EY Partner Highlights Priorities for Ghana’s 2026 Budget
Emmanuel Adekahlor, Country Managing Partner of EY, has emphasized that the success of Ghana’s 2026 Budget will depend on strict expenditure controls, value-for-money initiatives, and disciplined spending within approved limits to achieve stated goals.
He noted that sustaining the fiscal discipline gained under the IMF programme after Ghana’s exit is essential for long-term macroeconomic stability.
Commenting on the budget, Mr. Adekahlor acknowledged that certain tax reforms—such as lowering the effective VAT rate—may temporarily reduce revenues. However, he explained that these measures are intended to simplify compliance, improve efficiency, and expand the tax base. Enhanced compliance and streamlined processes, alongside measures to curb port leakages, are expected to drive revenue growth over time. Successful execution of these initiatives, he stressed, is critical to financing programmes without undermining economic stability.
Mr. Adekahlor cautioned that Ghana’s economy remains vulnerable to external shocks. With current favourable conditions, particularly strong gold and cocoa prices, he urged the government to build fiscal and foreign exchange buffers to guard against future volatility.
In the medium to long term, he argued, the focus must shift to accelerating structural transformation. Diversifying beyond traditional sectors will be vital to reducing exposure to global disruptions and ensuring sustainable, inclusive growth.
The EY Partner highlighted that the 2026 Budget introduces several initiatives requiring significant government spending. He called on the Ministry of Finance and relevant agencies to enforce robust expenditure controls and value-for-money (VfM) processes to minimise waste, uphold procurement standards, and secure optimal returns on every cedi spent.
Projects, he advised, must undergo rigorous professional evaluation before financial commitments are made, while social intervention programmes should be carefully designed to ensure sustainability.
He welcomed the establishment of the Value for Money Office (VfMO), noting its potential to transform public financial management if implemented effectively, rather than becoming another bureaucratic layer. He also commended ongoing initiatives such as validating expenditure arrears and payroll audits to eliminate ghost names—key steps toward fiscal accountability.
Ghana’s economy is projected to grow by 4.9% in 2026, with GDP expected to reach GH¢1.5 trillion. Growth will be driven by services (47%), industry (31%), and agriculture (22%). Inflation is forecast to remain within the medium-term target band of 8% ± 2, supported by improved food supply and stronger policy coordination. The fiscal deficit is expected to narrow to 4.0%.
Mr. Adekahlor described these indicators as reflecting cautious optimism, underpinned by fiscal discipline, policy reforms, and improving investor confidence.
He concluded: “At EY, our goal is to empower businesses, government, and communities to navigate this evolving landscape with clarity and confidence. Our multidisciplinary teams stand ready to support clients across tax advisory, strategy and transactions, risk and assurance, consulting, digital transformation, and sustainability.”
Separately, the French Embassy reaffirmed its commitment to supporting Ghana’s creative and cultural industries.