Raising the issue on the floor of Parliament on Tuesday, February 17, Minority Leader Alexander Afenyo-Markin said the situation has become urgent, as government has yet to fully settle payments owed to farmers for produce supplied during the 2024/2025 planting season.

“This is a House of Parliament, a platform of the people’s representatives. This is where we discuss national issues. The cocoa farmers in Volta, Ashanti, Bono, and Western North regions have been denied their dues,” Afenyo-Markin stated.

“If the Majority Leader will not bring the Finance Minister, we, the Minority, will use the appropriate laws available to us to summon the Finance Minister.”

He stressed that the issue transcends partisan lines, describing it as a national economic concern that directly affects the livelihoods of thousands of cocoa farmers.

Delays in payments have reportedly sparked frustration among farmers, who rely on timely compensation to prepare for the next planting season. Payments are crucial for land preparation, purchasing inputs, servicing loans, and supporting household needs.

Any disruption in the payment cycle can ripple across rural economies, affecting local businesses, transport operators, and agricultural supply chains.

The Minority is demanding that the Finance Minister personally brief Parliament on the causes of the delays, outline funding gaps within the cocoa sector, and explain measures being taken to stabilise the industry.

Afenyo-Markin’s threat comes amid growing calls from cocoa-growing communities for the government to expedite payments and ensure that farmers receive their rightful dues on time.

The demand comes against the backdrop of an economy that appears stable by technical indicators, yet, according to Minority MPs, continues to impose severe pressure on households through high prices of essential commodities.

Leading the charge, Minority Chief Whip Frank Annoh-Dompreh argued that the government’s much-touted “Accra Reset” agenda has failed to translate into relief for ordinary Ghanaians. He questioned the impact of the Finance Minister’s recent engagements with traders at major markets, insisting that prices on the ground tell a different story.

“Before the budget, the minister was all over Agbogbloshie, Makola, talking to the women. Prices of tomatoes, yams, cocoyams and cassava have gone through the roof. I want to plead with the Leader of the House. It will not be out of place if we programme our friend. It is not for nothing that the Minister of Finance is one of our own. He should come. We are the people’s representatives. We are the only people who can talk about this,” Mr Annoh-Dompreh stated.

The standoff underscores the growing tension between macroeconomic data and the lived experiences of consumers.

Earlier this week, the Ghana Statistical Service announced that inflation had dropped to 3.8 per cent in January, the lowest level recorded in five years. However, the Minority maintains that food prices, in particular, remain prohibitively high and continue to fuel public dissatisfaction.

The Majority Leader, Mahama Ayariga, pushed back strongly against the Minority’s claims, defending the government’s economic record and dismissing assertions of escalating costs as inconsistent with prevailing indicators.

“I don’t know which market you go to, but I know that the prices of goods and services, because of the low rate of inflation, because of the very good exchange rate relationship between the cedi and the dollar, because of the stability of the cedi and so many other good things that this government has done, definitely, prices cannot be going up. Cost of living is not a major issue in this economy,” Mr Ayariga responded.

The exchange feeds into the broader national debate often referred to as “kenkey politics”, a phrase used to describe the perceived disconnect between official economic statistics and everyday market prices.

While the Majority insists that the government has restored confidence and stability to the economy, the Minority remains adamant that Parliament must hear directly from the Finance Minister. The House is now expected to determine whether Dr Forson will be scheduled to appear and provide a detailed briefing on measures being taken to address the standard of living.

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The Chief Justice explained that the visit was to formally express the Judiciary’s appreciation to the Ministry of Finance for its continued support.

He identified congestion in the courts as a major impediment to effective justice delivery in Ghana and noted that a number of interventions are currently being developed to address the challenge.

Justice Baffoe Bonnie further raised concerns about working conditions within the Judiciary, stressing the need for sustained institutional support to improve efficiency and outcomes across the justice delivery system.

On his part, the Finance Minister, Dr. Cassiel Ato Forson, reaffirmed his commitment to working closely with the Judiciary and the Ministry of Justice to address the challenges confronting the courts.

He disclosed that, as part of measures under consideration, the Ministry of Finance is examining the possibility of allowing the Judiciary to utilise 100 percent of its Internally Generated Funds (IGF) to respond to urgent operational needs.

Present at the meeting were Supreme Court Judge Justice Gabriel Scott Pwamang, the Acting Director of the Ghana School of Law, Prof. Raymond Atuguba, and the Judicial Secretary, Ahmed Musah.

The Attorney-General and Minister for Justice, Dr. Dominic Ayine, was also present.

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Speaking during an engagement with staff at the Legon Tax Service Centre, Dr. Forson stressed that revenue generation must go beyond passive methods.

“Revenue must not depend on waiting for taxpayers to walk into our offices,” he said, urging officers to take the initiative in enforcing compliance. “We must go out, engage, enforce compliance, and collect what is due to the state.”

The Finance Minister charged the officers to take full ownership of their targets and be deliberate in expanding the tax net, noting that domestic revenue mobilisation is critical to national development.

“Ghana needs the revenue, and the work you do is critical to funding public services and driving national development,” he stated.

Dr. Forson expressed confidence that improved results are achievable, adding, “With focus, discipline, and commitment, we can mobilise the resources required to support growth, deliver essential services, and secure a stronger future for our country.”

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The proposal was made during his visit to the Kinbu Tax Service Centre, part of his nationwide engagements with frontline revenue officers.

Dr. Forson explained that the initiative is designed to boost morale and strengthen the efficiency of Ghana’s revenue administration. He added that the retained funds “would be used by the specific tax centres to upgrade facilities and address the logistical and welfare needs of their staff.”

“A motivated and well-resourced workforce is essential to delivering the level of revenue mobilisation the country urgently requires,” he said.

Dr. Forson also commended the Kinbu team for their dedication and expressed confidence that, with the right motivation, Ghana’s revenue performance could see significant improvements.

Chairman of the GRA Board, Hon. Kweku Ricketts-Hagan, welcomed the Minister’s visit and reaffirmed the Board’s commitment to retooling and reforming the authority while enhancing staff welfare nationwide.

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Inflation fell to 6.3 percent in November 2025, the lowest since the 2021 rebasing and marking the eleventh consecutive month of decline.

Dr. Forson said the numbers confirm that key economic reforms are yielding results, expressing particular satisfaction with the improvement in food prices.

“I am especially delighted by the sharp fall in food inflation, down from 9.5 percent in October to 6.6 percent in November,” he noted, adding that the drop will bring relief to households nationwide.

The Minister emphasised that the gains extend beyond food. “It is not just food. Price pressures are easing across the board,” he said.

According to the latest data, local inflation fell from 8.0 percent to 6.8 percent, while imported inflation decreased more sharply from 7.8 percent to 5.0 percent.

Describing the trend as a solid sign of economic recovery, Dr. Forson said, “This is real, measurable progress!”

Analysts say the sustained decline in inflation could further support economic stability and improve conditions for both businesses and consumers as the recovery strengthens.

