Dr. Cassiel Ato Forson, the Finance Minister, has received commendation from Majority Leader Mahama Ayariga for the content of the 2026 Mid-Year Budget Review.
He gave the Finance Minister the assurance that Parliament will back him in his efforts to strengthen the economy and finances.
“Clearly, Ghana is working again. This house will definitely go through the Bills and ensure the passage of the Bills presented by the Finance Minister,” he said.
Among other things, the Minister of Finance stated during the budget presentation that Ghana is being invited to borrow money from the global capital market.
Because Ghana was unable to reach the market under the Akufo-Addo administration, he attributed this to the Mahama administration’s careful control of the local economy.
However, Dr. Forson gave assurances that the Mahama administration is not eager to get back into the capital market.
“The market is inviting us back, but I want to assure you that we are not in a hurry,” he said.
The Minister also informed Parliament that the 2026 budget statement’s implementation is well on its way.
He continued by saying that firms are prospering as a result of the policy rate being lowered to 14% in July.
He points out that investors can expand their enterprises by borrowing money at reduced rates.
“A lower policy rate is creating room for investors to expand,” stated Dr. Forson.
He emphasised that the Cedi has stabilised and that the “2026 budget is firmly on track…Ghana has achieved its targets for the first half of the year 2026, and is on track to achieve our end-year target of 1.5% of GDP.”
He went on to say that “confidence in the economy has been rebuilt.”
The Minister went on to say that good economic discipline has greatly improved all of the important macroeconomic indicators.
He claimed that better economic management is what led to the rebound.
He went on to say that debt restructuring only creates fiscal space rather than fiscal discipline.
He pointed out that the economy was in dire straits when the Mahama administration assumed power. But they have made progress thanks to sensible policies.
“President Mahama took over an economy with reckless spending, excessive borrowing, and lack of accountability. President Mahama took over an economy that was on its knees,” he said.
“The cedi depreciated as never seen before,” he added.
“The progress Ghana is recording today did not happen by chance. It is superior economic management,” he reiterated.
The House was also informed by Dr. Forson that the economy cannot be let to revert to the era of extreme depreciation of the cedi.
He stated that bad policy decisions, careless spending, and excessive borrowing were the causes of the 2022 economic disaster rather than just an accident.
Source: newsthemegh.com