By Jibril Abdul Mumuni, GNA
Accra, Nov. 9, GNA – The Government has identified the financial challenges confronting key State-Owned Enterprises (SOEs) and fluctuations in global commodity prices as some of the biggest threats to Ghana’s fiscal outlook over the medium term.
The 2027 Fiscal Strategy Document said while recent fiscal reforms had strengthened macroeconomic stability and improved debt sustainability prospects, significant risks remained, which could undermine Government’s revenue, expenditure and debt management objectives.
The document highlighted the financial positions of major SOEs, particularly those operating in the energy and cocoa sectors, as potential sources of fiscal pressure that required sustained policy attention.
Among the entities cited were the Electricity Company of Ghana (ECG), Bulk Oil Storage and Transportation Company (BOST) and Ghana Cocoa Board (COCOBOD), whose operational and financial challenges could create contingent liabilities for the state.
It said persistent inefficiencies, accumulated debts and financing constraints within some state-owned enterprises could affect public finances and complicate efforts to maintain fiscal discipline.
The document noted that reforms aimed at improving operational efficiency, strengthening governance and enhancing revenue mobilisation across the SOE sector would be critical to mitigating such risks.
The fiscal strategy document also pointed to Ghana’s continued exposure to movements in international commodity markets, particularly prices of gold, crude oil and cocoa, which remain key drivers of export earnings, government revenue and foreign exchange inflows.
It said unexpected declines in commodity prices could weaken revenue performance, worsen external balances and place additional strain on fiscal and economic management efforts.
Similarly, volatility in global energy prices could increase expenditure pressures and affect economic activity, with implications for inflation and public finances.
The document suggested prudent fiscal management and stronger risk-monitoring mechanisms to safeguard macroeconomic stability against external shocks.
It said the Government must continue implementing measures to broaden the tax base, diversify the economy and strengthen domestic revenue mobilisation to reduce vulnerability to commodity price swings.
The strategy forms part of broader efforts to sustain fiscal consolidation while supporting the implementation of the Government’s economic transformation agenda under the “New Economy, New Ghana” programme.
The 2027-Fiscal Strategy Document noted that effective management of SOE-related liabilities and external economic risks would be essential to preserving recent gains in fiscal and debt sustainability and ensuring long-term economic resilience.
State-owned enterprises have historically posed significant fiscal risks to Ghana, particularly in the energy sector, where legacy debts and operational inefficiencies have periodically required government intervention.
Commodity exports, especially gold and cocoa, remain major sources of public revenue and foreign exchange, making the economy sensitive to developments in global markets.
The Government’s latest fiscal strategy identifies these factors as key risks that must be managed to sustain economic recovery and fiscal stability.
GNA
Edited by Agnes Boye-Doe
9 Nov. 2026
Reporter; Jibri Abdul Mumuni
Email: [email protected]