Audio By Carbonatix
Effective resource planning and mobilisation, the recent macroeconomic improvements, and enhanced collaboration between the public and private sectors are crucial for establishing a resilient foundation and ensuring sustained economic recovery in 2026, Deloitte has revealed in its West Africa in Focus 2025 report.
According to the firm, Fiscal Discipline, Debt Restructuring and Debt Sustainability are the order of the day.
However, it cautioned against ongoing efforts to achieve debt sustainability, saying it faces lingering risks.
The government revised its expenditure forecast for 2025, reducing it from GH¢270 billion to GH¢269 billion. This adjustment came as actual spending in the first half of 2025 was 14.3% below the initial target.
The decrease was primarily due to lower interest payments, resulting from falling domestic interest rates and a stronger cedi (leading to lower interest payments on debts denominated in US dollar when revalued in cedi terms), along with improved fiscal discipline.
As of July 2025, the public debt had decreased by 15.65%, reaching GH¢628.8 billion. The debt-to-GDP ratio stood at 44.9%, down from 61.8% in December 2024. This improvement was largely attributed to the impact of the cedi’s appreciation on external debt, although there was some accumulation of domestic debt.
Deloitte said the debt level was significantly lower than the International Monetary Fund’s target of 55% for 2028, indicating a positive trend in debt sustainability.
External debt constituted 48.5% of the total debt stock, while domestic debt made up the remainder.
“As a result, there is potential for further upgrades to Ghana's credit rating as investor confidence increases”, it stated.
In June 2025, Fitch upgraded Ghana’s credit rating to B- with a stable outlook. Additionally, the IMF has disbursed a total of US$2.28 billion following five successful staff-level reviews and has disbursed another US$385 million.
Deloitte also urged the government to increase capital spending while continuing its fiscal consolidation.
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