Mid-Year Budget Review to Reassure Markets, Address 2027 and 2030 Debt Obligations – Deputy Finance Minister
Deputy Minister for Finance, Dr Thomas Nyarko Ampem, has disclosed that the upcoming 2025 Mid-Year Budget Review will contain critical fiscal policy announcements aimed at reinforcing confidence in Ghana’s economy and addressing medium-term debt sustainability concerns.
According to Dr Nyarko Ampem, the Finance Minister, Dr Cassiel Ato Forson, will use the review to unveil significant measures that will not only assure investors and economic stakeholders of Ghana’s commitment to macroeconomic stability but also provide clarity on the country’s ability to meet its debt servicing obligations, particularly in 2027 and 2030.
“In the Mid-Year Budget Review, the Minister for Finance is going to make very, very important announcements that will further bring the confidence that we need in the economy,” he said during an engagement on the state of the economy.
“People are wondering how we are going to meet our debt servicing obligations in 2027 and 2030 – all these will come up in the mid-year review. It will give comfort to everybody that the economy is actually on the right path,” he added.
The Deputy Minister’s comments come on the back of recent positive economic developments, including the Ghana cedi’s strong appreciation against the US dollar, improved reserve levels, and a recent credit rating upgrade by S&P Global Ratings.
The local currency, which in recent months had come under pressure, has seen a sharp appreciation, trading at approximately GHS13 to $1 – a development largely attributed to strong foreign exchange inflows, notably from increased gold exports and a weakening US dollar occasioned by Trump’s trade tariffs.
“What is important is the predictability and stability of the cedi to allow for planning and for businesses to work well – and that is what we are working towards,” Dr Nyarko Ampem stated. “We know the price of gold today is high, over $3,000 per ounce, and we are also exporting enough gold.”
He noted that Ghana’s international reserves had seen significant growth, rising from $6.2 billion in February 2023 to $9.4 billion in February 2024. The country’s gold reserves also stand at 31.37 tonnes.
“We are making hay while the sun shines. We’ll continue in this trajectory to build more reserves, build more buffers – and that will help,” he added.
The Deputy Minister also highlighted the importance of such macroeconomic improvements in boosting Ghana’s credibility among investors and rating agencies, referencing S&P’s recent upgrade of Ghana’s sovereign credit rating from Selective Default (SD) to ‘CCC+’.
“All these are sending very, very good signals,” he said, underscoring the government’s commitment to sustaining the economic recovery and restoring investor confidence.
