Minister for Finance, Dr. Cassiel Ato Forson, has dismissed accusations of mismanagement from the New Patriotic Party (NPP) and suggested that the opposition should instead explain why it failed to restore stability during its time in office.
Dr. Forson defended the 2026 Budget, highlighting what he described as a disciplined and coordinated approach between fiscal and monetary authorities.
Speaking on TV3’s ‘The Key Points’ on Saturday, he questioned the credibility of the NPP’s claims of mismanagement, arguing that the current administration is achieving results that the previous government could not.
“Clearly, if the economy can rebound this quickly under our regime, why didn’t they do it?” he stated. “The NPP is the same group that drove this country into the mess we are experiencing today.”
Dr. Forson also responded to criticism from former Finance Minister Dr. Amin Adam, who referred to the budget as a ‘galamsey budget.’ He remarked, “I’ve been at the Ministry of Finance for ten months, and he was in the same position for that duration. His record speaks for itself, and my record speaks for itself.”
The Finance Minister attributed Ghana’s improving economic indicators to strict fiscal discipline and strong leadership support from President John Dramani Mahama.
He emphasised that coordination between the Ministry of Finance and the Bank of Ghana ensures that both fiscal and monetary policies work effectively.
“Nothing will work—no monetary policy will work—if the fiscal policy is not anchored properly. I am anchoring the fiscal properly because I’m getting the political support to do it,” he stated.
Dr. Forson touted Ghana’s strengthened international reserves as evidence of improved economic stewardship. According to him, the administration inherited US$6.8 billion in gross international reserves. However, today, the reserves stand at US$12 billion, almost doubled,” he said.
He credited increased earnings from gold and cocoa, as well as improved management by the central bank. “We are not borrowing to build reserves. This is being built organically through increased exports,” he added.
Dr. Forson dismissed claims that the Bank of Ghana’s forex interventions are unsustainable, and indicated that the central bank has a role to build reserves and intermediate the market and are doing both without hurting its bottom line.
He explained that the BoG is using excess reserves to support the cedi’s appreciation, which has recently stabilized at around GH¢10.59 to the dollar.
The Finance Minister acknowledged that long-term economic transformation requires time and sustained investment in production and manufacturing. “You don’t improve exports in two months. These structural shifts require policies and time, but we are working on them,” he said.
Dr. Forson insisted that, unlike the previous government, the current administration is committed to building a strong and export-driven economy. He emphasized the government’s determination to maintain the gains achieved so far, stating, “We are ready to make a difference, and we are doing just that.”
