“Resetting for Growth, Jobs, and Economic Transformation”
Ghana’s 2026 Budget comes at a time of cautious optimism. Global growth is slowing but remains resilient, with the IMF projecting 3.2% in 2025 and 3.1% in 2026 as inflation gradually declines. Risks persist, however, from trade tensions, tighter financing conditions, and geopolitical uncertainty. In commodity markets, prices are expected to soften further in 2026. Energy prices will ease on oversupply, agricultural prices will moderate, and gold is likely to remain firm after a strong 2025. Cocoa prices, which surged this year, are expected to stabilise as supply improves. Across the Sub-Saharan Africa region, the IMF anticipates an average growth of 4.1% in 2025 and 4.4% in 2026, supported by reforms and renewed efforts to mobilise domestic capital.
Against this backdrop, Ghana has moved from stabilisation to a reset. The 2026 Budget, themed “Resetting for Growth, Jobs, and Economic Transformation,” outlines a clear path: consolidate macroeconomic stability, accelerate job creation, and protect social progress. Inflation returned to single digits by October 2025, the Cedi strengthened on improved external buffers, and public debt fell to about 45% of GDP by end-October. These gains reflect disciplined fiscal management and decisive debt operations. The agenda is reinforced by policy measures that promote efficiency and transparency, including tax administration reforms and the introduction of a Value for Money Bill.
For businesses, investors and citizens, four priorities stand out:
- Credibility and continuity: Ghana’s policy framework aligns with the IMF-supported programme while shifting the focus from recovery to renewal. Lower inflation, falling domestic yields, and improved credit ratings signal hard-won credibility that must be preserved through consistent execution and transparent budgeting. The commitment to fiscal sustainability is not to be negotiated, reinforced by an ambitious target of a 1.5% primary surplus of GDP for 2026 and legislative amendments to the Fiscal Responsibility Act. These measures indicates to domestic and international partners that Ghana has transitioned from crisis management to sustainable fiscal prudence, creating a reliable platform for investment and long-term growth.
- Productivity and jobs: The Budget emphasises programmes that convert stability into livelihood improvement. Investments in agriculture and agribusiness, energy reliability, infrastructure, and the 24-Hour Economy aim to unlock capacity and drive export-oriented growth. This approach reflects continental priorities for mobilising Africa’s own resources to finance transformation.
- Private capital mobilisation: The Government is earmarking GH¢30.0 billion for strategic infrastructure development in power, roads, and digital connectivity under the "Big Push Programme" to accelerate productivity across all sectors. Ghana’s infrastructure ambitions will require blended finance and strong governance to attract investment.
- Social Protection: The government’s commitment to gender equality and economic empowerment is reinforced by an additional allocation of GH¢401m to the Women’s Development Bank to finance women-led Micro, Small, and Medium Enterprises (MSMEs). Additionally, the budget advances specialised healthcare financing through MahamaCares, which seeks to guarantee sustainable funding for Non-Communicable Diseases (NCDs) and accelerate the construction of new regional and district hospitals.
The targets set out for 2026, including a projected GDP growth of 4.8% and maintaining inflation at 8.0% are achievable if the present year is expected to be a guide, backed by a commitment to a primary surplus of 1.5% of GDP.
At KPMG, our role remains clear: to interpret the Budget’s signals, assess its implications, and help clients prepare for what lies ahead. This edition of the Budget Highlights continues that tradition. We analyse macroeconomic trends, tax and regulatory changes, and sector priorities.
Execution will define success in 2026. The global outlook rewards predictability. Preserving fiscal discipline, strengthening institutions, and advancing structural reforms are essential to keep financing costs low and sustain investor confidence. Commodity markets point to another year of softer prices, making efficiency and value addition critical. Across Africa, progress will depend on converting commitments into investable projects and ensuring that growth translates into opportunity.
Ghana has laid the foundation: single-digit inflation, a stronger currency, and a healthier debt profile. The challenge now is to turn these gains into lasting productivity improvements and decent jobs, while maintaining social investments that broaden opportunity. This requires simplifying the tax and regulatory environment, fast‑tracking digital and logistics infrastructure, deepening local content across value chains, and maintaining social investments that broaden opportunity.
It is our belief, that the 2026 budget will not remain an intent but will be executed flawlessly to build the Ghana we want. Our teams are ready to work with clients and policymakers to implement its provisions and seize the opportunities ahead.