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Speaking on Joy News’ PM Express, Dr Forson said Ghana’s long-standing addiction to external borrowing has hurt the economy for years.

“It has been Ghana’s problem, borrowing, borrowing, sometimes borrowing for consumption,” he said.

He stressed that he will not repeat the pattern. “I’m not one of those people. I’m not in a hurry to go to the capital market to borrow, no way,” he told host Evans Mensah.

Dr Forson explained that any borrowing under his watch will focus on domestic options.

“If I’m to take money, obviously there’s a budget, there’s a deficit to a stent, and you have to finance the deficit. I will take it domestically,” he said.

He argued that Ghana must build its own financing system for infrastructure.

“We should be able to borrow and set up a domestic infrastructure board in cedi, so that you, if you have money and you want to support infrastructure, you should be able to support government,” he said.

He added that this model is safer and cheaper than constant dependence on foreign markets.

While acknowledging that some future liability management may be necessary, Dr Forson was clear about the direction he intends to take.

“The appetite is not going into the capital market just to borrow. Like in the past, we saw it 3 billion every year.”

He said any borrowing must be deliberate and growth-focused.

“You want to borrow smart, what does that mean? Borrow for things that you think the multiplier is better,” he said. “Let me put it simpler, not to borrow for shopping, okay, borrow for growth.”

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Speaking on Joy News’ PM Express, the Ajumako-Enyan-Esiam MP said capping non-essential expenditures like foreign travel, workshops, and luxury procurements will naturally make him unpopular with colleagues.

“If, as a finance minister, you are too popular, then there’s something wrong with it. Too popular within the group that you are talking about, then you are failing,” he said.

Dr Forson explained that his focus is on directing resources to public services.

“I want to be popular with the people of Ghana. Whatever I have to do to serve their needs and be able to save, to pay for school feeding, to pay for free SHS, to be able to put nurses in hospitals, to build hospitals, to give maternal care, and all, there are people with non-communicable diseases, they need money. Instead of somebody travelling, I will cut that expenditure and give it to someone who needs dialysis,” he said.

He added that some programs could be conducted remotely, reducing waste without cutting essential services.

“Some of the travels are very unnecessary. Some of the programs you can engage in via Zoom. How many cars will you drive? Why do you have to have five cars in a home when you can only drive one at a time?” he asked.

Dr Forson said he has full backing from President Mahama, stressing that the 2026 Budget is the President’s document.

“The President read this budget cover to cover, personally, editing, putting things that he wanted in. This is his document, not my document. I read on his behalf. So the budget belongs to the President. I read it on the authority of the President. For the President to the Parliament and the people of Ghana,” he said.

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The Minister made the disclosure while presenting the 2026 Budget Statement in Parliament on Thursday, November 13, directing the Auditor-General and the Bank of Ghana to immediately investigate the matter.

“Between April 2020 and August 2025, over 525,000 transactions worth $83 billion were processed through import declaration forms. Surprisingly, only 10,440 of these transactions were linked to actual imports. About $33 billion in transfers had no goods imported into the country,” he stated.

Describing the situation as alarming, Dr. Forson emphasized that the irregularities were deliberate rather than administrative errors.

“This is not a clerical error. It is an organized system of exploitation, in fact, organized crime,” he said. “I am therefore directing the Auditor-General to audit these transactions immediately, and the Bank of Ghana to trace all related foreign transfers.”

He explained that the $33 billion discrepancy reflects a “sophisticated financial leakage” that has deprived Ghana of crucial foreign exchange needed to support economic growth and stabilize the cedi.

“These findings underscore the urgent need for accountability and reform. The days of untracked capital flight through fraudulent import transactions are over,” he added.

The Finance Minister also confirmed that preliminary findings had been shared with the Attorney-General’s Department and relevant law enforcement agencies to pursue appropriate actions, including potential prosecutions.

“We cannot allow billions of dollars to vanish through import channels while we seek loans to fund development. This investigation will mark the beginning of a new era of transparency,” he stated.

Dr. Forson assured Parliament that the government would strengthen oversight at the ports and within the banking system to prevent future leakages.

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The presentation of the annual budget by the finance minister is a constitutional obligation, performed on behalf of the president to affirm the government’s commitment to fiscal transparency and responsibility.

Read the full budget statement below:

Presenting the 2026 Budget Statement in Parliament on Thursday, November 13, Dr. Forson highlighted the government’s efforts to stabilise the economy and restore public trust.

“Mr. Speaker, when this administration took office, we met an economy in distress — weighed down by debt, weakened by mismanagement, and stripped of confidence. The 2025 budget was our first act of courage, a declaration that Ghana would rise again through reforms, discipline, and visionary leadership,” he said.

Dr. Forson noted that the 2026 Budget aligns with President John Dramani Mahama’s 2025 State of the Nation Address, which pledged to resolve Ghana’s economic crisis and place the nation on a sustainable growth trajectory.

He described the budget as a continuation of the government’s “reset agenda,” a comprehensive plan to revive and transform the economy.

“This is not just a recovery. It is a reset — a story of a nation that refused to stay down. This is a rebirth from the ashes of a daunting inheritance, the heavy burden laid upon us by the previous administration,” Dr. Forson stated.

The Minister emphasized that fiscal discipline, structural reforms, and renewed investor confidence remain central to Ghana’s economic transformation, job creation, and long-term growth.

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The budget is expected to outline the government’s fiscal strategy, revenue measures, spending priorities and economic policies for the year ending 31st December 2026.

It will also provide updates on the performance of key sectors, ongoing reforms, and initiatives aimed at stabilising and growing the economy.

The presentation will reviewed and discussed in Parliament before receiving formal approval.

Watch the full video below:

Speaking at the launch of the Cedi@60 celebrations on Tuesday, October 28, at the Accra International Conference Centre, Dr. Forson described the milestone as a “new dawn” in Ghana’s journey toward economic sovereignty and resilience.

“For 60 years, through cycles of inflation, devaluation, redenomination, and recovery, the Cedi remains the enduring symbol of our national sovereignty,” he said. “Our commitment to fiscal discipline has strengthened the Cedi, and we shall stay the course to ensure its continued stability.”

He cautioned against quoting prices in foreign currencies, particularly the US dollar, noting that such practices weaken public confidence and distort the local market.

“As citizens, we have a shared duty to preserve the sanctity of the Cedi as our legal tender,” he said. “We must eschew acts that undermine its value, especially the pricing of goods and services in foreign currency.”

The Cedi@60 celebration, themed “60 Years of the Cedi: A Symbol of Sovereignty, Stability and Economic Resilience,” commemorates Ghana’s replacement of the Ghanaian pound with the Cedi in 1965 — a milestone that affirmed the country’s monetary independence.

Government officials say sustained fiscal discipline, prudent monetary policy, and stronger oversight of currency practices will be key to restoring and maintaining confidence in the Cedi, supporting long-term economic stability and growth.

