Ghana’s economy is poised to outperform its 2025 macroeconomic targets, buoyed by strong results in the first half of the year, according to the latest report from IC Research.

The report attributes the positive outlook to improvements in inflation, exchange rate stability, interest rates, first-quarter GDP growth, and gross international reserves.

In its review of the 2025 Mid-Year Budget, IC Research highlighted a “sizable fiscal adjustment” during the first six months, surpassing both government targets and the firm’s own projections.

“Our analysis shows renewed discipline in spending and a halt in arrears accumulation, supported by solid tax revenue despite weaker non-tax revenue. Given the stronger-than-expected fiscal results, the government remains confident in meeting end-2025 macro-fiscal goals, all of which were retained,” the report noted.

The strong first-half performance, it added, has eased short-term fiscal concerns for 2024, though execution risks remain. Authorities have already identified key threats and proposed credible mitigation measures.

Total revenue and grants for the period reached GH¢99.3 billion, or 7.1% of GDP—3.2% below target but 8.3% higher than IC Research’s forecast, thanks to enhanced tax compliance.