Finance Minister Dr. Cassiel Ato Forson has pledged a bold shift in economic management, anchored in the hard lessons drawn from Ghana’s recent fiscal turmoil, as captured in the 2024 Consolidated MDAs Annual Budget Performance Report (BPR).
In a statement accompanying the BPR—, Dr. Forson made it clear that government is preparing for a post-2024 economic reset guided by the principles of responsibility, transparency, and discipline.
“I must state that the key lessons from this BPR will guide our choices in the post-2024 era as we work to reset economy towards the Ghana we want. We must, and we will, build a new culture that promotes and sustains fiscal discipline,” he said.
Reflecting on recent economic history, Dr. Forson described the period leading up to 2024 as one of the most turbulent in Ghana’s financial and social landscape.
“In Ghana, we saw the most ignoble deterioration of the economy and broader societal well-being. Inflation galloped, exchange rate depreciated sharply and remained volatile. Interest rates rose and credit became simply unaffordable. Ghana, therefore had no option but to seek support from the IMF through the Extended Credit Facility (ECF) programme on the heels of an expansive domestic and external debt restructuring which had severe consequences,” he recounted.
He pointed out that the previous administration had committed to restoring macroeconomic stability through debt and fiscal realignment, but despite modest gains under the IMF programme, the economy remained on shaky ground.
“The promise was to course-correct the misalignment in key indicators to support the economy. Despite the progress made under the IMF programme, the macroeconomic environment remained fragile. The economy remained fragile, with 2024 recording significant fiscal slippages. The Primary deficit worsened, and the year ended with accumulation of huge central government arrears amounting to GH¢67.5 billion representing 5.7 percent of GDP,” his statement said.
Dr. Forson said this sobering reality confirms the urgent need for strict adherence to the Public Financial Management Act, 2016 (Act 921), as amended, and the critical role of the Annual Budget Performance Report.
He emphasised that beyond meeting statutory obligations, the BPR provides a meaningful opportunity to review the real-world impact of government policies and identify areas for course correction.
“Beyond meeting the requirements of the PFM Act, the BPR enables us to assess the performance and impact of our policy choices and take corrective measures where necessary. Furthermore, in accordance with the provisions of Section 27 of the PFM Act, stakeholders will receive updates on the actions taken to implement the recommendations of Parliament in respect of the report of the Auditor-General as well as updates on multi-year expenditure undertaken in 2024.”
Dr. Forson commended Ministries, Departments, and Agencies for their input and validation in preparing the report, and extended appreciation to the staff of the Finance Ministry for their professionalism and dedication.
“As is always the case, this BPR is the product of cross-sectoral collaborations. The Ministry of Finance is thankful to the Ministries, Departments and Agencies who provided critical inputs and validated information. The efforts of the staff of this Ministry, who have coordinated the preparation of this BPR, are also acknowledged. Your sense of professionalism and commitment to the national cause is indeed endearing. As a Ministry, we will stand ready to provide clarification and respond to any related queries through the established channels, including the Right to Information Platform.”
He ended his statement with a call to unity and shared responsibility in shaping a new economic chapter for Ghana.
“A new era is upon us. We have a great opportunity to rewrite our most recent economic history in a positive light. Let us join forces and work together to build the Ghana we want. It is our promise and duty to do so,” he said.
