Finance Minister, Dr Cassiel Ato Forson, says Ghana has restored economic stability and rebuilt investor and public confidence in less than two years under the John Mahama administration.
Presenting the 2027 Budget Statement and Economic Policy to Parliament on Thursday, November 12, he attributed the improvement to measures taken by the government to address challenges in the public finances, control wasteful expenditure and implement difficult economic decisions.
“The reset promised by His Excellency President John Dramani Mahama was our solemn commitment to honour that demand. We confronted the disorder in the public finances, restrained wasteful spending and took difficult decisions,” he said.
Dr Ato Forson said the progress made was largely due to the sacrifices and patience of Ghanaians during the country’s economic recovery.
“Mr. Speaker, I conclude by returning to the Ghanaian people, whose sacrifices have made this moment possible. Two years ago, they entrusted us with a mandate born of hardship,” he added.
He recalled that the government assumed office at a time when households were struggling with rising prices, pensioners had seen the value of their savings eroded, and businesses were grappling with uncertainty, high borrowing costs and currency instability.
According to him, these challenges informed the mandate given to the Mahama administration, which promised responsible leadership, competent economic management and accountability in the use of public funds.
Dr Ato Forson said the government’s efforts had resulted in lower inflation, improved economic growth, a reduced debt burden and stronger international reserves.
He, however, stressed that the gains made must translate into tangible improvements in the living conditions of Ghanaians.
He said workers must experience improvements in their purchasing power, businesses must regain the confidence to invest and create jobs, while young people must have opportunities to turn their education and skills into decent livelihoods.
“Their sacrifices must now yield lasting improvements in their lives: the worker must feel the benefit in what a salary can buy. The business owner must find the confidence to invest and employ; and
the young Ghanaian must have a fair opportunity to turn education, skills and hard work into a decent livelihood.
That is the purpose of the next phase of the reset,” he said.
The Finance Minister noted that the next phase of the government’s economic reset would focus on building a productive economy capable of retaining more value locally and creating sustainable employment opportunities.
He further described the fiscal space created through economic recovery as more than just additional room in the national budget, saying it represented the country’s regained freedom to make long-term development decisions.
Dr Ato Forson added that improved international reserves would strengthen Ghana’s strategic autonomy, allowing the country to protect its national interests, determine its development priorities and pursue investments based on their full potential.
He cautioned that changing development assistance arrangements, rising global trade tensions and possible restrictions in access to international capital made it necessary for Ghana to strengthen its productive capacity and economic resilience.
“These freedoms matter in a world where development assistance is changing, trade tensions are rising and access to international capital can tighten without warning. Ghana must build the productive strength to continue to withstand these pressures and secure its own economic interests,” he added.
Source: Abigail Ekua Arhin
