On Thursday, November 12, Finance Minister Dr. Cassiel Ato Forson presented the 2027 budget to Parliament, announcing a real GDP growth target of at least 5.2% for the year. The target lifts the 4.8% goal set for 2026 and follows a provisional 6.2% growth recorded in the first half of the current year.
For the non‑oil sector, the minister set a 5.7% growth aim, up from the 4.9% target for 2026, after the sector posted a provisional 5.9% rise in early 2026. The shift reflects a move from stabilisation to an investment‑led growth strategy under the New Economy Programme.
Fiscal policy will see the primary surplus target lowered from 1.5% of GDP in 2026 to at least 0.5% in 2027, creating room for capital investment and infrastructure development. The government projects an overall fiscal deficit of 2.9% of GDP on a commitment basis (GH¢51.9 billion) and 3.6% on a cash basis (GH¢65.8 billion). These figures exceed the provisional deficits of 1% and 2.3% of GDP recorded between January and October 2026.
Inflation is to be kept at 8% in 2027, maintaining the single‑digit target, compared with 5.5% year‑on‑year in October 2026. The administration also aims to boost external reserves to cover at least six months of imports, an improvement on the 4.5 months (US$12.7 billion) reported at the end of September 2026.
Public debt is projected to fall to 45% of GDP in 2027, down from the provisional 47.5% recorded in October 2026. These targets signal a balancing act: preserving stabilisation gains while freeing fiscal space for productive‑sector investment and infrastructure projects.
