Fiscal discipline driving Ghana’s economic recovery, says Ato Forson

The Minister for Finance, Dr Cassiel Ato Forson, says Ghana’s improving economic performance reflects the government’s commitment to responsible public financial management, fiscal discipline and sustained fiscal consolidation.

Speaking in an interview with Citi FM on Friday, Dr Forson said the government had made significant progress in restoring macroeconomic stability after inheriting an economy that was in a difficult state.

“The most important news to the people of Ghana is that we have come from far and we have really gone through some difficult times but thanks to God, we have recovered,” he said.

He disclosed that the government had exceeded its fiscal target for the first half of the year by recording a primary surplus of 0.9 per cent, compared with the programme target of 0.5 per cent.

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“We are within the fiscal framework. First half of the year, we have done 0.9 per cent primary surplus as against a target of 0.5 per cent,” he stated.

Dr Forson reiterated that the government would maintain fiscal discipline to safeguard the gains made and ensure continued economic stability.

Presenting the 2026 Mid-Year Budget Review in Parliament on July 23, the Finance Minister said every major macroeconomic indicator had improved significantly as a result of prudent economic management.

He attributed the recovery to what he described as superior economic management under the Mahama administration.

According to him, the government inherited an economy characterised by excessive spending, high borrowing and weak fiscal accountability.

“President Mahama took over an economy with reckless spending, excessive borrowing, and lack of accountability. President Mahama took over an economy that was on its knees,” he told Parliament.

He also pointed to the sharp depreciation of the cedi before the current administration assumed office.

“The cedi depreciated as never seen before,” he said.

Dr Forson maintained that Ghana’s recent economic gains were the result of deliberate policy interventions rather than chance.

“The progress Ghana is recording today did not happen by chance. It is superior economic management,” he stated.

He further cautioned against a return to the policies that contributed to the 2022 economic crisis, arguing that the country must avoid another period of severe currency depreciation and fiscal instability.

“The 2022 economic crisis was not merely an accident but the result of poor policy choices, reckless spending and excessive borrowing,” he said.