Ghana had met five ECOWAS convergence criteria by the end of the third quarter of 2026, Finance Minister Dr Cassiel Ato Forson has told Parliament.
Presenting the 2027 Budget Statement, Dr Forson said the country had made progress on key fiscal and monetary indicators required under the regional convergence framework, which supports efforts towards deeper economic integration and a common currency.
Deficit, debt remain below regional limits
According to the Finance Minister, Ghana’s fiscal deficit stood at 2.3 percent of gross domestic product by the end of October 2026, below the ECOWAS benchmark of 3 percent.
Public debt was also reported at 47.5 percent of GDP, against a regional ceiling of 70 percent.
Gross external reserves covered 4.5 months of imports as of the end of September, exceeding the minimum requirement of three months.
Annual average inflation stood at 4.6 percent at the end of October, while there was no central bank financing of the budget during the period.
The cedi, meanwhile, recorded a depreciation of 10.1 percent against the US dollar by the end of October.
“By the end of the third quarter of 2026, Ghana had met five of the ECOWAS primary and secondary convergence criteria,” Dr Forson said.
Government backs ECOWAS single currency
The Finance Minister said the figures reflected efforts to maintain fiscal discipline, price stability and stronger external buffers.
He argued that the performance had strengthened Ghana’s position in ongoing discussions around regional monetary integration.
“Government remains resolute in its commitment to the ECOWAS Single Currency Programme,” he told Parliament.
Dr Forson said Ghana would continue working with other member states towards the proposed common currency, which ECOWAS sees as a tool for expanding regional trade, investment and economic integration.
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