The Institute of Public Policy & Accountability (IPPA) has reviewed the 2026 Budget Statement and Economic Policy, commending the government for sustaining key economic reforms initiated under the IMF-supported programme. However, IPPA expresses concerns about the budget's credibility and implementation, citing a lack of coherent implementation framework for key policy initiatives and weaknesses in budget credibility and capital expenditure execution.
Ghana deserves an economic policy framework that is ambitious yet credible, visionary yet grounded in evidence, and bold yet accountable," said Kwasi Nyame-Baafi, PhD, Director of Public Policy, IPPA in a press statement.
IPPA notes that Ghana's macroeconomic recovery began before 2025, with significant improvements in public debt-to-GDP ratio, GDP growth rate, gross international reserves, and inflation rate. The public debt-to-GDP ratio declined from 78.5% in 2021 to 61.8% in 2024, while GDP growth improved from 0.5% in 2020 to 5.7% in 2024. Inflation also fell from 31.9% in 2022 to 22.9% in 2024.
However, the institute questions the modest ambition of the 2026 macroeconomic outlook, citing projected real GDP growth of 4.8%, non-oil real GDP growth of 4.9%, and end-year inflation of 8.0%. The IPPA review highlights the lack of credible implementation plan for the 24-Hour Economy Policy, with only GH¢90 million allocated out of an estimated USD 4 billion requirement.
The institute also notes poor budget credibility and capital expenditure execution, with only 34% of allocated capital expenditure committed in 2025. The limited allocation for flagship initiatives undermines public confidence and weakens transformative potential. IPPA calls on the government to reassess the 2026 Budget, provide a comprehensive implementation plan for key policies, prioritize transformative investments, and improve budget credibility.
The IPPA review emphasizes the need for a more ambitious and credible budget that addresses Ghana's development challenges. The institute recommends improving budget credibility, prioritizing transformative investments, and providing a comprehensive implementation plan for key policies.
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