The Minister of Finance-designate, Dr. Cassiel Ato Forson, has said he will work tirelessly to help reduce Ghana’s inflation to single digits through robust fiscal measures.
He emphasized this during his vetting before the Appointment Committee on Monday, January 13, 2025, while outlining his plans help to address Ghana’s high interest rates and ensure effective microeconomic policies for the private sector.
Speaking before the committee, he stated the pivotal role of fiscal authorities in stabilizing the economy through cutting unnecessary spending and bringing inflation down to a target range of 8%.
“I believe if we are to introduce strong measures, particularly from the expenditure side, we will be able to bring inflation down to 8% plus or minus two. In doing so, we will be able to reopen the domestic bond market so that we can move away from the over-reliance on the treasury bill market.
If you are confronted with a situation where you do not have financing, then there is a need for you to look within. Let’s deal with expenditure, let’s cut expenditure, let us not pretend that there is money there for us. Just like it has been done somewhere, we can also do it here,” Ato Forson stated.
He added that “My proposal is let’s look at the expenditure side as well; it shouldn’t always be borrowing and borrowing. It is time for us to cut the waste, and so I will lead the process to cut the waste, and I will need the honourable members to cut the waste so that we live and stay within the envelope that we can.”
