Finance Minister Dr. Cassiel Ato Forson has assured the World Bank of Ghana’s unwavering commitment to fiscal prudence as the country continues implementing critical economic reforms for the economic fortunes of the country.
Following a high-level meeting with World Bank Division Director Robert Taliercio O’Brien and his team, the finance minister reaffirmed the government’s dedication to maintaining financial discipline within the framework of the International Monetary Fund (IMF)-supported program.
“I welcome the World Bank’s continued commitment to supporting our education reforms, particularly the additional resources allocated to Ghana”
Dr. Cassiel Ato Forson, Minister of Finance
While acknowledging the economic challenges faced in the previous year, he emphasized the government’s determination to strengthen its fiscal position in the years to come.
The “primary surplus target of 0.5% proved difficult to achieve,” but he insisted that Ghana would not waver in its commitment to responsible economic management for sustainable growth and an effective reset.
“We are determined to hold the fiscal anchor firmly,” he stated, emphasising plans of the new government to boost the country’s economy through sound decision making and implementation across all sectors.
Dr. Forson stressed that Ghana’s economic trajectory must send a clear signal to “both investors and development partners,” that the country is on a sustainable financial path.
This would attract well informed and targeted investment from both foreign and local investors, which is an ingredient needed by the Ghanaian economy per its current state.
He also highlighted that the government is taking deliberate steps to curb wasteful expenditures and ensure resources are directed toward impactful projects.
Cutting Costs and Enhancing Efficiency
As part of the government’s cost-cutting strategy, Dr. Forson has introduced strict measures to immediately reduce non-essential spending across all government institutions and agencies.
He has underscored the need for efficiency, particularly when it comes to official travel, making it clear that the era of large delegations for overseas conferences is over.
“Going forward, delegation sizes will be cut, three officials will now be expected to accomplish the work of ten,” he affirmed.
This approach aims to maximize efficiency while ensuring that government resources are utilized prudently. The reduction in government expenditure is expected to facilitate the country’s economic recovery efforts.
The Finance Minister believes that the state must lead by example, particularly in challenging economic times, and that every government official must adapt to a more disciplined approach to expenditure.
In line with these efforts, he has also implemented significant budget reductions, including within the Office of the President.
This move, coupled with the lean government agenda, he explained, is a demonstration of the government’s resolve to prioritize spending on initiatives that directly contribute to economic growth and improve the lives of Ghanaians.
Strengthening Ghana’s Economic Position
The World Bank’s continued support for Ghana’s education sector reforms was a key highlight of the discussions.
These reforms are geared towards enabling quality teaching and learning experiences for students and teachers at all levels of education in the country.
The support of the World Bank is an immense contribution to the government’s efforts. Dr. Forson welcomed the additional resources allocated to Ghana, emphasizing that such investments will be crucial in driving sustainable development.
He assured that the government remains committed to ensuring that every cedi is spent wisely and efficiently.
“These measures reflect our commitment to prudent resource management and ensure that every cedi is spent where it matters most: on projects that drive growth and improve the lives of Ghanaians”
Dr. Cassiel Ato Forson, Minister of Finance
As Ghana navigates economic recovery, the government’s focus on fiscal discipline and efficient resource allocation will be instrumental in restoring investor confidence.
The meeting with the World Bank underscores the importance of international partnerships in supporting the country’s economic transformation agenda.
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