Govt targets 5.2% economic growth, 6 months of import cover in 2027 

The government is projecting real Gross Domestic Product (GDP) growth of at least 5.2% in 2027 as it moves from economic stabilisation towards an investment-driven growth strategy under its New Economy Programme.

Finance Minister Dr Cassiel Ato Forson announced the new macroeconomic targets when he presented the 2027 Budget Statement to Parliament on Thursday, November 12.

The growth projection represents an increase from the 4.8% target set for 2026 and comes after the economy recorded provisional growth of 6.2% in the first half of this year.

For the non-oil sector, the government is targeting growth of at least 5.7% in 2027, compared with the 4.9% programmed target for 2026. The sector achieved provisional growth of 5.9% during the first half of 2026.

On fiscal policy, the government plans to lower its primary surplus target from 1.5% of GDP in 2026 to at least 0.5% in 2027, creating additional room to finance infrastructure and other productive investments under the New Economy Programme.

The overall fiscal deficit is expected to reach 2.9% of GDP on a commitment basis, equivalent to GH¢51.9 billion. On a cash basis, the deficit is projected at 3.6% of GDP, representing GH¢65.8 billion.

The projections indicate a widening of the fiscal deficit compared with the provisional outturns for January to October 2026, when the commitment-basis deficit stood at 1% of GDP and the cash-basis deficit was 2.3%.

The government is also targeting an inflation rate of 8% in 2027, maintaining its commitment to keeping price increases within single digits. The target compares with the year-on-year inflation rate of 5.5% recorded in October 2026.

On external reserves, the government intends to build up gross international reserves to cover at least 6 months of imports.

This would improve on the position at the end of September 2026, when reserves stood at US$12.7 billion, equivalent to 4.5 months of import cover.

The government has further set a public debt target of 45% of GDP for 2027, down from the provisional figure of 47.5% recorded in October 2026.

The new targets reflect the government's intention to preserve the progress made in stabilising the economy while directing more resources towards infrastructure, investment and productive activities to support sustainable growth.