Finance Minister Dr Cassiel Ato Forson has declared that Ghana has made significant economic gains, with stability returning and confidence improving, saying Ghanaians can now breathe a sigh of relief.
Speaking during the presentation of the 2027 Budget Statement and Economic Policy to Parliament on Thursday, November 12, Dr Forson described the progress made in restoring economic stability as a significant turning point in the country’s recovery.
“Ghana has made significant gains. Stability has returned. Confidence is back. And Ghanaians can breathe again,” he told Parliament.
He, however, cautioned that the country must seize the opportunity created by improved economic conditions to build a stronger, more productive economy rather than return to the recurring cycles of growth and instability.
According to him, the next phase of Ghana’s economic journey must focus on improving the living conditions of ordinary citizens, particularly young graduates seeking employment, farmers looking for reliable markets and traders whose capital has been affected by inflation.
He also highlighted the difficulties faced by pensioners affected by the debt restructuring programme and entrepreneurs struggling to secure affordable long-term financing.
Dr Forson stressed that the benefits of economic recovery must be reflected in the everyday lives of Ghanaians and not measured solely by improvements in macroeconomic indicators.
He noted that the country had experienced several periods of economic progress followed by instability, often resulting in financial difficulties for households and businesses.
“Our people have experienced repeated episodes of hope, followed by hardships, growth, followed by instability, fiscal expansion, followed by painful correction, a stable currency, followed by sharp depreciation, and now new opportunities, followed by job losses,” he said.
“These boom and bust cycles must cease, Mr Speaker.”
The Finance Minister described the 2027 Budget as an important step towards moving the country beyond economic stabilisation into a new phase focused on expanding production, promoting industrialisation, supporting private-sector growth and creating employment opportunities.
He also drew inspiration from Ghana’s post-independence aspirations, recalling the vision of the country’s first President, Dr Kwame Nkrumah, who believed that political independence must be accompanied by economic emancipation.
Dr Forson recalled that at independence, Ghana had significant natural and human resources and was widely admired across the world.
He said Nkrumah and his generation envisioned an industrialised country supported by reliable electricity, strong infrastructure, education and effective state institutions.
The Finance Minister maintained that the government’s priority is to consolidate the gains from economic stabilisation and channel resources into productive sectors to expand opportunities, create jobs and improve the living standards of Ghanaians.
