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IEA Economic Governance & Performance Framework

Ghana Fiscal & Economic Barometer

Independent economic intelligence, fiscal surveillance and policy accountability.

Assessment Published baseline · 5 October 2026 Methodology 1.0 Coverage 90% methodology coverage
Explore the seven pillars
Economic Conditions 63.1

Evidence-based reading of current economic conditions

Moderate · 100% coverage
Policy Implementation 4 tracked

Documented government commitments in the public policy tracker.

8 of 12 public milestones verified · not a performance score
Fiscal Position 71.7

Evidence-based reading of fiscal conditions and rules

Strong · 100% coverage
Evidence Base 22/46

Active indicators with at least one published observation.

Since the Previous Published Assessment

What Changed

A concise comparison of published indicator observations. Direction is descriptive; it is not presented as a political judgment.

A period-to-period change summary will appear after at least two formal assessments have published comparable evidence.
Policy Progress Tracker

Government Policy Progress

Documented commitments are tracked through verifiable implementation milestones. Policy activity and economic outcomes are shown separately.

1Delivered
0Substantially Implemented
3Implementation Underway
0Preparatory Work
0Not Started
0Changed / Withdrawn
0Insufficient Evidence
Explore the full Policy Progress TrackerFilter commitments, inspect milestones, dates and supporting evidence →
Infrastructure & Development CapacityImplementation Underway

Big Push Infrastructure Programme

By September 2026 the Presidency was reporting ongoing Phase One road works and a multi-phase execution strategy, following a GH¢30 billion 2026 road allocation in the…

2/3 milestones verifiedView policy evidence →
Economic Governance & Fiscal CredibilityDelivered

Independent Fiscal Council established and operationalised

A five-member Independent Fiscal Council was inaugurated on 8 September 2026 under the amended public financial management framework.

2/2 milestones verifiedView policy evidence →
Industrialisation, Jobs & ExportsImplementation Underway

24-Hour Economy and Accelerated Export Development Programme

Official 2026 updates show the programme in implementation, including business incentives, enabling legislation and model-market projects in multiple districts.

3/4 milestones verifiedView policy evidence →
Social Protection & Public ServicesImplementation Underway

Free Primary Healthcare Programme

The programme was launched on 15 April 2026, with an initial rollout focused on 150 underserved districts and a stated intention to expand nationwide by 2028.

1/3 milestones verifiedView policy evidence →
Framework

Seven IEA Policy Pillars

A permanent framework for comparing Ghana’s economic performance across administrations and policy cycles.

0181

Macroeconomic Stability

Is Ghana maintaining a stable macroeconomic environment capable of supporting sustainable growth?

0272

Fiscal Discipline

Is Government managing public resources sustainably, transparently and within Ghana's fiscal rules?

0360

Growth & Transformation

Is Ghana becoming a more productive, diversified and resilient economy?

0481

Private Sector

Is Ghana creating an environment in which businesses can invest, expand and create productive employment?

0545

Prosperity & Livelihoods

Are improvements in the economy translating into better economic conditions for Ghanaian households?

0638

Infrastructure & Capacity

Is Ghana building the physical and institutional capacity needed for sustained future growth?

07—

Economic Governance

Is Ghana's economic-policy environment credible, transparent, accountable and capable of delivering sustainable outcomes?

Pillar Diagnostics

What is driving each pillar?

Import Cover22 September 2026 · 4.50 months
100.0Very Strong
Headline InflationAugust 2026 · 5.00%
90.0Very Strong
Real GDP Growth2026 Q2 · 6.00%
75.0Strong
Current Account Balance to GDPJan-Jun 2026 (cumulative) · 3.80 % of GDP
67.7Moderate
Non-Oil GDP Growth2026 Q2 · 5.40%
67.5Moderate
Food InflationNot included in published assessment
—Awaiting assessment
GHS per US DollarNot included in published assessment
—Awaiting assessment
Gross International ReservesNot included in published assessment
—Awaiting assessment
Monetary Policy RateNot included in published assessment
—Awaiting assessment
Non-Food InflationNot included in published assessment
—Awaiting assessment
Current Conditions

Economic Pulse

A compact reading of the most policy-relevant macroeconomic and household signals.

Real GDP Growth
6.00%
2026 Q2Ghana Statistical Service
Headline Inflation
5.00%
August 2026Ghana Statistical Service
Import Cover
4.50 months
22 September 2026Bank of Ghana
Private Sector Credit Growth
35.50%
August 2026Bank of Ghana
Unemployment Rate
13.00%
2025 Q3Ghana Statistical Service
Public Debt to GDP
45.90 % of GDP
July 2026Bank of Ghana
Official data IEA calculation IEA assessment Reference periods differ by series and are displayed on every indicator.
Evidence Registry

Published Evidence

The exact evidence observations used by the current published assessment. Provisional records outside the published assessment are excluded.