Soure: AdomOnline

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The proposed date, which is subject to parliamentary approval, will mark the government’s first major budget presentation since winning the 2024 elections and having nearly nine months to steer the economy.

Some analysts have observed that the 2025 Budget largely operated within the framework established by the previous administration.

Under the Public Financial Management Act, the Finance Minister—acting on behalf of the President—is required to present the national budget to Parliament no later than November 15 each year.

The Finance Ministry has reportedly completed several rounds of stakeholder engagements and industry consultations to finalise the policies and programs that will feature in the 2026 Budget.

Expectations

Dr Forson has indicated in earlier interviews that the 2026 Budget will focus on job creation and economic growth stimulation.

Sources also suggest that the Finance Minister is set to introduce new policy measures aimed at reforming the tax system and improving revenue mobilisation.

According to the Commissioner-General of the Ghana Revenue Authority (GRA), Anthony Sarpong, the 2026 Budget will include a review of the Value Added Tax (VAT), with the effective rate expected to be reduced from 22% to 20%.

This adjustment is part of ongoing reforms to simplify the VAT structure and make it more business-friendly.

Additionally, Dr Forson is expected to review several tax levies, including the COVID-19 levy, as part of efforts to ease the tax burden on businesses and households.

With Ghana set to exit the IMF programme in May 2026, attention will also be on how the Finance Minister plans to manage the economy in the post-programme period.

The 2026 Budget will, therefore, be one of the government’s most significant economic policy documents, setting the tone for fiscal management and growth strategy after the IMF programme.

Another key area of interest for industry players and economists will be how Dr Ato Forson intends to manage the fiscal deficit and expenditure in 2026 while maintaining macroeconomic stability.

Source: Joy Business

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The meetings, which run from October 13 through Saturday, October 18, will bring together finance ministers, central bank governors, development partners, and global investors to deliberate on global economic priorities and strategies for sustainable growth.

The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, and senior officials from the Ministry of Finance and BoG will join Dr. Forson.

Over the course of the week, the delegation will participate in a series of high-profile engagements, including bilateral discussions with senior IMF and World Bank management, investor briefings, ministerial meetings, and the sovereign debt roundtable.

The meetings come at a pivotal moment for Ghana’s economy.

The country recently reached a Staff-Level Agreement at the Fifth Review of the IMF Extended Credit Facility (ECF), a milestone that, once approved by the IMF Executive Board, is expected to unlock an additional $385 million in support of Ghana’s reform programme.

In a significant vote of confidence following this successful review, Moody’s upgraded Ghana’s sovereign credit outlook — a development widely interpreted as a strong endorsement of the government’s fiscal discipline, structural reforms, and macroeconomic stabilisation agenda.

This progress also coincides with Ghana’s signing of its fifth bilateral debt restructuring agreement, further strengthening the country’s position in its ongoing debt sustainability efforts.

Both the IMF and the World Bank, in separate public statements last week, commended Ghana’s economic management team, led by Dr Forson, for demonstrating prudent fiscal stewardship and a coherent policy framework that is restoring confidence and laying the foundation for inclusive growth.

Dr Forson is expected to use this year’s meetings to deepen strategic partnerships with multilateral institutions, attract new investment into key sectors of the economy, and advocate for a fairer and more responsive global financial architecture that reflects the needs of emerging and developing economies.

With global attention on Ghana’s reform story and renewed investor confidence in its economic trajectory, the 2025 Annual Meetings present a vital opportunity to consolidate momentum, secure new partnerships, and accelerate the country’s path to sustainable growth and resilience.

Source: Myjoyonline

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The Producer Price Regulatory Committee (PPRC) has announced an upward adjustment in the producer price of cocoa for the 2025/2026 season.

Finance Minister Dr. Cassiel Ato Forson, who disclosed the review on Thursday, said the price per 64kg bag has been increased from GH¢3,225 to GH¢3,625.

According to him, the move reflects President John Mahama’s commitment to ensuring cocoa farmers receive a greater share of global market earnings.

“The GH¢3,225 producer price represented about 70% of the international market price and was based on earlier forecasts of global cocoa prices and exchange rates. However, given recent changes, it became necessary to revise the price upwards,” Dr. Forson explained.

He added that the new rate, which takes effect from Friday, October 3, 2025, will give farmers an additional GH¢400 for every 64kg bag sold.

Dr. Forson further assured that government will continue introducing policies and interventions to improve the welfare of cocoa farmers.

He also revealed that children of cocoa farmers will soon benefit from scholarships for tertiary education.

Source: Kwame Kulenu

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The minister highlighted Ghana’s economic journey since the beginning of the year, explaining that although the country started 2025 with significant challenges, firm efforts and collective action have helped to steady the tide and deliver notable progress.

He emphasised that while some risks remain, the government remains fully committed to addressing them decisively.

He added that the Fifth Review offers an important opportunity for Ghana to assess its progress under the programme and benefit from the IMF’s feedback.

In his remarks, the leader of the IMF mission, Dr Atoyan, noted that the IMF team looks forward to the review in the coming days.

Present at the meeting were the Governor of the Bank of Ghana, Dr Johnson Asiama; the First Deputy Governor, Dr Zakari Mumuni; the Deputy Minister for Finance, Thomas Nyarko Ampem; the Chief Director of the Ministry of Finance, Patrick Nomo; and other senior officials from both the Ministry of Finance and the Bank of Ghana.

Source: Joy Business

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The discussions focused on the audit findings and the future of DBG.

The finance minister stressed that accountability is non-negotiable, adding that the Bank is finalising its Corporate and Action Plans to build a stronger and more sustainable institution.

He noted that President John Mahama remains resolute in ensuring DBG fulfils its mandate of supporting Ghana’s transformation agenda.

By Monday, a competitively selected Chief Executive Officer will be appointed, and by the end of October, a new Board will be constituted.

DBG’s Interim Board Chair, Albert Essien, reaffirmed the Bank’s commitment to transparency, accountability, and prudent governance. The development partners welcomed the reforms and pledged their support.

Source: Finance Ministry

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Speaking during a meeting with the President of the Arab Bank for Economic Development in Africa (BADEA), H.E. Abdullah KH ALMUSAIBEEH, in Accra, Dr. Forson emphasized that future borrowing will be directed strictly toward projects with lasting economic and social impact, not for consumption.

According to the Bank of Ghana, Ghana’s total public debt declined from GH₵763.8 billion (64.9% of GDP) in July 2024 to GH₵628.8 billion (44.9% of GDP) in July 2025.

Highlighting infrastructure as a key priority, Dr. Forson cited the planned Accra–Kumasi motorway project, noting that feasibility studies are ongoing and the road is expected to be completed within two and a half years.

For his part, BADEA President H.E. ALMUSAIBEEH commended Ghana’s focus on sustainability and pledged the Bank’s support for large-scale projects of significant economic value.

Source: Raymond Acquah

The new rate reflects a 62.58% increase in dollar terms.

