IMANI Africa President Franklin Cudjoe has offered an unusually strong endorsement of Finance Minister Dr. Cassiel Ato Forson’s economic management, describing Ghana’s recent debt reduction as the fastest in the country’s history and crediting the minister with what he called a remarkable turnaround after years of fiscal deterioration.
Speaking during a panel discussion, Mr Cudjoe said the conversation about Ghana’s economic trajectory must be grounded in “proper attribution,” arguing that even if the foundations for improvement already existed, it took a disciplined and focused manager to deliver the outcomes currently being witnessed.
According to him, Dr. Ato Forson has demonstrated uncommon stewardship at a time when many doubted that the country could climb out of the fiscal crisis. He added that respected economist Dr. Theo Acheampong could confirm the speed of the reduction, emphasising that the data speaks for itself.
“This is the fastest time we’ve actually ever reduced our debt. Do you realise? You guys took us into the deepest hole ever. Nobody thought we were going to come out of it, but this guy came, and he virtually took us out quickly. From 65% of GDP to about 45%. Let’s give the good shepherd the credit due him.”
IMANI Africa President Franklin Cudjoe
Mr Cudjoe contrasted the current situation with the period beginning in 2017, when the NPP administration took office. He argued that much of the growth Ghana enjoyed early in that administration resulted from significant investments made under President John Mahama, particularly in the energy sector.
Yet, he said, the new leadership at the time failed to sustain or build on that momentum. “For eight years, they didn’t invest in energy resources. They were fighting people who should be investing in the economy,” he argued.
According to Mr Cudjoe, the real difference now lies in what he described as “the shepherding process” — a deliberate approach to fiscal discipline and expenditure management that has helped stabilise public finances. He said Dr. Ato Forson has not only avoided worsening the situation he inherited but has also put the country on a clearer path to recovery.
Cautioned against Complacency
But while offering praise, the IMANI President also cautioned against complacency, warning that Ghana’s economic history is filled with cycles of early progress followed by slippages during election years. He said it is encouraging that Dr. Forson has openly declared his commitment to fiscal discipline despite political pressures.
“Ato Forson has put his life on the line, in a way, by saying, ‘I am a stickler for fiscal discipline, and I’m going to do that irrespective of what everybody says.’ If the president has his backing, he will continue. That is important to acknowledge.”
IMANI Africa President Franklin Cudjoe
Mr Cudjoe argued that previous fiscal mismanagement was systemic, characterised by what he described as careless and arbitrary spending. He cited instances in which the former administration allegedly released contractor mobilisation funds without proper verification.
“It’s like when they see you and they like your face, then they say Come, come, mobilise. They give you money. Go and do something. You don’t even do it well. That’s what they did”.
IMANI Africa President Franklin Cudjoe
He contrasted that with his recent encounters with officials under the current administration, who insisted that no contractor would receive mobilisation funds before the necessary verification and evaluation were completed. He said he initially thought such assurances were a “fluke” until he received consistent confirmation just days before the budget presentation.
Using the Ofankor–Nsawam road project as an example, Mr Cudjoe criticised the previous administration for securing a loan from the African Export–Import Bank (Afrexim Bank) but failing to complete the project.
He said the project only resumed after the new administration settled outstanding payments to the contractor. “Nobody has seen the ghost of that money,” he added, arguing that funds intended for specific projects were diverted to other uses without proper accountability.
Mr Cudjoe also referenced the Agenda 111 project, claiming that about GH¢100 million was wasted on mobilisation alone without the completion of a single facility. He questioned how such large sums could be expended without tangible results.
He further criticised the previous administration’s approach when exiting the IMF programme in 2019, claiming that it promised reforms and production levels that never materialised.
He challenged anyone to identify a single major public sector reform undertaken during that period. He cited the GIFMIS system as an example, asserting that “about 90% of transactions did not go through.”
Further, he criticised inflated costs across projects, including the controversial dugout dams, some of which reportedly cost GHS250,000 despite being valued at less than GHS1,000 in certain districts. “What they did to this country was pillage resources,” he said. “We should never do that again.
The IMANI President warned against repeating such fiscal lapses and urged Ghanaians to remain vigilant. He said while the current administration’s GH¢30 billion infrastructure push is ambitious, he would prefer a stronger role for Public-Private Partnerships (PPPs) rather than heavily relying on state resources.
He acknowledged ongoing efforts by the Roads Ministry to rationalise and evaluate projects but said the broader challenge of unemployment should remain central to policy discussions.
Mr Cudjoe concluded by reiterating that while Ghana should be cautious about repeating past mistakes, the progress made under Dr. Forson is undeniable. “Let’s give due regard to the shepherd,” he said. “He is saying that going forward, he will be fiscally responsible — and we must track everything they say.”
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