Ghana’s ongoing economic reset is beginning to deliver measurable improvements, with key macroeconomic indicators pointing to a gradual return to stability after a period of severe fiscal and currency pressures.
Speaking at a webinar on “Ghana’s Economic Reset: What it means for Investors and SMEs,” Senior Manager for Infrastructure, Capital and Real Estate Projects at Deloitte Ghana, Peter Nii Charway, said the policy direction reflects a “strategic framework” aimed at moving the country away from recent structural imbalances.
The session, organised by the UK-Ghana Chamber of Commerce in collaboration with Deloitte Ghana, highlighted reforms spanning debt restructuring, fiscal consolidation, and monetary tightening as central to restoring confidence and supporting long-term growth.
At the peak of the crisis in 2022, Ghana’s public debt rose to about GH¢575 billion, representing roughly 93% of GDP. According to Mr. Charway, this triggered a “comprehensive debt restructuring programme,” including the domestic debt exchange initiative launched in 2023, which restructured over GH¢203 billion in bonds into instruments with “lower interest rates” and extended maturities.
On the external front, Ghana secured relief through bilateral agreements under the G20 Common Framework, alongside the restructuring of $13.1 billion in Eurobonds. This delivered approximately $4.7 billion in debt relief while pushing repayment obligations into the 2030s.
The country’s reform programme has also been supported by a $3 billion Extended Credit Facility from the International Monetary Fund, approved in May 2023. The programme, described as focusing on “strengthening fiscal discipline” and improving transparency, has driven reforms in tax administration, public financial management, and oversight of state-owned enterprises. By the end of 2025, Ghana had received about $2.8 billion in disbursements.
Fiscal consolidation measures have contributed to improved public finances. The fiscal deficit narrowed from 8.1% of GDP in 2022 to between 3% and 4% over the 2023–2025 period, while tax revenue increased from 13% to about 17% of GDP, with projections of reaching 18% in the near term. Mr. Charway noted that these efforts are aimed at “rebuilding investor confidence” and ensuring long-term sustainability.
Monetary policy tightening has also played a critical role in stabilising the economy. The policy rate was raised to 30% in 2023 as part of efforts to contain inflation, before easing to around 15% as conditions improved. Inflation, which exceeded 50% in 2022, has declined sharply to about 3.3% as of early 2026, reflecting what he described as “tight monetary policy” and improved macroeconomic management.
The Ghana cedi has similarly shown signs of recovery after significant volatility during the crisis period. Strengthened foreign exchange reserves, reaching approximately $13.8 billion by the end of 2025, have supported currency stability and enhanced external buffers.
Charway indicated that the combined effect of these measures is “gradually restoring macroeconomic stability” and reshaping the broader economic landscape. He added that as stability takes hold, the country is better positioned to support recovery and attract investment, following what he described as one of its most challenging economic periods in recent history.
