Connect with us

Hi, what are you looking for?

Ghana AbrewaGhana Abrewa

News

“2026 budget is firmly on track” – Finance Minister

Finance Minister Dr Cassiel Ato Forson has assured Ghanaians that the implementation of the 2026 Budget is progressing as planned, saying the country’s economy has recorded significant improvements in the first half of the year due to prudent fiscal management.

Presenting the 2026 Mid-Year Budget Review in Parliament on Thursday, July 23, Dr Forson said Ghana has met its key fiscal targets and remains on course to achieve its end-of-year objective of a fiscal deficit of 1.5 per cent of Gross Domestic Product (GDP).

“The 2026 Budget is firmly on track. Ghana has achieved its targets for the first half of the year 2026 and is on track to achieve our end-year target of 1.5% of GDP,” he stated.

According to the Finance Minister, the country’s improving macroeconomic performance has restored confidence in the economy and created a more favourable environment for businesses and investors.

He attributed the gains to disciplined economic management, noting that every major macroeconomic indicator has improved significantly.

“Confidence in the economy has been rebuilt,” he said, adding that “every major macroeconomic indicator has improved significantly due to sound economic discipline.”

Dr Forson also highlighted the recent reduction of the Bank of Ghana’s policy rate to 14%, describing it as a positive development that is making credit more affordable for businesses seeking to expand.

“Lower policy rate is creating room for investors to expand,” he told Parliament.

He further pointed to the stability of the Ghana cedi as another sign of the economy’s recovery, stressing that the progress being made is the result of deliberate policy decisions rather than chance.

“The progress Ghana is recording today did not happen by chance. It is superior economic management,” he said.

On debt restructuring, the Finance Minister maintained that while it creates room for the government to manage its finances, it does not, in itself, guarantee fiscal discipline.

“Debt restructuring does not create fiscal discipline; it only creates fiscal space,” he noted.

Dr Forson contrasted the current economic situation with what he described as the state of the economy when the Mahama administration assumed office, arguing that the government inherited an economy weakened 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,” he said.

He warned that Ghana must avoid a return to the economic challenges that culminated in the 2022 crisis.

“The 2022 economic crisis was not merely an accident but the result of poor policy choices, reckless spending and excessive borrowing,” he said, stressing that the country must not return to a period of excessive cedi depreciation.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

News

The government spent a total of GH¢49.72 million to evacuate 1,964 Ghanaians from South Africa following a wave of xenophobic attacks, Foreign Affairs Minister...

News

The Minority in Parliament has renewed calls for the government to release comprehensive documents to account for the GH¢49.7 million reportedly spent on evacuating...

Sports

Iñaki Williams has announced his retirement from international football, ending his four-year career with the Ghana Black Stars. The 32-year-old Athletic Bilbao forward announced...

Entertainment

Award-winning Ghanaian musicians Stonebwoy and Sarkodiehave engaged in a heated exchange on X, with both artists offering different perspectives on professional relationships, personal principles...