Speaking during the final debate on the 2026 Budget, he clarified that cocoa and gold prices did not surge suddenly in 2025 and were equally strong in 2023.

He noted that despite similar global price conditions in 2023, the economy faltered — the cedi weakened, reserves slipped, inflation escalated, and debt levels rose.

He stressed to Parliament that the contrasting outcomes between both years had little to do with commodities and much to do with the quality of economic management.

The Finance Minister referenced the rating agency Standard & Poor’s (S&P), which directly linked Ghana’s upgrade to improved fiscal discipline, stronger financial buffers and a credible consolidation trajectory.

In his remarks, he pointed out that these developments were policy-driven outcomes and were the result of deliberate strategic decisions by the Mahama-led Administration.

A Home-Grown Stability Strategy

He further addressed suggestions that economic stability only returned because of the International Monetary Fund program.

Dr Forson explained that the government had pursued a homegrown fiscal path anchored in expenditure discipline and protection of citizens from additional tax burdens.

He outlined measures taken to stabilise the macroeconomic environment, including resetting expenditure to 2023 levels, tightening commitment controls, auditing arrears, aligning cash releases to priority spending, and coordinating fiscal and monetary actions.

The Finance Minister maintained that these interventions rebuilt credibility, reinforced confidence in the economy, and contributed significantly to restoring currency stability and investor assurance.

His presentation concluded with the message that Ghana’s economic turnaround was the result of purposeful management, not external conditions.

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France becomes the first country within the Paris Club framework to grant Ghana this relief after the country underwent a debt restructuring exercise caused by unsustainable levels post COVID-19.

While expressing gratitude at the signing ceremony, the Minister of Finance, Dr. Cassiel Ato Forson appealed to other countries within Paris Club framework to consider Ghana’s economic gains and emulate France’s gesture.

“Today is a milestone, a milestone in the sense that it has taken us some time to get here. But it is the most significant one. The most significant one, which will pave the way for others to also emulate the steps taken by France in signing this bilateral agreement”, he said.

“We expect to complete the process as soon as possible so that Ghana will breathe again.” Dr. Forson asserted in anticipation of a speedy process.

The signing comes a day after the finance minister delivered the mid-year budget statement for the 2025 fiscal year.

The ceremony hosted the French ambassador to Ghana, Jules Armand Aniambossou as well as the co-chair of the official creditors committee and the Secretary General of the Paris Club, William Roos. Also in attendance were officials from the Ministry of Finance, Official Creditors Committee and the French government.

The Member of Parliament for Ajumako Besease was optimistic that the current economic gains being enjoyed by the country will be considered by other members within the Paris Club framework and quicken the process leading to the completion of Ghana’s external debt restructuring.

“We have gone through turbulent signs but we can see that hope is in sight. We can see that the economy is recovering from economic crises. Inflation which was at 54% is now 13.7% and we expect it to be better.”

The French Ambassador said the action taken by France signifies the healthy relations that exist between the countries.

According to him, the move was crucial due to Ghana’s unique role in the submission and its economic recovery programme.

“This decision was taken not recognise the relationship between the two countries. When your friend or family is facing difficulties, you have to show that you are there for them and take some key actions.”

“This day is also crucial because it enables Ghana to continue its financial recovery.” Amb. Aniambossou noted.

Meanwhile, Willaim Roos, has called for effective collaboration to ensure Ghana sails through its restructuring exercise successfully.

“We have to learn to work together. We have to progressively build a strong trust between France, China and the G20 and Paris Club members.”

Source: myjoyonline

In an interview with Joy News on Thursday, 24 July, shortly after presenting the 2025 Mid-Year Budget Review to Parliament, Dr Forson stated that the current government had inherited a legacy of excessive expenditure unsupported by corresponding revenue.

He defended the Mahama-led administration’s cautious fiscal approach, emphasising its foundation in financial discipline and long-term sustainability.

“The NPP used to spend what they didn’t have. They didn’t have revenue, but they were just spending. So they expect us to spend. They were living large. I mean, they were living a champagne lifestyle on akpeteshie budget,” he remarked.

Dr Forson added that the present government would not be swayed by such habits.

“If you live such a lifestyle and someone comes in and becomes very prudent, you will be worried. That is why they are complaining — they want us to spend as if there’s no tomorrow.

“We don’t do that. That is not our training. You spend within your means; what we have is what we’re spending, and we’re spending rightly,” he stressed.

Ernest Arhinful

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Finance Minister Dr. Cassiel Ato Forson has stated that the Mahama-led administration inherited a struggling economy from the previous Akufo-Addo government.

Presenting the 2025 Mid-Year Budget Review in Parliament on Thursday, July 24, Dr. Forson said the new government took over a weak financial sector burdened with significant non-performing loans.

“We also inherited a derailing IMF programme,” he noted, describing the situation as dire.

“Indeed, as President Mahama said, the whole of Ghana was a crime scene,” Dr. Forson added.

He accused the former Akufo-Addo administration of economic mismanagement and blamed the Bank of Ghana, under the previous regime, for contributing to runaway inflation levels.

Despite the challenges, Dr. Forson said the new administration has taken decisive steps to restore confidence in the economy. These include transparent public spending and targeted investments in critical sectors such as health, education, and infrastructure.

He further emphasized the government’s commitment to restoring integrity and accountability in public finance, assuring that national resources would be channelled into development priorities.

Source: Adomonline.com

Meanwhile, the Public Procurement Authority (PPA) has also disassociated itself from approving any such contract.