The decision was made by the Producer Price Review Committee (PPRC), chaired by the Finance Minister, Dr. Cassiel Ato Forson, ahead of the new cocoa season set to open on Thursday, August 7, 2025.

The announcement follows the completion of pricing review work by technical committees and broad stakeholder consultations.

President John Mahama, speaking in July, reaffirmed his administration’s pledge to ensure cocoa farmers receive at least 70% of the world market price—a policy he said aims to restore fairness and dignity to farmers who form the backbone of Ghana’s agricultural sector.

As of Sunday night, August 3, 2025, cocoa was trading at approximately US$7,555 per tonne on the international market.

In contrast, the previous New Patriotic Party (NPP) administration had pegged the Free on Board (FOB) value for the 2024/2025 season at US$4,850 per tonne, setting the producer price at US$3,100—representing just 63.9% of the FOB, despite higher global prices at the time.

According to government sources, the latest gross FOB value is based on outstanding contracts covering 100,000 tonnes of cocoa sold at US$2,600 per tonne during the 2023/2024 season, as well as price forecasts for the upcoming season.

Using an average exchange rate of GH₵10.25 to US$1, the new producer price translates to GH₵51,660 per tonne, up from GH₵49,600. This equals GH₵3,228.75 per 64kg bag.

In addition, the PPRC has approved revised margins and fees for all stakeholders in the cocoa value chain, including licensed buying companies, hauliers, warehouse operators, and quality control units.

Source: Adomonline.com

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The Minister after presenting the 2025 Mid-Year Fiscal Policy Review to Parliament on Thursday, appeared on PM Express on JoyNews, where he took a direct swipe at what he described as past fiscal recklessness.

“I can’t say I have arrested the cedi, the cedi has appreciated, that is what I can say,” Dr. Forson stated in response to suggestions that the government had finally achieved stability for the local currency. When pressed further, he added pointedly, “I’m not a policeman.”

The Finance Minister rejected Bawumia’s assertion that the recent appreciation of the cedi was not the result of any specific policy by the current administration but rather due to global trends, including U.S. tariff changes and the weakening dollar.

“So first of all, let me name one policy. Number one, they [the Akufo-Addo administration] were indisciplined. We are disciplined. That is the bottom line. They were spending recklessly when the central bank was printing money as if there was no tomorrow.

“At one point, they printed until inflation reached 54%. You know, when that happens, you deplete your reserves. It is not happening now. The central bank is not printing. The Government of Ghana has been disciplined. The fiscal consolidation is happening. So why won’t you build reserves?”

Dr. Forson turned his attention squarely on Bawumia, questioning why the man who had touted himself as an economic saviour could not deliver on his promises during his tenure.

“If, for example, he knows that he could do this, why didn’t he do it during the 8 years of office. He was there as Vice President and chairman of the economic management team.”

When host Evans Mensah pointed out that Bawumia wasn’t the boss, Forson countered, “He was the chairman of the economic management team. Remember, he touts himself as the Messiah and he said he was going to fix it.

“He had eight years in office, why couldn’t he do what we are doing. Dr. Mahamudu Bawumia had eight years in office. There was a time he said that he has arrested the cedi. Why couldn’t he do it?”

Despite the host citing data showing a 42.6% appreciation of the cedi and urging the minister to lay claim to success, Forson maintained a cautious stance.

“Let me say that I’m very focused. We want to ensure that we’ll end the year with the same level of appreciation. We want to make sure that this level of appreciation and the stability we are seeing is sustained. That is where my focus is.”

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Presenting the 2025 Mid-Year Budget Review to Parliament on Thursday, July 24, Dr. Forson said the selected constituencies were identified as having some of the most pressing road network deficiencies.

“In response, we have programmed the rehabilitation of 10 kilometres of roads annually in each of the selected constituencies,” he told Parliament.

The initiative will span three years and aims to reconstruct approximately 5,000 kilometres of roads nationwide by the end of 2028.

“Mr. Speaker, this translates to about 5,000km of roads to be reconstructed in these 166 constituencies over the next three years,” he added.

Key projects under the programme include:

1. Construction of a new bridge on the Oti River at Dambai

2. Rehabilitation of Wa – Han Road

3. Upgrading of Tumu – Hamile Road

4. Upgrading of Tumu – Han – Lawra Road

5. Reconstruction of Navrongo – Tumu Road

6. Rehabilitation of Techiman – Nkonsia – Wenchi Road

7. Rehabilitation of Wenchi – Sawla Road

8. Construction of Sungani Outer Ring Road

9. Construction of Kumasi Outer Ring Road (Eastern Quadrant)

10. Rehabilitation of Gibitri – Nakpanduri Road

11. Rehabilitation of Dodo Pepesu – Nkwanta Road

12. Rehabilitation of Atimpoku – Asikuma Junction Road

13. Rehabilitation of Asikuma Junction – Anyirawasi Road

14. Reconstruction of Anyirawasi – Ho Titrinu Road

15. Upgrading of Akosombo–Gyakiti–Kudikope Road

16. Upgrading of Asikuma to Anum Boso–Kpalime Road

17. Upgrading of Adomi Bridge to Akwamufie Road

18. Rehabilitation of Ho – Kpetoe Road

19. Rehabilitation of Kpetoe – Afiadenyigba Road

20. Rehabilitation of Afiadenyigba – Penyi Road

21. Rehabilitation of Penyi – Aflao Road

22. Dualisation of Winneba – Mankessim Road

23. Dualisation of Cape Coast – Takoradi Road

24. Rehabilitation of Mankessim – Ajumako – Breman Asikuma – Agona Swedru Road

25. Rehabilitation of Tema – Aflao Road (Section 1)

26. Reconstruction of Dodowa – Afienya – Dawhenya Road

27. Upgrading of Ojubji – Appolonia – Afienya Road

28. Construction of Enchi – Elubo Road

29. Construction of Dadieso – Akomtomra Road

30. Upgrading of Adwofua – Osei Kojokrom Road

31. Upgrading of Enchi – Kudjouru – Pekyi Road

32. Upgrading of Bediako Junction – Camp 15 – Sefwi Adabokrom Road

Source: Adomonline.com

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Speaking on PM Express on JoyNews, the minister delivered a stunning account of how the policy, widely credited with helping stabilise the cedi, was in fact nothing more than a conventional cash-for-oil arrangement.

“It didn’t work properly. The Bank of Ghana were largely paying the suppliers of crude oil and petroleum products in cash. That was what they were doing. They never paid them with gold, never, never,” Dr. Forson declared in response to a direct question from host Evans Mensah.

Despite repeated public assurances by the previous administration that gold was being used directly to procure oil to ease pressure on foreign exchange reserves, Dr. Forson insisted that no such barter ever occurred.

“Actually, someone sitting somewhere in the Emirates was supplying the Chamber Bulk Oil Distribution (CBOD). And then CBOD will be paying. They give the cedi to the BoG, and it pays the dollars. That’s it.

