Dr. Cassiel Ato Forson, Minister of Finance
Ghana’s budget numbers for 2025 show improved fiscal control, with both spending and borrowing coming in lower than planned.
The government spent less than expected in the first seven months of 2025, keeping its budget deficit at GH¢19.7 billion, or about 1.4% of GDP.
This was significantly lower than the government’s target of GH¢37.8 billion, or 2.7% of GDP.
Figures from the Bank of Ghana showed that the gap was covered through a combination of domestic and foreign borrowing.
The government borrowed GH¢14.8 billion locally and received GH¢4.9 billion in net external financing.
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The country also recorded a primary surplus of 0.7% of GDP on a cash basis, instead of the expected deficit of 1.0%.
On a commitment basis, the main measure for tracking fiscal health, the primary surplus reached 1.0% of GDP, compared to a target of 0.5%.
These results indicate that the government is adhering to its plan to reduce borrowing and control spending under the 2025 budget, supporting efforts to maintain economic stability.
SSD/MA
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