The Bank of Ghana (BoG) has cautioned that completing the remaining stages of Ghana’s external debt restructuring could create short-term pressures on the country’s external payments position.

In its May 2026 Monetary Policy Report (MPR), the central bank noted that the process may affect the stability of the domestic currency, making increased domestic savings critical to support future debt servicing obligations.

It stressed that maintaining strong foreign reserves will be essential in meeting upcoming external debt payments.

The BoG also flagged global uncertainties—including commodity price fluctuations and geopolitical tensions as key risks to fiscal performance.

Despite concerns over revenue mobilisation and expenditure implementation, the government achieved its fiscal targets in early 2026.

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Revenue performance improved in April following the rollout of new measures in the 2026 Budget.

“Revenue yields seem to be picking up in the month of April [2026] with the steady implementation of the new revenue measures outlined in the 2026 budget. This is on the back of infusing technology and AI, not only to plug revenue loopholes but also to enhance efficiency in collections,” the report stated.

The central bank attributed the improvement partly to the use of technology and Artificial Intelligence (AI) to reduce leakages and enhance efficiency in tax collection.

Government’s budget operations in the first quarter of 2026 recorded an overall surplus of GH¢1.709 billion, representing 0.1% of GDP, compared with a projected deficit of GH¢18.578 billion (1.2% of GDP).

The primary balance on a commitment basis also posted a surplus of 1.2% of GDP, exceeding the target of 0.2%. On a cash basis, the overall budget recorded a surplus of GH¢824.3 million (0.1% of GDP), against a projected deficit of GH¢20.924 billion (1.3% of GDP).

DR/SA