“Pure trade. Nothing more than what they were touting. It was far from what they were touting. There was no barter where gold was going to change for oil? No, nothing of the sort happened,” he explained.

Asked whether he had confirmed this with officials at the central bank, Dr. Forson replied emphatically, “Oh yes, yes, I asked. They were keeping some gold. You could see that their gold reserves increased. That was a fact.

“They were keeping the gold that they were buying. The central bank was buying gold. They call it gold for reserves. There was no real barter. Nothing of the sort happened.”

He also took issue with attempts to conflate two separate policies, the Bank of Ghana’s gold reserve accumulation program and the so-called gold-for-oil deal.

“BoG buys gold and keeps the gold. It is different from buying the gold, exporting the gold and bringing the Forex. I hear people comparing these two policies, but they are two different policies. It doesn’t mean the same,” Dr. Forson clarified.

When pressed on whether the gold could have helped reduce forex pressure indirectly, Dr. Forson doubled down.

“I’m not aware that there was a direct barter. There was no direct barter. I’m telling you for a fact, there was no barter.”

The Finance Minister’s remarks came just hours after he presented the 2025 Mid-Year Fiscal Policy Review to Parliament, marking a turning point in the government’s handling of economic transparency and accountability on major policy claims.

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Finance Minister Dr. Cassiel Ato Forson made the disclosure during the presentation of the 2025 Mid-Year Budget Review to Parliament on Thursday, July 24.

According to Dr. Forson, the Auditor-General, in collaboration with one of the Big Four accounting firms, is leading the audit to assess how disbursed funds were utilised—particularly where physical progress falls short of the financial drawdowns.

“Mr. Speaker, it has come to the attention of the Ministry of Finance that a number of contractors implementing some of these 55 stalled projects have drawn down on the loans with no work done to match the amount drawn,” he told the House.

He further indicated that certain contractors had submitted requests for project variations and cost adjustments beyond what was initially approved by Parliament, despite clear directives against such modifications.

“There is no room for an increase in scope for any of the projects on the priority list, as agreed with the IMF and the Official Creditors Committee,” Dr. Forson added. “Implementing agencies must take note and comply accordingly.”

The audit follows the government’s decision to resume funding for selected infrastructure projects as part of Ghana’s debt restructuring programme.

Only projects that are at least 70 percent complete have been cleared to continue, in line with government efforts to manage limited fiscal space and ensure value for money.

The forensic investigation is expected to uncover any cases of financial mismanagement, procurement violations, and unwarranted payments.

The findings will guide subsequent actions, including possible sanctions, recovery measures, or legal proceedings.

Dr. Forson assured Parliament that a comprehensive report will be submitted once the audit is completed, detailing the key findings and recommended next steps.

Source: Adomonline.com 

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Dr. Forson said the amount is linked mainly to short-term government securities and forms part of outstanding fiscal obligations.

He also listed GH¢67 billion in arrears and GH¢194 billion in contract-related commitments as liabilities inherited by the current administration.

“We inherited not just a broken economy, but one already drowning in imminent obligations. GH¢137 billion in treasury bill maturities is not a projection; it is a reality we must face in the immediate term,” he said.

Dr Forson stated that the government intends to meet all upcoming maturities as they fall due while gradually reducing the country’s exposure to short-term, high-interest debt.

According to the Finance Minister, Ghana also faces scheduled repayments of GH¢20 billion in 2026, GH¢50.3 billion in 2027, and GH¢45.8 billion in 2028.

Ghana’s treasury market experienced disruptions during the domestic debt exchange programme (DDEP) in 2023, which led to losses for a number of investors, including pensioners.

Dr Forson said the government is not considering default and will continue to meet its obligations. He added that refinancing options remain under consideration but would only be pursued under terms he described as “strategic and negotiated”.

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According to Dr. Forson, the intervention forms part of a broader strategy aimed at strengthening NIB’s balance sheet and ensuring its long-term sustainability.

“We have invested some 450 million cedis so far into NIB. We have also issued a remarketable bond with a face value of GH₵1.5 billion to NIB and transferred GH₵500 million worth of Government of Ghana’s shares in Nestlé Ghana Limited to the bank,” he revealed.

The Finance Minister further stated that the strategic measures have successfully preserved depositors’ funds amounting to GH₵6.4 billion, safeguarding the interests of customers and reinforcing public confidence in the institution.

The recapitalisation of NIB is part of the government’s broader financial sector reforms, aimed at stabilising the banking sector and positioning state-owned banks to support national development initiatives.

Background

Government early this month said it has recapitalized the National Investment Bank (NIB) with GH₵ 1.4 billion.

This was done in the form of cash and bonds to support the operations of NIB.

The move is part of efforts to restructure the bank and put it on a strong footing going forward.

In addition, government has been forced to fast-track the process as part of the conditions before the International Monetary Fund (IMF) staff takes Ghana’s fourth programme review to the IMF Board for approval.

Before the 2024 elections, the IMF was pushing government to take drastic action on NIB.

There were suggestions that government should move to shut down the bank because it was a drain on government’s finances.

However, the previous administration rejected the suggestion, opting for the injection of new funding into NIB and working with the bank to undertake some serious restructuring and governance reforms.

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Presenting the 2025 Mid-Year Fiscal Policy Review to Parliament on Wednesday, July 24, he declared, “Contrary to the perception that we are not spending, we are indeed spending—and spending at the right places.”

His remarks directly confronted what he described as a “false narrative” of government inaction or misplaced priorities.

“We are making the right investments,” he stressed, before unveiling a sweeping breakdown of payments made across critical sectors of the economy.

In a moment designed to silence sceptics, Dr. Forson rolled out an exhaustive list of financial commitments executed between January and June 2025.

At the top of the list: a US$700 million Eurobond payment, which he cited as evidence of Ghana’s re-engagement with its global financial obligations.

But that was just the beginning.

“We have paid GH¢10 billion to domestic bondholders,” the Minister said, emphasizing the government’s commitment to restoring confidence in local debt markets.

He went further to highlight what he called “key investments in essential services”:

• GH¢2.9 billion to the District Assemblies Common Fund (DACF)
• GH¢2.7 billion to SSNIT to safeguard pensions
• GH¢9.1 billion to the energy sector to ensure a stable electricity supply
• GH¢5 billion to clear outstanding arrears
• GH¢4.6 billion to the Ghana Education Trust Fund (GETFund)

Education, health, and social protection also featured prominently in his list of “impactful spending.”

“We’ve paid GH¢1 billion to sustain free secondary education, GH¢4.6 billion to the National Health Insurance Scheme, and another GH¢1.4 billion to clear NHIS claims,” he announced.

He added that GH¢252 million had been spent on vaccines and essential medicines, GH¢72.8 million on the Capitation Grant, and GH¢895 million to keep the School Feeding Programme running.

“We are not starving the vulnerable either,” he said, pointing to GH¢477 million paid to LEAP beneficiaries, GH¢300 million to the No Fee Stress Policy, GH¢122.8 million for BECE registration, and a combined GH¢654 million to support teacher and nursing trainees.

