The Minister for Finance, Dr. Cassiel Ato Forson has announced that Ghana has saved an impressive GH¢1 billion following a significant reduction in Treasury bill (T-bill) rates. This financial breakthrough comes as part of the government’s broader efforts to stabilize the economy and reduce its borrowing costs.
Speaking at the opening session of the National Economic Dialogue on Monday, March 3, Dr. Forson underscored the importance of this achievement in advancing Ghana’s economic recovery. He noted that the savings would be strategically redirected to critical sectors to bolster development and improve the livelihoods of citizens.
“The recent reduction in T-bills alone is saving Ghana about one billion Ghana cedis, and that money can be channelled to critical areas of the economy,” he stated. He further stressed that this development reflects the government’s commitment to prudent fiscal management and resource optimization.
Focus on Economic Stability and Growth
Dr. Forson highlighted the reduction in T-bill rates as a significant step in alleviating the financial burden on the state. He emphasized that the government remains dedicated to implementing measures that foster economic stability and create opportunities for sustainable growth. Lower borrowing costs, he explained, would free up resources for productive investments, including infrastructure development, education, and healthcare.
The Finance Minister called for collective support from stakeholders, urging them to align with ongoing economic reforms aimed at restoring macroeconomic stability. He acknowledged that while the reduction in T-bill rates marked a positive milestone, further policy interventions would be required to strengthen Ghana’s financial position and resilience against global economic challenges.
Commitment to Fiscal Discipline
Dr. Forson reiterated the government’s resolve to maintain fiscal discipline, ensuring that public funds are utilized efficiently to drive impactful development. “This move is essential in reducing the government’s borrowing costs, easing the financial burden on the state, and ultimately benefiting the Ghanaian people,” he added.
As Ghana navigates its economic recovery, the GH¢1 billion savings is expected to play a crucial role in accelerating the country’s journey toward sustainable growth. Stakeholders at the National Economic Dialogue lauded the government’s proactive approach and called for continued collaboration to ensure long-term economic stability.
This development signals a renewed focus on responsible financial management, offering a glimmer of hope for the nation’s economic future.
Story by: Mercy Addai Turkson #ahotoronline.com