Published official-data baselinePublished baseline · 5 October 2026
Methodology1.0
Evidence used22
Bank of Ghana 4.50 months

Import Cover

22 September 2026 · Provisional
Ghana Statistical Service 5.00%

Headline Inflation

August 2026 · Final
Bank of Ghana 35.50%

Private Sector Credit Growth

August 2026 · Provisional
Bank of Ghana 15.94%

Average Lending Rate

August 2026 · Provisional
Bank of Ghana 107.80 index

Business Confidence Index

August 2026 · Provisional
Bank of Ghana 111.90 index

Consumer Confidence Index

August 2026 · Provisional
Bank of Ghana 1.40 % of GDP

Primary Balance to GDP

Jan-Jul 2026 (commitment, cumulative) · Provisional
Bank of Ghana -0.20 % of GDP

Overall Fiscal Balance to GDP

Jan-Jul 2026 (commitment, cumulative) · Provisional
View complete published evidence registry →
Public Finance

Fiscal Discipline Monitor

Statutory requirements, current fiscal evidence and the path to sustainable public finances.

At RiskSection 2A(a)

Annual Primary Balance Rule

Ghana shall maintain an annual positive primary balance on commitment basis of at least 1.5 percent of GDP.

Observed
1.40 % of GDP
Requirement
>= 1.5%
Evidence period
Jan-Jul 2026 (commitment, cumulative)

In-year monitoring position; annual legal compliance is not final until the year-end outturn.

At RiskSection 2A(b)

Public Debt-to-GDP Anchor

Ghana shall achieve a public debt-to-GDP ratio of 45 percent or lower by 2034.

Observed
45.90 % of GDP
Requirement
<= 45%
Evidence period
July 2026

Monitoring position against a future-dated target using the published assessment evidence.

Government Finance

Fiscal Intelligence

Budget execution, debt trajectory and fiscal-risk surveillance brought together in one evidence-led view.

Budget Monitor

Budget vs latest outturn

2026

No public budget-monitoring lines have been configured.

Annual targets and cumulative in-year outturns are labelled separately. The graphical progress view compares the latest available observation with the annual plan, but it is not presented as a final execution rate where periods differ.

Debt Path

Current position to statutory anchor

Current45.9%July 2026
Statutory anchor45.0%By 2034
43%44%45%47%48% 45.0% statutory anchor 45.9% 20262034

The system does not invent an intermediate debt path. Government, IMF and IEA scenario points appear only when entered with evidence.

Fiscal Risk Register

Risks under active surveillance

No public fiscal risks have been published yet. Risk entries require an explicit evidence base and IEA assessment.

Fiscal Alerts

Current IEA watch items

No public fiscal alert is currently active.

Decision Intelligence

Assessment Comparison & Risk Radar

Compare formally published assessment periods and see where active fiscal risks are concentrated.

Published Assessments

Period-to-period comparison

Comparison activates after the first formal quarterly assessment is published. Draft score runs are deliberately excluded.

Risk Radar

Active fiscal-risk concentration

The radar will populate when public fiscal risks are entered and assessed. The system does not fabricate risk ratings.

Independent Analysis

Latest IEA Assessment

Interpretation is presented separately from the underlying official data and mathematical score calculations.

IEA
Published assessment · 2026-10-05

Initial IEA Economic & Fiscal Baseline — October 2026

Ghana enters the October 2026 baseline with strong macroeconomic stabilisation and robust growth, while employment outcomes, the durability of fiscal consolidation and the breadth of structural transformation remain central policy tests.

Real GDP growth of 6.0 percent in Q2 2026, low headline inflation, improved credit conditions and sizeable reserve buffers point to a materially stronger macroeconomic position. Fiscal execution through July also indicates continued consolidation. However, the latest labour-market data still show elevated unemployment, particularly among young people. IEA should therefore distinguish stabilisation from broad-based prosperity and continue monitoring whether stronger macroeconomic conditions translate into investment, productive jobs and household welfare.

Policy implication

Policy should preserve fiscal and monetary credibility while shifting attention toward productive investment, job-rich private-sector growth, revenue quality, public-investment efficiency and household welfare outcomes.

Transparency

How the Barometer Works

Scores are designed to be inspectable rather than black-box ratings.

01

Evidence

Each observation retains its source, period, status and revision history.

02

Benchmarks

Government, statutory, BoG, international and IEA benchmarks remain explicitly identified.

03

Scoring

Indicator rules, weights and aggregate composition are methodology-versioned and reproducible.

04

Assessment

IEA analytical judgement is published separately from official statistics and derived calculations.

How is the overall score constructed?View scoring composition
PillarScoreWeightWeighted contribution
Macroeconomic Stability81.115%12.17
Fiscal Discipline71.720%14.34
Growth & Transformation60.215%9.03
Private Sector81.215%12.19
Prosperity & Livelihoods44.815%6.71
Infrastructure & Capacity37.510%3.75
Economic GovernanceAwaiting data10%—

Where a methodology requires minimum coverage, the aggregate is withheld until that coverage is reached. Missing values are not invented to complete the score.