Finance Minister Dr. Cassiel Ato Forson has acknowledged the serious challenges facing Ghana’s economy. However, he emphasised that the economic management team is focused and committed to addressing these issues. He described the year 2025 as particularly challenging for the country’s economic team.
In an interview with Joy FM on Thursday, July 24, following the presentation of the 2025 Mid-Year Budget Statement to Parliament, he stated, “This year has been difficult; though we may not be vocal about it, it has been tough for us, the economic managers. We are focused and actively dealing with the situation.”
During the mid-year budget presentation, the Finance Minister noted that Ghana’s progress in economic reforms and debt restructuring has been recognized internationally. On June 16, 2025, Fitch Ratings upgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating from ‘Restricted Default’ to ‘B-‘ with a stable outlook. This was the first upgrade since 2021. Fitch cited significant exchange rate appreciation, declining debt levels, strong nominal GDP growth, increased reserve accumulation, and normalised relations with external creditors as key factors driving this improvement.
He said that “Mr. Speaker, to sustain these gains, we will, among other things:
I. Maintain fiscal discipline through continued implementation of prudent policies to promote fiscal and debt sustainability; continue the aggressive revenue mobilization by strengthening tax collection systems and broadening the tax base to increase domestic revenues without overburdening citizens; accelerate structural reforms in public financial management, including transparency and accountability measures, to improve efficiency and reduce corruption; strengthen monetary policy framework by BoG to complement the fiscal consolidation programme to control inflation and support economic stability; diversify the economy through investments in sectors beyond traditional exports to reduce vulnerability to commodity price shocks; and continue to maintain strong relationships with international financial institutions and development partners to support ongoing reforms and access technical assistance.”
He further stated that it is expected that the other rating agencies, namely S&P and Moody’s will follow suit given the remarkable progress we are making in ensuring economic stability and promoting inclusive growth. “Mr. Speaker, this is just the beginning. We are determined to do better than the B- rating. Ghana deserves better,” he said.
*We see you, we hear you, and we’re working for you – Ato Forson assures Ghanaians*
He reassured Ghanaians of the government’s unwavering commitment to addressing their concerns, emphasising that every policy being rolled out is designed to ease hardship and deliver meaningful change. Delivering 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, while highlighting the government’s dedication to restoring hope and improving livelihoods.
“We see you, we hear you and we’re working for you,” he declared, drawing attention to the administration’s sensitivity to public concerns. He stressed that the Mahama-led government has taken significant steps within its first 200 days to stabilise the economy, enhance social protection, and support job creation.
Dr Forson said these efforts are grounded in the belief that governance must respond to the real needs of the people.
The Finance Minister also called for unity and patience, noting that while the path to full recovery may be long, the government remains focused on inclusive growth and long-term prosperity.
Parliament is expected to debate the revised estimates in the coming days as part of the legislative process.
By Laud Nartey