Dr. Forson also disclosed that GH¢25 million had been paid in Assembly Members’ allowances, GH¢21 million to the National Apprenticeship Programme, and GH¢34.5 million to support the Adwumawura Programme, a jobs and enterprise initiative.

In a move aimed at both bureaucratic efficiency and institutional survival, the Minister revealed that GH¢2 billion had been paid to ensure government Ministries, Departments and Agencies continue to function effectively, and another GH¢2 billion had been used to rescue the struggling National Investment Bank (NIB).

“This is not random spending. These are deliberate, targeted interventions to protect the vulnerable, invest in human capital, and maintain economic stability,” Dr. Forson insisted.

Summing it all up, the Finance Minister said non-interest expenditures amounted to GH¢84.2 billion, while total payments from the Consolidated Fund in the first half of 2025 stood at a staggering GH¢114.5 billion.

“We are not asleep at the wheel. We are working—with focus, responsibility, and urgency—to reset this economy for the Ghana we want,” he concluded, echoing the theme of the mid-year review.

As Parliament now turns to scrutinise the details, Dr. Forson’s message is clear: the government isn’t just spending—it’s spending where it counts.

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Presenting the 2025 Mid-Year Budget Review in Parliament on Thursday, July 24, Dr. Forson pointed to the country’s recent economic progress as justification for a better rating.

“This is just the beginning,” he said. “We are determined to do better than B-. Ghana deserves better than B-.”

His comments follow a June 16, 2025, announcement by Fitch Ratings, which upgraded Ghana’s long-term foreign currency issuer rating from ‘Restricted Default’ to B- with a stable outlook.

Fitch attributed the upgrade to a stronger cedi, declining debt levels, increased foreign reserves, and robust nominal GDP growth.

Dr. Forson expressed confidence that Moody’s and S&P would follow Fitch’s lead, given the positive trajectory of Ghana’s economy.

“It is expected that other rating agencies, namely Moody’s and S&P, will follow suit, given the remarkable progress we are making toward economic stability and growth,” he told Parliament.

The Finance Minister also highlighted the government’s commitment to fiscal discipline through the implementation of prudent policies aimed at sustainability.

He emphasized the importance of strengthening domestic revenue systems and broadening the tax base without placing additional burdens on citizens.

Dr. Forson further noted ongoing structural reforms in public financial management, particularly efforts to improve transparency and accountability.

He added that the government plans to diversify the economy by investing in sectors beyond traditional exports to reduce the country’s vulnerability to global commodity price shocks.

“These actions are not just about numbers. They are about building a resilient economy that works for every Ghanaian,” he stated.

Source: Adomonline

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Below is the full statement delivered on July 24, 2025:

Presenting the 2025 Mid-Year Budget Review in Parliament on Thursday, July 24, Dr Forson acknowledged the challenges citizens have faced over the past few years, but said the government is determined to restore hope and improve livelihoods.

We see you, we hear you, and we’re working for you, he stated, underscoring the administration’s responsiveness to public concerns.

He noted that the Mahama-led government has, within its first 200 days, taken significant steps to stabilise the economy, enhance social protection, and support job creation.

According to him, these interventions are rooted in the belief that governance must meet the real needs of the people.

The Finance Minister also called for unity and patience, stressing that while the path to full recovery may take time, the government remains committed to inclusive growth and long-term prosperity.

Parliament is expected to debate the revised estimates in the coming days as part of the legislative process.

Source: Ernest Arhinful

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Presenting the 2025 Mid-Year Budget Review in Parliament on Thursday, July 24, Dr. Forson announced that the levy, introduced during the pandemic to support health sector financing, will be scrapped through a new amendment to Ghana’s Value Added Tax (VAT) law.

“The COVID levy will be abolished. The effective VAT rate will be reduced,” he stated.

Dr. Forson said the reforms aim to simplify the tax regime and address inefficiencies in the current VAT structure.

“These measures are intended to address the cascading effects and inefficiencies of the existing VAT system,” he added.

The Finance Ministry and the Ghana Revenue Authority (GRA) have already begun nationwide consultations with businesses and traders to gather input and build public awareness on the proposed changes.

According to the Minister, the consultations will conclude in September 2025, and a draft VAT Amendment Bill is expected to be submitted as part of the 2026 Budget in October.

Among other changes, the proposed reforms include the abolition of the VAT flat rate scheme, removal of the cascading impact of GETFund and NHIS levies, and the introduction of a unified VAT rate.

The VAT registration threshold will also be raised to ease the burden on small and micro enterprises, while compliance will be enhanced through digital tools and public education campaigns.

Source: AdomOnline.com

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Presenting the 2025 Mid-Year Budget Review in Parliament on Thursday, July 24, Dr. Forson said the Ghana Audit Service—commissioned by the Ministry of Finance—has completed 91% of the audit across all 16 regions.

“So far, the Audit Service has not been able to identify or verify over 14,000 workers,” he stated.

He added that 53,307 individuals who have either retired, been terminated, reassigned, gone on leave without pay, or passed away are still drawing salaries from the government payroll.

According to him, the Audit Service expects to recover at least GH¢150.4 million in unearned salaries paid to these separated staff during the 2023 and 2024 fiscal years.

Describing the revelations as “deeply troubling,” Dr. Forson stressed the need for strict enforcement of payroll controls to curb future financial losses.

“Going forward, we will enforce the monthly payroll validation system and apply sanctions to any person who violates the salary payment processes,” he cautioned.

The audit is part of the government’s broader efforts to clean up the public payroll and safeguard national resources.

Source: Adomonline.com

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Delivering the 2025 Mid-Year Budget Review in Parliament on Thursday, July 24, Dr. Forson stated that in just under 200 days, the government had restored “clarity, certainty, stability, and purpose” to the country’s economic policy direction.

“We have made significant progress. The signs of recovery are obvious, evident, noticeable, visible, tangible, and they are being felt,” he said.

He announced a primary budget surplus of 11.1% of GDP on a commitment basis as of June 2025—far exceeding the target of 0.4% for the period.

The Finance Minister credited the achievement to robust domestic revenue performance, prudent expenditure controls, and strong collaboration with development partners.

His presentation was delivered amidst political tension, as Minority MPs staged a walkout in protest over alleged electoral irregularities.

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Presenting the 2025 Mid-Year Budget Review in Parliament on Thursday, July 24, Dr. Forson declared, “Cedi no apicki,” highlighting the cedi’s stability and appreciation in recent months.

According to him, the local currency is gaining strength against major foreign currencies, particularly the U.S. dollar and the British pound.

“The cedi, which began 2025 at around GH¢15 to the dollar, is now trading at approximately GH¢10.45 on the interbank market,” the Minister revealed.

He attributed the rebound to stronger macroeconomic indicators, increased export earnings, and renewed investor confidence.

“This performance reflects the positive impact of sound fiscal and monetary policies, growth in gold and cocoa exports, and steady remittance flows,” he said.

