The Bank of Ghana is warning that the weak revenue performance and pressures from compensation of employees for 2025 pose fiscal risks to the outlook.
However, the continued fiscal consolidation efforts will reduce debt accumulation and debt service costs.
According to its January 2026 Monetary Policy Report (MPR), sustained improvements in real growth, lower real interest rates and exchange rate stability remain key to achieving medium-term debt sustainability.
Total revenue and grants in 2025 stood at GH¢187.87 billion (13.4% of Gross Domestic Product), lower than the target of GH¢201.372 billion (14.4% of GDP).
The Central Bank said completion of the remaining external debt restructuring negotiations may create potential short-term external payments challenges and this may have implication for the domestic currency.
Additionally, more domestic savings would be needed to meet external debt service obligations going forward.
“Significantly large reserve accumulation remains key to meeting high external debt service payments and containing exchange rate pressures”, it mentioned.
In 2025, domestic revenue totalled GH¢186.569 billion (13.3% of GDP), below the target of GH¢199.045 billion (14.2% of GDP).
The revenue outcomes reflected poor performances for tax revenue, oil and gas receipts, as well as grants.
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