Ghana's economy shows strong recovery after "inherited crisis" - Ato Forson tells Parliament
Dr. Cassiel Ato Forson told Parliament on Thursday, May 28, that Ghana's recent economic recovery reflects the outcome of disciplined reforms implemented under President John Dramani Mahama's administration, following what he described as a deeply mismanaged economy inherited in a state of crisis. He said the government had to confront the consequences of fiscal indiscipline, structural weaknesses, and policy failures that had left the economy severely weakened by the end of 2024. He argued that the previous administration presided over a period in which the state became "bloated, purposefully inefficient, and riddled with waste and corruption."
Dr. Forson told Parliament that by December 2024, the then administration had "undermined" the International Monetary Fund (IMF) programme it had itself negotiated, citing missed targets and unfulfilled commitments. Upon assuming office, President Mahama's government moved swiftly to stabilise the economy and restore confidence in the IMF-supported programme. A series of fiscal and institutional reforms were introduced, including stricter public financial management controls, audits of government arrears, and measures to eliminate inefficiencies in public expenditure. The government also reduced the size of the executive branch, cutting the number of ministers from 123 (later revised to 88) down to 60, and reducing ministries from 30 to 23.
Dr. Forson told Parliament that real Gross Domestic Product (GDP) growth reached 6.0 per cent in 2025, while non-oil GDP growth rose to 7.6 per cent. Ghana's economy had crossed the US$100 billion threshold for the first time, and per capita income also increased to US$3,385. The Minister reported a primary surplus of 2.5 per cent of GDP in 2025, alongside a sharp reduction in the public
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Finance Minister Ato Forson addressed Parliament about Ghana's economic recovery. He spoke of disciplined reforms following a mismanaged economy he says was inherited - but what challenges still lie ahead?
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