Ghana Has Moved From Crisis to Stability –Deputy Finance Minister

Story by Fada Amakye

The Deputy Minister for Finance, Thomas Nyarko Ampem, says Ghana’s economy has moved from severe distress to stability, but government must now focus on turning stability into jobs and growth for ordinary Ghanaians.

Speaking on behalf of Finance Minister Dr. Cassiel Ato Forson at an economic dialogue in Accra, Mr. Ampem said not long ago inflation was high, the cedi was under pressure and public debt was unsustainable.

He said the story today is different under President John Mahama’s administration.

Real GDP expanded by 6% in 2025 and grew by 6.4% in the first quarter of 2026. Inflation which stood at 23.8% in December 2024 has declined to 4.6% as of July this year, he stated.

He added that Ghana’s gross international reserves now stand at about $12.9 billion, enough to cover five months of imports, and Ghana’s risk of debt distress has moved from high to moderate.

Mr. Ampem noted that in July, the IMF completed the sixth and final review of Ghana’s $3 billion ECF programme, recognizing the country’s gains in macroeconomic stabilization.

He cautioned that stability alone is not enough.

Macroeconomic stability matters, but it is not enough. Our real interest is to ensure stability reaches factories, farms, markets, small businesses and households, he said.

The Deputy Minister said government is determined not to return to fiscal indiscipline, adding that in the first half of 2026, government recorded a primary surplus of 0.9% of GDP and is on course to achieve its full-year target of 1.5%.