Ghana achieves biggest fiscal turnaround in sub-Saharan Africa – Analyst

Policy analyst and data scientist Alfred Appiah has praised Finance Minister Dr Cassiel Ato Forson and his team for Ghana’s improved fiscal performance, saying the country’s progress stands out among economies in sub-Saharan Africa.

In a post on X sighted by GhanaWeb Business on Friday, October 9, 2026, following the release of the latest World Bank Africa Economic Update, Appiah said Ghana recorded the region’s largest reduction in its fiscal deficit between 2024 and 2025, as the government pursued measures to control public spending and improve the country’s finances.

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According to the report, Ghana’s fiscal deficit fell from 8.1 per cent of gross domestic product (GDP) in 2024 to 1.2 per cent in 2025, representing a reduction of 6.9 percentage points.

Burkina Faso recorded the second-largest improvement, with its fiscal deficit declining by 4 percentage points.

“Ghana’s fiscal turnaround is impressive on its own. It is even more impressive against the rest of Sub-Saharan Africa,” Appiah said, commending Ato Forson and his team for the performance.

He also highlighted a reduction in public debt, which fell from 70.3 per cent of GDP in 2024 to 48.8 per cent in 2025.

The 21.5-percentage-point decline was the third-largest in the region, behind Zimbabwe and Zambia, according to the figures cited by Appiah.

Despite the gains, the analyst said the government must now focus on maintaining fiscal discipline while supporting economic growth.

He stressed that improvements in public finances should go hand in hand with efforts to expand productive sectors and create jobs.

“The challenge now is sustaining this performance while growing the productive sectors of the economy and creating meaningful employment,” he said.

Appiah noted that the World Bank expects Ghana’s fiscal deficit to widen to 2.2 per cent of GDP in 2026 and 2.9 per cent in 2027.

He expressed confidence that the Finance Minister would perform better than those projections, while emphasising the need to protect the gains made so far.

Ghana's fiscal turnaround is impressive on its own. It is even more impressive against the rest of Sub-Saharan Africa. Ato Forson and his team deserve their flowers.

The latest World Bank Africa Economic Update shows the fiscal deficit fell from 8.1% of GDP in 2024 to 1.2% in 2025, on the back of significant fiscal consolidation. That 6.9-point improvement was the largest in the region. Burkina Faso was next at 4.0 points.

Public debt fell from 70.3% to 48.8% of GDP, the third largest decline in the region after Zimbabwe and Zambia.

The challenge now is sustaining this performance while growing the productive sectors of the economy and creating meaningful employment.

The World Bank already expects the deficit to widen to 2.2% this year and 2.9% by 2027. We would expect Ato to beat those projections.

— Alfred (@CallmeAlfredo) October 9, 2026