Finance Minister Dr. Cassiel Ato Forson has painted a stark picture of Ghana’s current economic state, describing it as one of “severe distress,” burdened by debt repayment challenges, mismanagement, and a lack of accountability.
Presenting the 2025 Budget Statement and Economic Policy to Parliament on Monday, March 11, 2025, Dr. Forson emphasized that the economy has not yet turned the corner.
“The state of the economy, as I have just presented, does not reflect an economy that has turned the corner; it reflects an economy in severe distress, burdened by debt repayment humps, mismanagement, and a lack of accountability,” he stated.
He outlined that the 2025 budget is designed to set Ghana on a path of fiscal responsibility, debt sustainability, macroeconomic stability, and job creation. “This budget is about resetting the economy and restoring hope. Ghanaians reaffirmed their faith in a better future when they actively participated in the National Economic Dialogue on March 3rd and 4th, 2025. A key outcome of the Dialogue was the confirmation that the fundamental problem with our economy is fiscal indiscipline,” he added.
Dr. Forson criticized the previous administration for awarding contracts outside the approved expenditure framework, which he said exacerbated the country’s fiscal challenges.
The 2025 budget, the first comprehensive financial roadmap of the Mahama administration since assuming office, outlines bold policy measures aimed at stabilizing the economy, fostering growth, and addressing the nation’s fiscal challenges. Key focus areas include fiscal consolidation, debt management, and initiatives to stimulate job creation and economic recovery.
The budget is expected to provide relief to businesses and households while setting the stage for long-term economic transformation.
Ghanaians are hopeful that the measures outlined will deliver on the government’s promises to restore fiscal discipline and rebuild the economy.
