Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has affirmed the country’s commitment to sound fiscal governance, assuring both “domestic and international investors,” that recent economic indicators reflect not just resilience, but deliberate progress under the new administration.
Speaking during an investor engagement session, Dr Forson laid out a cautiously optimistic assessment of Ghana’s fiscal landscape, anchored in improved “revenue mobilisation, currency stability, and disciplined public spending.”
“The cedi has remained relatively stable and has begun appreciating since last week. Our reserve position is strong, currently covering over four months of import needs”
Dr. Cassiel Ato Forson, Minister of Finance
The minister stated that the Ghanaian cedi has not only remained stable in recent weeks but has also begun appreciating, signalling renewed investor confidence. This trend, he said, will be further supported by the operationalisation of the Ghana GoldBod, a strategic initiative aimed at the country’s foreign exchange reserves.
The minister noted that “this progress is a testament to prudent economic management and our resilience.”
The Ghana GoldBod, scheduled to begin full operations in the coming months, is expected to play a critical role in forex stability. The facility is designed to “optimize gold assets,” to shore up Ghana’s reserve position and reduce pressure on the cedi.
Dr. Forson linked this development directly to sound macroeconomic management and the administration’s commitment to fiscal discipline.
In his remarks, he underscored that the current improvements in currency and reserves were not coincidental, but rather the product of a sustained policy focus on macroeconomic stability since President Mahama took office in January 2025.
Tax Revenues and Sustaining Momentum
Turning to domestic performance, Dr Forson pointed to impressive revenue gains made by the Ghana Revenue Authority (GRA) in the first quarter of 2025.
“Tax receipts exceeded projections by over GHS 2.4 billion, putting the government on track to achieve a primary surplus of 1.5% of GDP by the end of the year”
Dr. Cassiel Ato Forson, Minister of Finance
He attributed this surplus not just to stronger-than-expected revenue but also to “tight expenditure control.”
Budget allocations for goods and services have largely been held at the 2023 levels, a level decision he described as a reflection of the administration’s seriousness about long-term fiscal sustainability.
Despite the current gains, Dr. Forson cautioned against complacency. He stressed that while the key economic indicators are trending in the right direction, the government remains focused on sustaining momentum and preparing for future shocks.
“In short, we are exactly where we need to be. All indicators are trending in the right direction, but we are not complacent. We remain vigilant and committed”
Dr. Cassiel Ato Forson, Minister of Finance
He also addressed market concerns over debt servicing, revealing that the Bank of Ghana “holds sufficient external reserves to meet all upcoming coupon and interest payments.”
“This ensures continued confidence in our markets,” he added
Forward Plans
Looking ahead, the Minister of Finance confirmed that the upcoming Mid-Year Budget Review will focus heavily on “debt management strategy.”
The review, expected to be presented in Parliament by July, will outline how the government intends to balance debt servicing with “pro-growth investments.”
“We will outline our debt management strategy, which will support growth, sustainability, and investor confidence”
Dr. Cassiel Ato Forson, Minister of Finance
The statement by the Finance Minister comes at a time when the government is under increasing pressure to stabilise the economy while funding critical social programmes.
With the administration prioritizing economic restoration in its first year, Dr Forson’s remarks signal a steady hand at the helm of Ghana’s fiscal affairs and a deliberate strategy to maintain investor confidence as the country looks beyond recovery toward sustained growth.
