Ghana’s financial sector, Dr. Cassiel Ato Baah Forson, has indicated, was in a fragile state and weighed down by high levels of non-performing loans and a loss of investor confidence at the time the administration came to office.
The Finance Minister, delivering the 2025 Mid-Year Budget review said the state of the nation’s economy bequeathed unto the Mahama-led administration, a severely weakened economy from the previous Akufo-Addo government.
Outlining the challenges they faced upon coming into office, Dr. Forson said “We also inherited a derailing IMF programme.” Describing the situation as dire, he added that “Indeed, as President Mahama said, the whole of Ghana was a crime scene.”
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The Minister accused the Akufo-Addo government of gross economic mismanagement, singling out the central bank for what he says is its role in fueling inflation in the country.
He blamed the Bank of Ghana’s failure to exercise its oversight responsibility, coupled with what he termed as reckless policy choices, led to the economic instability suffered by the Mahama administration.
Despite these setbacks, Dr Forson assured Parliament that the government had taken bold steps to restore confidence in the economy.
He highlighted transparent public spending and targeted investments in health, education, and infrastructure as part of a broader strategy to revitalise national development.
He further reaffirmed the administration’s commitment to integrity and accountability in the management of public finances, pledging to prioritise the judicious use of national resources.
‘The results are not by chance but rewards of hard work’ – Ato Forson on ‘modest economic gains’
