Accounting and Advisory firm, PwC, has stated that the government’s narrative is more persuasive on stabilisation than on transformation.

It argued that Ghana has clearly moved away from crisis conditions, but stronger macro stability is not the same as a fully repaired growth model.

“We caution that structural weaknesses remain embedded in the economy, stemming from growth critical sectors, such as energy (specifically, power), infrastructure, agriculture, manufacturing, and the banking system. Transformation is only possible if, as a country, we agree on lasting—and almost certainly painful—solutions that, realistically, would be implemented over a period that straddles more than a single term of political or government administration”, it mentioned in its analysis of the 2026 Mid-Year Review Budget.

Fiscal Consolidation is Real

Continuing, it said the fiscal consolidation is real, stressing that the commitment primary balance of 0.9% of Gross Domestic Product (GDP) in the first-half of 2026 and the cash primary surplus of 0.6% of GDP are stronger than budgeted.

Again, expenditure came in well below target, including interest savings of GH¢6.9 billion relative to budget, of which GH¢4.2 billion was domestic interest savings. a tangible improvement in the government’s financing burden.

It also stated that debt dynamics have improved meaningfully, stressing that the fall in debt ratios is owed partly to restructuring, exchange-rate effects and nominal GDP growth. “The debt stock is no longer moving along, what was arguably, an explosive path”.

Additionally, it said the remarkable progress in external debt restructuring, including the completion of the Saderea Notes exchange and multiple bilateral and commercial agreements reduce tail risk for investors.

It concluded that the five months of import cover in June 2026 is comfortably above the minimum target of three months, suggesting that the government has more room to absorb moderate external shocks.