Dr. Forson reaffirmed the government’s commitment to preserving these gains.

“We will continue to implement prudent policies to preserve the value of our currency, reduce inflation, and ensure economic stability for all,” he assured.

Source: Adomonline.com

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He made the disclosure during the presentation of the 2025 Mid-Year Budget Review to Parliament on Thursday, July 24.

“We inherited a bleeding energy sector with annual financing shortfalls over $1.5 billion,” Dr. Forson stated.

He attributed the situation to unsustainable debts, poorly structured power purchase agreements, and inefficiencies that continue to exert significant pressure on the economy.

The Minister explained that the financing gap had resulted in an accumulation of arrears and payment delays across the energy value chain, undermining investor confidence and straining public finances.

He stressed the urgency of implementing reforms to restore financial viability and improve service delivery.

According to him, the government has initiated corrective measures, including the renegotiation of power purchase agreements and efforts to enhance revenue collection within the sector.

Dr. Forson assured Parliament of the administration’s commitment to restoring financial discipline and accountability in Ghana’s energy sector.

Source: Ernest Arhinful

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on

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

The Finance Minister, Dr. Cassiel Ato Forson, is expected to present the 2024 Mid-Year Budget Review to Parliament today, July 24, 2025.

The presentation is in accordance with Section 28 of the Public Financial Management Act, 2016 (Act 921).

It will provide an update on the implementation of the 2025 Budget, highlighting the government’s economic and fiscal performance for the first half of the year.

The review is also expected to outline proposed amendments to fiscal strategies in response to evolving economic conditions, particularly in the areas of revenue generation, public expenditure, debt servicing, and structural reforms.

Dr. Forson is further anticipated to report on key macroeconomic indicators—such as inflation and exchange rate trends—and update the public on whether Ghana is on track to meet its end-of-year revenue targets.

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Finance Minister Dr. Cassiel Ato Forson is slated to present the mid‑year statement to Parliament on Thursday, July 24.

Speaking toJoyNews‘ Parliamentary correspondent, Kwaku Asante, Mr Afful stated that the Mid-year budget to be read by the Finance Minister will take the form of a statement rather than a motion, as there will be no call for additional funds.

“The investigation I’ve done so far is that the government will not come to the House to ask for additional funds,” he said.

“We are going to stay within the appropriation of 293 billion that was programmed to execute the 2025 budget. For that matter, the presentation will be done through a statement, not through a motion.”

Mr Afful added that the mid-year budget review will focus on reviewing key flagship programs, particularly the GH₵10.3 billion “Big Push” initiative and the GH₵32 billion allocation for capital expenditure.

However, the Minority New Patriotic Party MPs have urged the Finance Minister to use the budget review to demonstrate real economic control.

The NPP Kpandai MP, Mathew Nyindam, criticised the pacing of spending under Dr. Forson’s leadership, saying, “Contractors have not been paid. Even ministries have not been given their allocations. So if you are holding on to the money, obviously the currency will be doing better against the major currencies like the dollar.”

“So until he begins to spend and begins to give the ministries money to spend, then we can then be measuring output. … It is only when the ministers are getting their allocations, they are getting their money, that the economy will begin to grow and grow well,” he added.

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Speaking on Asempa FM’s Ekosii Sen, Mr. Ofosu highlighted signs of economic recovery, including a strengthening cedi and declining inflation, as indications that the government’s policy measures and fiscal discipline are yielding results.

“Absolutely, there will be good news that will bring calm among Ghanaians. Already, we are seeing positive signs. We cannot do everything within four years, let alone six months, but I believe largely, the expectations of Ghanaians have been met,” he said.

The Finance Minister, Dr. Cassiel Ato Forson, is expected to present the mid-year budget review to Parliament on Thursday, July 24, 2025. The presentation is in line with Section 28 of the Public Financial Management Act, 2016 (Act 921).

The review will provide an update on the implementation of the 2025 budget, focusing on the government’s economic and fiscal performance during the first half of the year.

It is also expected to outline any proposed amendments to fiscal strategies in response to evolving economic conditions, particularly in areas such as revenue generation, public expenditure, debt servicing, and structural reforms.

Dr. Forson is further anticipated to report on the country’s macroeconomic indicators—such as inflation and exchange rate trends—and update the public on whether Ghana is on course to meet its end-of-year revenue targets.

Source: Gertrude Otchere

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In a statement shared via social media on Wednesday, July 9, Dr Forson reaffirmed his commitment to strengthening the bank’s financial foundation.

“I want to assure the board and management that I will capitalise ADB next year,” he stated.

The announcement comes at a time when ADB is being called upon to play a stronger role in financing agriculture and agro-processing initiatives across the country.

The bank, established to champion agricultural development, remains a key pillar in Ghana’s broader agricultural transformation agenda.

Dr Forson’s commitment is expected to boost confidence in ADB’s capacity to support large-scale agricultural investments and value-chain development in the years ahead.

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Speaking at a brief ceremony, Dr. Forson emphasised the government’s commitment to ensuring that NIB is steered with independence and professionalism.

“Today, I had the honour of inaugurating the new nine-member Board of Directors for the National Investment Bank (NIB),” the Minister announced.

“Under this new leadership, NIB will operate with the independence and professionalism it deserves.”

He also extended his congratulations to the incoming board, chaired by seasoned banker Frank Adu, who also assumes the role of Managing Director.

Dr. Forson further disclosed that the government has taken a bold step to recapitalise the bank to restore confidence and improve its operations.

“I am pleased to announce that the government has made a bold decision to recapitalise NIB,” he stated.

“Fuller details of this comprehensive recapitalisation plan will be unveiled during our upcoming mid-year review.”

The newly constituted board includes several high-profile professionals:

• Dr. Doli-wura Awushi Abdul-Malik Seidu Zakaria (Managing Director)

• Hon. Dr. Othniel Ekow Kwainoe

• Hon. Ebenezer Kwaku Addo

• Dr. Mrs. Mercy Naa Aku Ofei-Koranteng

• Dr. Shani Bashiru

• Mr. Max George Cobbina

• Dr. Kwasi Akyem Apea-Kubi

• Dr. Alfred Attuquaye Botchway

The Finance Minister expressed confidence in the board’s ability to reposition NIB as a viable and trusted financial institution.

Source: Ernest Arhinful

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In a social media post, he urged the nation to rise against what he termed a “nation-wrecking act” that has gone unchecked for far too long.

“It is time for us to be decisive and ruthless towards those who are sabotaging the economy of Ghana,” Dr Forson stated.

He warned that failure to act could further weaken the country’s financial stability and limit future development opportunities.

His comments follow alarming revelations about the scale of gold smuggling, which has reportedly cost Ghana an estimated $12 billion over the last decade.

According to the Minister, smuggling operations have not only deprived the nation of vital foreign exchange but also undermined efforts to stabilise the economy during moments of crisis.

“Ghanaians deserve better,” he said, emphasising that the fight against smuggling is not merely an economic issue but a matter of national integrity and justice.

