Finance Minister Dr. Cassiel Ato Forson has revealed that the government has introduced approximately 22 laws over the past 18 months to institutionalise economic reforms and protect Ghana’s economic recovery from future policy reversals.
Speaking at a New Economy engagement at the University of Ghana, Dr. Forson explained that the legislative measures are intended to preserve the economic stability achieved and prevent the country from returning to the financial difficulties experienced between 2022 and 2024.
The Finance Minister was responding to a question from Professor Fred Dzanku, Head of the Economics Division at the Institute of Statistical, Social and Economic Research (ISSER), about how the government’s economic policies could be sustained beyond its term in office.
Dr. Forson said the government was using new legislation, amendments to existing laws and the repeal of certain provisions to make its economic reforms legally binding.
He explained that some proposed amendments would require a two-thirds majority in Parliament to reverse specific laws, making it more difficult for future administrations to abandon the reforms.
Government Moves to Strengthen Public Financial Management Act
Dr. Forson identified amendments to the Public Financial Management (PFM) Act as part of the government’s broader strategy to strengthen economic governance, fiscal discipline and public financial accountability.
According to him, policies that are not backed by legislation can easily be reversed when a new government assumes office.
He said his experience in Parliament and economic policymaking had given him a better understanding of the importance of creating legal safeguards to ensure continuity in national development programmes.
The Finance Minister stressed that the government was committed to embedding key economic policies in law to protect Ghana’s financial stability and sustain the progress made in managing the economy.
The initiative forms part of the government’s wider economic reform agenda, aimed at strengthening public finances, improving fiscal discipline, promoting investor confidence and preventing a recurrence of Ghana’s recent economic crisis.
Source: newsthemegh.com