The weak revenue performance, pressures from compensation of employees and increasing energy sector payments are the key fiscal risks likely to plague fiscal execution for the rest of the year 2025.
This was captured in the September 2025 Monetary Policy Report by the Bank of Ghana.
In addition, the report said the conclusion of the remaining external debt restructuring negotiations may create potential short-term external payment challenges.
According to the Central Bank, this may have implication for the domestic currency.
Meanwhile, the fiscal policy implementation for the period January-July 2025 showed significant improvement with the primary balance on a commitment basis (the fiscal anchor) recording a surplus of 1.0% of Gross Domestic Product, surpassing the target surplus of 0.5%.
Total revenue and grants recorded shortfalls in all the broad categories: non-oil tax revenues, oil and gas receipts, Energy Sector Levy Account (ESLA) receipts, non-oil non-tax revenues and grants.
Additionally, expenditures were tightly managed, with total spending 14.1% below the programmed amount.
On the other hand, interest payments declined, driven by reduced domestic borrowing, declining domestic interest costs, and the effect of the appreciation of the local currency on external debt payments.
The budget financing relied heavily on domestic sources, with net domestic financing amounting to GH¢14.7 billion—well below the target.
Meanwhile, the public debt profile has benefited from the appreciation of the local currency, but recent depreciation may claw back some of the gains. This may slow down the anticipated quick achievement of debt sustainability