The Finance Minister, Dr. Cassiel Ato Baah Forson, has said that Ghana’s economy is still in distress, dispersing the assertion that the country is out of the woods.
To that effect, the Minister has asserted that the government’s major focus on the upcoming budget would be to stabilise the country’s struggling economy.
He indicates that although the new administration has made some efforts since assuming office two months ago, Ghana’s financial position is still perilous.
“Let me make this point: let’s not deceive ourselves that the country is out of the woods yet. Our economy is still in distress, and the first thing we will need to do is to take measures to bring us back to the stability that we deserve,” he said during a youth engagement session on X Spaces, hosted by social media influencer, KalyJay.
Maintaining a stable exchange rate, controlling inflation with a conducive economic environment, according to the Minister, is something the government is committed to achieving.
“What we can do is to put together a framework where there will be a stable exchange rate, stable inflation, and a stable economy,” he stated.
The Minister, who is also the Member of Parliament for Ajumako Enyan Essiam, also revealed the administration’s plan to reduce domestic borrowing to make more financial resources available to the private sector for business growth and economic expansion.
“It is very critical for the government to cut expenditure and reduce its appetite for borrowing. In doing so, there will be a lot more resources for the private sector to benefit from,” he stressed.
Ato Forson gauges moods of traders, ‘Kayayei’ at Makola market ahead of budget presentation
