Despite materializing downside risks, the Ghanaian real economy has proven resilient in the face of inflation and rapid currency depreciation. This strength gives the government a short window to head-off crisis before the effects of ill-conceived borrowing policies and slowing global growth become consistently low growth, impaired fiscal space, and a forced default. However, the current policies of minor deficit reduction, partial debt restructuring, and large- scale domestic borrowing reflect the half-measures proven ineffective in Sri Lanka earlier this year. To avoid a similar outcome, the ministry of finance should frontload a sizeable fiscal consolidation and comprehensive debt restructuring to create the fiscal space needed to stabilize the economy and taper off risky domestic borrowing.