Government’s overall budget deficit stood at 1.4% of GDP in 7 months of 2025

Finance Minister Dr Cassiel Ato Forson

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The government’s overall budget deficit on a cash basis for the seven months of 2025 stood at GH¢19.7 billion, representing 1.4% of Gross Domestic Product.

This was less than the targeted deficit of GH¢37.8 billion (2.7% of GDP).

According to the Bank of Ghana, the overall deficit was financed from both domestic and external sources.

The government borrowed, on net basis, GH¢14.8 billion from domestic sources, and relied on a net foreign financing of GH¢4.9 billion.

The corresponding primary balance (cash basis) for the period showed a surplus of 0.7% of GDP, against a target deficit of 1.0% of GDP.

Additionally, the primary balance on a commitment basis (the fiscal anchor) showed a surplus of 1.0% of GDP against a target surplus of 0.5% of GDP.

The net effect of the government’s fiscal operations resulted in fiscal deficit outturns (both on commitment and cash bases) lower than the targets for the period, consistent with the government’s budgetary consolidation objective in the 2025 Budget, as well as the underlying fiscal anchor.

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Expenditure

Fiscal Deficit