Finance Minister Dr. Cassiel Ato Forson says Ghana’s major macroeconomic indicators have improved significantly, attributing the development to what he describes as sound economic discipline and superior economic management.
Presenting the 2026 Mid-Year Budget Review to Parliament on Thursday, July 23, Dr. Forson said the economic recovery was the result of deliberate policy choices and prudent management rather than chance.
He said the John Mahama administration inherited an economy burdened by excessive borrowing, reckless spending and weak 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,” Dr. Forson said.
The Finance Minister also recalled the significant depreciation of the Ghana cedi during the 2022 economic crisis, warning that the country must not return to a period of excessive currency depreciation and economic instability.
According to him, the crisis was not merely an accident but the result of poor policy choices, excessive expenditure and unsustainable borrowing.
Dr. Forson further clarified that debt restructuring, on its own, does not create fiscal discipline but rather provides fiscal space for governments to implement sound economic policies.
“Debt restructuring does not create fiscal discipline; it only creates fiscal space,” he stated.
He said the economic progress Ghana is currently recording reflects the impact of the government’s approach to managing the economy.
“The progress Ghana is recording today did not happen by chance. It is superior economic management,” he added.
Dr. Ato Forson cautioned that Ghana must learn from the 2022 economic crisis and avoid a return to excessive borrowing, reckless spending and unsustainable economic policies.
Story by Freedom Etsey Lavoe
