By Rachel Quartey and Rukayatu Musah
Finance Minister Dr. Cassiel Ato Forson says the government’s difficult fiscal reforms are beginning to restore stability to Ghana’s economy, describing them as necessary measures to support the Mahama administration’s reset agenda.
Speaking during a visit by Vice President Professor Naana Jane Opoku-Agyemang to the Ministry of Finance in Accra, Dr. Forson said the government inherited significant fiscal challenges that required urgent corrective measures, despite the reforms being unpopular.
He said the economy is responding positively to the measures, noting that government has successfully met major external debt obligations, including the payment of about US$1.4 billion in Eurobond debt due this year.
The Finance Minister also disclosed that government paid GH¢10 billion in Domestic Debt Programme obligations in February and has built sufficient financial buffers to meet another GH¢10 billion payment due in August.
He, however, cautioned that debt servicing will remain a major challenge next year, with about GH¢54 billion expected to be paid, including GH¢39 billion falling due in a single day in February.
Dr. Forson said government is saving ahead to avoid a repeat of the country’s 2022 debt default, stressing that fiscal discipline remains critical to sustaining the economic recovery.
Describing the reforms as a “bitter pill”, he said the painful adjustments are beginning to heal the economy. He expressed confidence that after nearly two years of fiscal consolidation, government would, within the next six months, shift from “shock therapy” to policies focused on economic growth and job creation.
He also described the Ministry of Finance as central to the success of the Mahama administration, assuring the Vice President that the Ministry would continue to support government’s reset agenda through prudent fiscal management.
The Vice President, Professor Naana Jane Opoku-Agyemang, commended the Ministry for its role in helping stabilise the economy, saying the reset agenda requires teamwork, discipline and shared responsibility.
She acknowledged that the administration inherited serious economic challenges but praised the Ministry for remaining focused and helping steer the country through the difficult fiscal situation.
Professor Opoku-Agyemang urged public institutions to work collaboratively and keep the welfare of citizens at the centre of decision-making. She noted that resources used to service debts could otherwise have funded schools, hospitals, roads and other critical infrastructure, and appealed to Ghanaians to remain patient as government works to restore the economy.
The Vice President further called for sustained fiscal discipline, greater economic diversification through value addition to Ghana’s natural resources, and increased opportunities for women in leadership.
She also highlighted the upcoming Women’s Development Bank as a key initiative to improve access to finance for women and small businesses, particularly those unable to meet the collateral requirements of traditional banks.
Professor Opoku-Agyemang expressed confidence that the Ministry of Finance would continue to play a leading role in delivering sound economic management, inclusive growth and improved living standards for Ghanaians.
