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By Buertey Francis BORYOR Deputy Minister of Finance Thomas Nyarko Ampem has said nation’s economy is firmly on the path to recovery, supported by strong fiscal performance, lower inflation and renewed investor confidence. He said this during a stakeholder engagement session in Accra as part of preparations for the 2026 national budget. According to him, key economic indicators show the country’s stabilisation efforts are beginning to yield results. He noted that the primary balance has recorded a surplus of 1.4 percent of GDP, while the fiscal deficit has narrowed to 1.5 percent. “Public debt has fallen to 46.8 percent of GDP as of August 2025,” he added. He also pointed to the recent IMF staff-level agreement and a credit rating upgrade from Moody’s as signs of improving market confidence. Furthermore, he said real GDP grew by 6.3 percent in the third quarter of 2025, while inflation dropped to 9.4 percent in September from 23.7 percent earlier in the year. He emphasised that Treasury bill rates have also eased, reflecting growing investor confidence. Mr. Nyakon-Ampem explained that these gains form the basis for further growth. He said the 2026 budget will focus on stabilisation, infrastructure, education, youth empowerment and job creation to build on the progress made so far. He moreover said government allocated GH₵13.8billion to road infrastructure in the 2025 budget and will more than double the amount in 2026 to accelerate the “big push” on roads. He explained that more than 60 road projects, including bridges and major highways, have already started. According to him, social protection remains a priority. Regarding this, he said government has uncapped the National Health Insurance Scheme and released over GH₵4billion for health financing. Additionally, he said it has distributed over 6.6 million packs of sanitary pads to girls in public basic schools and paid GH₵300million to cover first-year fees for more than 100,000 tertiary students under the ‘No Fee Stress’ initiative. The minister admitted that government inherited significant arrears but explained payments are being made after strict audits. He said payroll audits uncovered over 53,000 ghost names and GH₵150million in unearned salaries, while GH₵8.1billion of invalid arrears claims were rejected. He emphasised that the ministry remains committed to transparency and collaboration in preparing the 2026 budget. According to him, the engagement fulfils Section 21 of the Public Financial Management (PFM) Act and is aimed at producing a realistic and inclusive budget.
