Dr. Cassiel Ato Forson, the Minister of Finance, has expressed confidence that Ghana’s inflation rate will remain below five per cent by the end of 2026 despite emerging global economic challenges.
He said although inflation was expected to rise from the current rate of 3.4 per cent in the coming months, government interventions and prudent economic management would help contain price pressures and maintain stability.
Speaking in an interview with Bloomberg in London, Dr Ato Forson attributed the anticipated increase in inflation to recent developments in the Middle East, particularly rising crude oil prices, which could have implications for fuel costs and the broader economy.
“We don’t see inflation increasing above five per cent by December 2026,” he stated.
The Finance Minister noted that Ghana had so far managed external shocks effectively through measures aimed at stabilising the economy.
However, he expressed concern about the impact of higher fuel prices on the country’s external sector, explaining that increased petroleum import costs could place additional pressure on foreign exchange reserves.
“We are also worried about the impact on fertiliser and how that could also affect farming,” Ato Forson said.
On economic growth, Finance Minister Ato Forson indicated that Ghana’s growth prospects for 2026 remained strong and could surpass the 4.8 per cent projection contained in the 2026 Budget Statement.
According to him, recent developments in the oil and gas sector were expected to contribute positively to economic performance and boost Gross Domestic Product (GDP) growth.
“We have seen some interesting developments in the oil and gas sector; that will impact the GDP numbers at the end of this year,” he said.
Dr Ato Forson said government would review and possibly revise the growth forecast during the Mid-Year Budget Review scheduled for July 2026.
Touching on Ghana’s post-International Monetary Fund (IMF) programme strategy, the Minister explained that government intended to pursue a Policy Coordination Instrument (PCI) after the completion of the current Extended Credit Facility (ECF) programme.
He said the move was aimed at consolidating recent economic gains, maintaining fiscal discipline and strengthening investor confidence.
The Finance Minister expressed optimism that the policy framework would further improve Ghana’s sovereign credit ratings and support efforts to regain investment-grade status.
“Our investment grade has been improving over the past years, and we should look forward to hitting BBB after this initiative,” he said.
Dr Ato Forson also announced that government would unveil a new economic policy programme during the Mid-Year Budget Review.
He explained that the initiative would focus on preserving macroeconomic stability while advancing structural reforms necessary to sustain economic growth and resilience.
The government, he added, remained committed to implementing policies that would strengthen the economy, improve investor confidence and protect recent gains achieved through ongoing fiscal and economic reforms.
