Government targets at least 0.5% primary surplus, 45% debt-to-GDP from 2027

The government says it will maintain a primary budget surplus of at least 0.5% of Gross Domestic Product (GDP) from 2027 and keep public debt consistent with 45% of GDP as part of efforts to sustain macroeconomic stability.

Finance Minister Dr Cassiel Ato Forson announced the targets when he presented the 2027 Budget Statement and Economic Policy to Parliament on Thursday, November 12, 2026.

He said the commitments formed part of the government’s broader economic policy framework under the New Economy Programme, which seeks to move the country from economic stabilisation towards increased production, investment and job creation.

“From 2027, we will maintain a positive primary surplus of at least 0.5% of GDP,” he said.

The Minister added: “We will keep public debt consistent with 45% of GDP.”

He said the government would also maintain single-digit inflation and strengthen the country’s external buffers.

The targets come against the backdrop of the economic difficulties Ghana experienced in 2022, when inflation reached 54.1% by the end of the year, the primary balance recorded a deficit of 4.3% of GDP, and gross international reserves fell to less than three weeks of import cover.

Dr Forson said the country had since made progress in restoring macroeconomic stability.

By the end of 2025, inflation had declined from 23.8% to 5.4%, while the primary balance had improved from a deficit of 4.1% to a surplus of 2.5% of GDP.

Public debt had also fallen to 44.7% of GDP, while gross international reserves had increased to 5.7 months of import cover.

The Minister said the government intended to preserve the gains made in stabilising the economy while creating the fiscal conditions necessary to support productive investment under its four-year New Economy Programme.

DR/MA

LIVE: Dr Cassiel Ato Forson is presenting the 2027 Budget Statement and Economic Policy