Ghana’s 2026 Mid‑Year Budget Review
Finance Minister Dr. Cassiel Ato Forson faced a tougher-than-usual reception in Parliament today as he delivered the 2026 Mid-Year Budget Review, with lawmakers pressing him on a string of uncomfortable numbers even as government touted its economic turnaround.
The sharpest exchange centered on a $1.2 billion drop in Ghana’s foreign reserves, which Minority MP Kojo Oppong Nkrumah had demanded be explained on the floor, arguing it contradicted government’s claim that it wasn’t intervening in the forex market.
Compounding the pressure, inflation, Forson’s marquee achievement after driving it down from 23.8% to a low of 3.7% in May, has crept up for three straight months to 5.3% in June, driven largely by imported fuel costs following a spike in global oil prices.
Adding to the strain, a GH¢15 billion energy-sector shortfall, tied to ECG’s underperforming bill collections and a World Bank downgrade of Ghana’s recovery programme to “Unsatisfactory,” is fueling dollar demand and threatens further tariff or levy pain, a sore subject after the unpopular GH¢1 “dumsor levy.”
The review also marks the first delivered without an active IMF programme behind it; Ghana has shifted to a Policy Coordination Instrument that carries no funding to enforce discipline, raising questions about fiscal restraint heading into the 2028 election cycle. The Minority pre-empted the speech by insisting government’s reported gains reflect spending cuts, not real growth.
On calmer ground, Forson is expected to point to the cedi’s status as one of the world’s best-performing currencies this year, continued improvement in debt sustainability, and progress on flagship programmes including the Big Push infrastructure drive and 24-Hour Economy initiative, with most economists urging him to avoid new taxes and instead tighten revenue collection.
Parliament’s debate on the review begins tomorrow, with Majority and Minority leaders expected to close it out Monday.
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