Finance Minister Dr. Cassiel Ato Forson has emphasized that the 2025 Budget and Policy Statement will be instrumental in stabilizing Ghana’s struggling economy. Speaking during a youth engagement session on X Spaces, hosted by social media influencer KalyJay, Dr. Forson acknowledged that despite recent efforts, the country’s financial situation remains precarious.
“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 stated. His remarks reflect a realistic acknowledgment of the ongoing challenges facing the nation, including high inflation rates, a volatile currency, and overall economic uncertainty.
Dr. Forson outlined the new administration’s commitment to implementing policies that will foster economic stability, including efforts to control inflation, maintain a stable exchange rate, and create a more predictable economic environment. He noted that addressing these core issues is vital for ensuring the long-term sustainability of the economy and restoring public confidence in governmental fiscal policies.
“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 added. Dr. Forson’s comments indicate a focused approach to tackling the economic woes that have plagued Ghana for several years. He believes that establishing such a framework will not only benefit businesses but will also positively impact the everyday lives of citizens by creating an environment conducive to growth and investment.
Furthermore, Dr. Forson reiterated the government’s plan to reduce domestic borrowing, ensuring that more financial resources are available to the private sector to drive business growth and economic expansion. He emphasized the importance of creating a healthy economic ecosystem where the private sector can thrive, as this is essential for job creation and enhancing the overall standard of living in Ghana.
“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. This commitment to fiscal responsibility aims to free up capital that can be reinvested into the economy, ultimately leading to increased productivity and innovation across various sectors.
The Finance Minister’s proactive stance comes in the wake of his recent engagement with traders at Accra’s Central Business District, where he sought to gather insights and feedback from the business community. Dr. Forson assured the public—especially the youth—that such consultations would play a role in shaping government policies moving forward. He underscored the importance of direct dialogue with citizens, as it allows the government to remain responsive to the needs and concerns of the populace.
“I do not take the people of Ghana for granted. I am not here because I just wanted to. I am here because I want to hear your take—ignore the propaganda out there,” he affirmed. His commitment to transparency and community engagement is a critical aspect of rebuilding trust in the government and ensuring that policies are aligned with the aspirations of the people.
The upcoming budget presentation, scheduled for March 11, is anticipated with great interest, as stakeholders from various sectors look forward to understanding the government’s plans and priorities for the coming year. Dr. Forson’s assurance that public feedback will be taken into account reflects a shift towards a more inclusive budgeting process, aimed at fostering greater civic participation in governance.
Economic analysts have noted that the challenges facing Ghana are multifaceted, requiring comprehensive solutions that go beyond mere policy announcements. Many believe that the 2025 Budget must include targeted interventions that address specific sectors, such as agriculture, technology, and manufacturing, which are critical for diversifying the economy and reducing dependency on external factors.
Dr. Forson’s focus on youth engagement is particularly significant, as the younger generation represents a large portion of the population and is poised to play a crucial role in driving the nation’s economic future. By involving young people in discussions around the budget and policy formulation, the government can harness their innovative ideas and energy, ultimately leading to more effective and sustainable solutions.
In addition, there are calls for the government to prioritize initiatives that enhance financial literacy among the youth, empowering them to make informed decisions about investments and entrepreneurship. This focus on education and capacity-building is vital for equipping young Ghanaians with the skills necessary to thrive in a competitive economic landscape.
As the nation anticipates the budget announcement, citizens remain hopeful that the government will deliver a plan that not only addresses the immediate economic challenges but also lays the groundwork for long-term prosperity. With a clear vision and commitment to stakeholder engagement, there is potential for significant progress in stabilizing Ghana’s economy and improving the quality of life for all citizens.
In conclusion, Finance Minister Dr. Cassiel Ato Forson’s emphasis on the 2025 Budget as a critical tool for economic stabilization resonates with many Ghanaians who are eager for positive change. By fostering dialogue, reducing borrowing, and prioritizing the needs of the youth, the government has an opportunity to rebuild trust and drive sustainable growth. As the March 11 budget presentation approaches, all eyes will be on the government to deliver a plan that reflects the aspirations and needs of the people while navigating the complexities of the current economic climate.
