Finance Minister Dr. Cassiel Ato Forson is expected to present the 2026 Mid-Year Budget Review to Parliament today, Thursday, July 23, outlining the government’s economic performance during the first half of the year and its policy direction for the remaining six months.
The review, a constitutional requirement, will provide an assessment of how the economy has performed against the targets set in the 2026 Budget Statement and Economic Policy, while outlining any adjustments needed to sustain growth, strengthen fiscal discipline and preserve macroeconomic stability.
When the 2026 Budget was presented in November 2025, the government set out an agenda to transition the economy from a period of macroeconomic stabilisation to one of sustained growth, backed by prudent fiscal management and improved public finances.
Six months into the fiscal year, available economic indicators suggest that the economy has broadly exceeded expectations.
Inflation has declined significantly to 5.3 per cent, falling below the government’s medium-term target range of 8 per cent, plus or minus two percentage points. Recent data have also pointed to improvements in fiscal consolidation, the external sector and debt sustainability.
The original budget projected real Gross Domestic Product (GDP) growth of at least 4.8 per cent, non-oil GDP growth of 4.9 per cent, an overall fiscal deficit of 2 per cent of GDP, a primary fiscal surplus of 1.5 per cent of GDP, and international reserves sufficient to cover at least three months of imports.
The Finance Minister is expected to indicate whether these macroeconomic targets remain on course and whether the government intends to revise any of its assumptions in light of current domestic and global economic developments.
Beyond the macroeconomic outlook, the review is also expected to provide updates on revenue mobilisation, public expenditure, debt management and financing plans for the second half of the year.
There are strong indications that the government will not introduce new taxes in the mid-year review, choosing instead to focus on implementing existing fiscal measures aimed at sustaining economic stability and supporting growth.
Another key aspect of the presentation is expected to be Ghana’s engagement with the International Monetary Fund (IMF). Dr. Forson is anticipated to update Parliament on the successful completion of the country’s Extended Credit Facility (ECF) programme and plans to transition to the IMF’s Policy Coordination Instrument (PCI), which is expected to support macroeconomic policy reforms and reinforce investor confidence after the bailout programme concludes.
The Mid-Year Budget Review is expected to provide important signals on government spending priorities, borrowing plans and broader economic policy for the remainder of the year.
Businesses, investors and development partners will be watching closely for any changes to expenditure allocations, financing strategies and the government’s outlook on inflation, interest rates, exchange rate stability and the overall business environment.
