Finance Minister Dr. Cassiel Ato Forson has painted a grim picture of Ghana’s economy, describing it as being in “deep crisis” due to severe financial challenges inherited from the previous administration.
Presenting the 2025 budget statement in Parliament on Tuesday, March 11, Dr. Forson outlined the major economic difficulties facing the country, including soaring inflation, a rapidly depreciating currency, and an unsustainable debt burden.
“Mr. Speaker, we inherited an economy burdened by excessive debt and other fiscal challenges. These include a significant accumulation of arrears by Ministries, Departments, and Agencies (MDAs), as well as outstanding obligations in the energy and financial sectors,” he stated.
He blamed the current crisis on “reckless public spending” by the previous government, which he said had exacerbated the country’s economic woes. According to Dr. Forson, Ghana’s financial position has been severely weakened, making it difficult to meet obligations such as public sector salaries, debt servicing, and critical infrastructure investments.
Despite these daunting challenges, the Finance Minister assured Ghanaians that the government remains committed to stabilizing the economy and implementing measures to restore fiscal discipline. He pledged to introduce policies aimed at reducing the country’s debt burden, curbing inflation, and strengthening the local currency.
“This government is determined to fix the economy and put it on a path of sustainable growth. We will take the necessary steps to ensure financial stability and economic resilience,” he affirmed.
Dr. Forson’s remarks signal a difficult road ahead for the administration as it seeks to navigate the economic crisis while delivering on its development agenda.