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Also, the administration since January 10, 2025, has received a total Treasury Bill (T-Bill) bids of GH₵89.7 billion.

In a post on X, the Minister explained that of this total, the government accepted GH₵59.5 billion—largely rollovers of inherited debt—while rejecting GH₵30.2 billion worth of bids.

“It is instructive to note that actual debt accumulation under the Mahama government is virtually zero,” Dr. Forson stated.

For the record,

total T-Bill bids received by the Mahama government since January 10, 2025, stand at GHS89.7 billion.

Of this amount, total T-Bill bids accepted—being rollovers of debt inherited by the Mahama government—stand at GHS59.5 billion, while total T-Bill bids…

— Cassiel Ato Forson(PhD) (@Cassielforson) March 1, 2025

He added that the administration’s prudent public debt management strategies have resulted in a sharp decline in the 91-day T-Bill rate from 28.34 per cent to 20.79 per cent within just 50 days.

This drop Dr. Forson noted reflects strong investor confidence in the Ghanaian economy under the current leadership.

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His remarks were in response to the Finance Minister’s failure to present a mini-budget for the first quarter of 2025 as the new government prepares to takeover.

Speaking to the press in Parliament after the House adjourned until 2 January, Dr Ato Forson expressed serious concerns about the government’s lack of preparation to ensure the smooth operation of the economy at the start of the new year.

He emphasized that the absence of a mini-budget could disrupt essential services and obligations, placing unnecessary burdens on the Ghanaian people.

“The Vice President can present the expenditure in advance of appropriation to this House after 7 January 2025, following his swearing-in, and this House will be properly constituted to expedite its approval.”

“While we are very disappointed, we want to caution the outgoing Akufo-Addo/Bawumia government that they will be responsible for all unmet commitments and obligations of the state from 1 January onward,” he stated.

Describing the situation as a failure of governance, Dr Ato Forson urged the government to take immediate action to prevent undue hardship.

He reiterated his side’s commitment to holding the government accountable, stressing that transparency and proactive planning are vital to maintaining public confidence.

Meanwhile, the Majority Leader, Alexander Afenyo-Markin laid blame squarely on the National Democratic Congress (NDC) Members of Parliament, accusing them of fostering chaos and obstructing consensus-building.

The NPP leader lamented to journalists after the adjournment on December 20 that the NDC members were planning to exclude some key issues such as the Free SHS bill and the consideration of some judges from the order paper.

“Today we did the agendum, for some strange, mysterious reasons, the Free SHS Bill was taken off the order paper. I had to cause the reprinting of the order paper to have the Free SHS bill. Why are they against the free SHS bill? Why don’t they want the Free SHS bill to be passed?” he said.

The mini-budget, which was expected to outline government expenditure and revenues in the interim period, remains unaddressed.

Dr Forson categorically denied these allegations, labelling them as entirely false.

He has called on all well-intentioned Ghanaians to disregard them. 

In a press statement released on Saturday, August 12, the former Deputy Finance Minister maintained that during the Mahama administration, no contracts were awarded for the construction of a new BoG head office.

He challenged the NPP’s Director of Communications, Mr Ahiagbah, to produce any substantiating evidence in his possession to support the claims.

Dr Forson stated, “For the records, the Bank of Ghana under the erstwhile Mahama/NDC administration never awarded a contract for the construction of this new Head Office.”

He continued, “We, therefore, challenge the likes of Ahiagbah and his NPP apologists to show evidence to the contrary if they have any. Second, the Bank of Ghana never purchased land anywhere in Accra for the construction of a new Head Office building.”

Dr Forson insisted that the new BoG head office project was unnecessary and urged the central bank to terminate it.

He criticized the Bank of Ghana’s decision to proceed with constructing a modern headquarters amidst financial challenges, asserting that such a venture was a misplaced and reckless priority.

What Ahiagbah said

Mr Ahiagbah had alleged that Dr Forson was a member of the Bank of Ghana board that initiated discussions for the new headquarters’ construction.

Mr Ahiagbah stated that while the conversations began in the 1990s, the actual implementation procedures started later.

He claimed that Dr Forson, who served on the Bank’s board as a Deputy Finance Minister under the Mahama-led administration, participated in negotiations to purchase land near Achimota forest.

Mr Ahiagbah maintained that although the BoG Board ultimately withdrew from the negotiations, a settlement fee of $1.2 million was incurred.

He emphasized: “He [Ato Forson] was a member of the Bank of Ghana board at the point where they were in government and this conversation about building a new headquarters didn’t start today but in the 1990s.”

In response, Dr Forson dismissed Mr Ahiagbah’s assertion and said it was untrue.

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Appearing before the Appointments Committee of Parliament for his vetting on Tuesday, the Nhyiaeso MP indicated he will do so only if the Minority Leader, Dr Cassiel Ato Forson, is also willing to cut his salary.

His response was after the Ajumako Anyan-Essiam MP asked “Can you agree with me that the government, even though they are increasing taxes or increasing revenue through the introduction of taxes, needs to cut down on expenditure since expenditure has gone up by 82 billion Cedis?”

“I agree with you, Sir,” Dr Amoah answered.

The Minority Leader then went on to ask “Will you sacrifice your salary to reduce that expenditure?”

But the former MASLOC boss retorted “Mr Chairman, I think I said something here. My knowledgeable Dr Ato Forson and I, the only difference [between us] is the height, so the way we are brothers, if he sees me on the corridor, and he says brother let us cut [our salaries] and he cuts his, I will cut mine.”

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His response stirred laughter among the committee members and other well-wishers who were in attendance to support the nominee.