explain a recovery that critics wrongly attribute to luck,” he said

Dr Acheampong further highlighted the decline in inflation from 13.7% in June 2025 to 5.3% in June 2026, alongside a reduction in multidimensional poverty.

On public finances, he said Ghana’s fiscal position has strengthened, citing a primary surplus, a lower debt-to-GDP ratio and reduced interest payments.

He also noted that Ghana’s debt is now considered more sustainable, with borrowing costs declining significantly.

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He added that gross international reserves have increased to $12.9 billion, enough to cover five months of imports, while government has fully budgeted for the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).

Dr Acheampong also noted that government is rebuilding the Sinking Fund to meet future debt obligations and is relying on technology and improved tax compliance, rather than higher tax rates, to increase revenue.

On infrastructure, he said implementation of the Big Push programme is progressing, with work underway on 87 projects, while the 24-Hour Economy initiative continues to expand across key sectors.

He said Ghana’s macroeconomic indicators have improved markedly, adding that the next challenge is to translate the gains into higher private investment, increased exports, completed infrastructure projects and more jobs.

𝟭𝟬 𝗧𝗔𝗞𝗘𝗔𝗪𝗔𝗬𝗦 𝗙𝗥𝗢𝗠 𝗚𝗛𝗔𝗡𝗔’𝗦 𝟮𝟬𝟮𝟲 𝗠𝗜𝗗-𝗬𝗘𝗔𝗥 𝗥𝗘𝗩𝗜𝗘𝗪

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𝟭. 𝗡𝗢 𝗦𝗨𝗣𝗣𝗟𝗘𝗠𝗘𝗡𝗧𝗔𝗥𝗬 𝗕𝗨𝗗𝗚𝗘𝗧. 𝗡𝗢 𝗡𝗘𝗪 𝗧𝗔𝗫𝗘𝗦. 𝗧𝗔𝗥𝗚𝗘𝗧𝗦 𝗨𝗡𝗖𝗛𝗔𝗡𝗚𝗘𝗗

Government is not seeking additional…

— Theo Acheampong, PhD (@mytheoz) July 24, 2026

DR/SA