Mid-Year Budget Review: Economy makes remarkable progress, but overall success depends on maintaining fiscal discipline

Deloitte Ghana says the 2026 Mid-Year Budget Review presents an economy that has made remarkable progress in a relatively short period. According to the professional services firm, growth is strong, inflation is under control, debt servicing pressures have eased and fiscal discipline appears to be holding. However, it warned that the next phase of economic management will pose different sets of questions.

“The challenge is preserving fiscal discipline as Ghana transitions from an International Monetary Fund financing programme to a policy-monitoring framework, while also resisting the fiscal pressures that often accompany electoral cycles”. It argued that the overall success will depend on maintaining fiscal discipline, deepening revenue administration reforms, addressing energy sector liabilities and building buffers against future shocks. “If these priorities are pursued consistently, Ghana will be better positioned to avoid a return to the debt difficulties of the recent past and to place the economy on a more sustainable growth path”, it added.

Building Resilience After Debt Restructuring Deloitte continued that the encouraging feature of the mid-year review is the emphasis on building fiscal buffers. “One of the lessons from Ghana’s recent economic challenges is that periods of strong economic performance should be used to strengthen resilience rather than expand recurrent spending. The establishment and continued funding of sinking funds and other fiscal buffers are therefore prudent measures from the Minister with foresight”, it added.

It emphasised that commodity markets are inherently cyclical, noting that the favourable prices currently being enjoyed for gold and, to some extent, cocoa may not persist indefinitely. “Future downturns are inevitable, even if their timing remains uncertain”, it warned. By building buffers during periods of high commodity prices, Deloitte pointed out that the government can better protect citizens and the broader economy when external conditions become less favourable.