Dr Forson maintained that defeating gold smuggling syndicates would empower the state to take full control of its natural resources and redirect revenues into key developmental projects.

“This is about protecting the future of Ghana. We cannot allow a few to rob the entire nation,” he said.

Source: Ernest Arhinful

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In a post on his social media handles, Dr. Ato Forson disclosed that the mission involved meetings with China’s Ministry of Finance, China Exim Bank, and key financial and contractor creditors.

He noted that the discussions were constructive and represent significant progress toward finalising the debt restructuring process.

The Finance Minister described the engagements as a critical step in the government’s broader efforts to stabilise the economy, address the country’s debt challenges, and protect the wellbeing of citizens.

He indicated that the progress made in China strengthens Ghana’s position as it works to conclude this difficult chapter in the country’s economic history and move toward a more resilient, inclusive, and stable future.

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The funding, under the Second Resilient Recovery Development Policy Operation (DPO), aims to restore macroeconomic stability, revive investor confidence, and reinforce structural reforms to future-proof the economy.

Announced today, the approval by the World Bank Board of Executive Directors marks a significant boost to Ghana’s ongoing efforts to rebuild from its fiscal crisis.

The funds, provided through the International Development Association (IDA), target urgent reform areas including fiscal sustainability, financial sector stability, energy sector discipline, and climate and social resilience.

Finance Minister Dr. Cassiel Ato Forson welcomed the support, describing it as a major vote of confidence in Ghana’s reform journey under the IMF-supported programme.

“The successful implementation of the IMF reforms and the DPO series has laid a solid foundation for economic recovery. This additional support will help us deepen fiscal discipline, restore investor trust, and build a more inclusive and shock-resistant economy,” he said.

The operation is a key part of the World Bank’s broader crisis response framework for Ghana and includes sweeping targets: restoring fiscal sustainability, supporting private-sector-led growth, stabilising the financial sector, fixing long-standing inefficiencies in the energy sector, and boosting climate and social resilience.

Robert Taliercio, the World Bank’s Director for Ghana, Liberia, and Sierra Leone, emphasised the urgency of the reforms.

“Entrenching fiscal and debt sustainability, creating jobs through private investment, and protecting the most vulnerable remain urgent priorities. These are essential steps to revitalise Ghana’s domestic private sector, strengthen resilience to climate change, and improve the lives of ordinary Ghanaians,” Taliercio stated.

The approved reforms also aim to boost domestic revenue generation, streamline energy sector operations for greater efficiency, and embed climate considerations into national policymaking.

The initiative underscores the growing shift from crisis management to building long-term resilience and sustainability in Ghana’s economic architecture.

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Speaking during a meeting with the leadership of the Food and Beverage Association of Ghana (FABAG), Dr. Forson reiterated the government’s commitment to maintaining the cedi’s stability and strength.

“I want to use this opportunity to assure all of you that what you are seeing — the appreciation of the cedi — will not only continue but will be sustained,” he stated.

Dr. Forson explained that the positive trend is underpinned by sound economic planning and strategic interventions.

“The stability and appreciation you are witnessing is not a knee-jerk reaction; it is the product of careful, well-thought-out planning,” he noted.

In recent weeks, the cedi has recorded significant gains against major trading currencies. The interbank rate currently stands at GH¢13.29 to the US dollar, a notable improvement from over GH¢16 earlier this year.

The Finance Minister reminded the gathering that upon assuming office, he set out to stabilise the local currency, reduce inflation, and create jobs — pledging to remain steadfast in achieving these goals.

“This is not a nine-day wonder. There will be stability, the cedi will be stronger, and we expect you to support these efforts so that Ghanaians can feel the impact,” he emphasised.

Dr. Forson’s remarks come amid broader government efforts to restore macroeconomic stability and boost investor confidence.

Ghana recently secured a staff-level agreement with the International Monetary Fund (IMF) on the fourth review of its IMF-supported programme, which is expected to result in the disbursement of approximately $370 million to support the country’s economic recovery agenda.

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During the meeting, Mr. Diop expressed the IFC’s keen interest in focusing its investments in Ghana on targeted programmes, suggesting a more strategic approach that could boost productivity and economic returns.

He also noted with surprise that Ghana was not fully leveraging its diaspora, describing it as an untapped resource with immense potential for national development.

Dr. Forson, in response, thanked the IFC for its continued support and extended warm greetings from President John Dramani Mahama, adding that the government would be pleased to welcome Mr. Diop to Accra soon.

He reaffirmed Ghana’s commitment to attracting private sector investment and called for deeper collaboration in infrastructure development and agriculture.

Also present at the meeting was the Governor of the Bank of Ghana, Dr. Johnson Asiama, who emphasised the importance of financial sector cooperation.

He noted that Ghana stands to benefit from the IFC’s support in stabilising and revitalising the specialised deposit-taking institutions that are currently undergoing recovery after sector-wide reforms.

Joining the discussions as well were the Chairman of the National Development Planning Commission (NDPC), Dr. Nii Moi Thompson, and Senior Economic Advisor to President Mahama, Seth Terkper.

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The press briefing, held jointly with officials from the Bank of Ghana and the International Monetary Fund (IMF), outlined the scope of the audit, which will be conducted by the Auditor-General’s office in collaboration with two international accounting firms.

The primary aim of the exercise is to verify the authenticity and actual amounts of unpaid government obligations that have accumulated over time.

Dr. Forson emphasized that the audit is part of corrective actions under Ghana’s IMF programme, supported by the Extended Credit Facility. He stated, “These steps are meant to strengthen our public expenditure controls and stop the continued build-up of arrears.”

The audit team will also provide recommendations for addressing any irregularities discovered during the process.

This move follows the government’s failure to meet several targets under the IMF programme, including missing the 2024 primary surplus target. The Ministry attributes this to a “large buildup of payables.”

The audit is part of a broader fiscal reform effort by the government, which includes recent amendments to the Public Financial Management Act. The revised law introduces a debt ceiling of 45% of GDP to be achieved by 2035, mandates annual primary budget surpluses of no less than 1.5% of GDP, and establishes an independent Fiscal Council to oversee public spending.

The audit is expected to conclude in June, ahead of the IMF Executive Board’s review of Ghana’s next tranche disbursement of $370 million. If approved, this will bring the country’s total receipts under the current programme to $2.3 billion.

Dr. Forson’s announcement followed the conclusion of a two-week IMF review mission, which ended with a Staff-Level Agreement between the Fund and the government. The Minister described the agreement as a positive step toward restoring macroeconomic stability and putting public debt on a more sustainable path.

Meanwhile, arrears in the energy sector, which have long been a challenge for the national budget, will be addressed through new payment systems. These include the Cash Waterfall Mechanism and a Single Treasury Account structure designed to regularize payments to Independent Power Producers.

In related measures, the Ministry of Finance will begin publishing quarterly rankings of Ministries, Departments, and Agencies based on their compliance with new spending rules.

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