Ghana’s Minister of Finance, Dr. Cassiel Ato Forson, who also serves as the Member of Parliament for Ajumako Enyan Essiam Constituency, has presented the 2025 Budget Statement and Economic Policy to Parliament.
His presentation emphasized key economic reforms aimed at resetting Ghana’s economy for sustained growth, job creation, and price stability.
Delivering his address, Dr. Forson outlined the government’s commitment to its ambitious 24-hour economic policy, which seeks to stimulate economic growth by creating an industrial economy that optimally utilizes national resources, labor, and capital.
“Mister Speaker, we remain committed to the pursuit of our 24-hour economic policy to stimulate economic growth and job creation. This policy will address Ghana’s structural economic challenges by creating an integrated, efficient, and increasingly export-driven industrial economy”.
Dr Cassiel Ato Forson,Ghana’s Minister of Finance
He further indicated that the policy framework and enabling legislation, including the Labor Act and the Ghana Investment Promotion Act, will be reviewed to support this vision.
Dr. Forson assured Parliament that a full policy on the implementation of the NDC’s proposed 24-Hour Economic Policy would be submitted to Parliament in due course.
A major announcement in the 2025 budget was the proposed establishment of the Ghana Gold Board, a regulatory body to enhance Ghana’s foreign exchange and gold reserve accumulation.
Dr. Forson revealed plans to submit a bill for the legal framework supporting the board’s creation. This initiative is expected to help stabilize the Ghanaian cedi and mitigate the impact of foreign exchange fluctuations on the economy.
“The volatility of our currency remains a major challenge for businesses and households. The establishment of the Ghana Gold Board will provide a structured approach to managing our gold resources while strengthening our foreign exchange reserves”.
Dr Cassiel Ato Forson,Ghana’s Minister of Finance
A Budget Built on Reflection and Experience
Dr. Forson took a moment to reflect on his journey in public service, noting how his experience as a former Deputy Minister of Finance, a Ranking Member of the Finance Committee, and a Minority Leader had prepared him for his current role.
“Right honorable speaker, the invaluable experience I gained in this chamber has shaped my perspective, sharpened my focus, and prepared me for the task at hand. I fully commit to supporting his excellency the president to fix the economy of Ghana.
“I take this opportunity to extend my profound gratitude to the good people of Ajumako Enyan Essiam, my constituents, and to you mister speaker, and members of this house across the aisle for your unwavering support throughout my years in this chamber”.
Dr Cassiel Ato Forson,Ghana’s Minister of Finance
He also acknowledged the crucial role of Parliament as a center for rigorous debate and policy-making, pledging to work closely with lawmakers across the political divide to implement sound economic policies and structural reforms.
Resetting the Economy: The Defining Moment for Ghana
Dr. Forson framed the 2025 budget as a crucial turning point for Ghana’s economic recovery, emphasizing that the country faces a defining moment where critical choices must be made.
He reiterated that President John Dramani Mahama’s government remains committed to resetting Ghana for jobs, accountability, and prosperity, in line with the National Democratic Congress (NDC) manifesto.
“Mister Speaker, the choice before us as a country is clear. We can either continue on a path of self-destruction by ignoring our economic challenges, or we can embark on a transformative journey that resets our economic model, redefines our priorities, and upholds our social contract”.
Dr Cassiel Ato Forson,Ghana’s Minister of Finance
Prior to presenting the budget, the government engaged in a National Economic Dialogue under the theme “Resetting Ghana: Building the Economy We Want Together.”
The dialogue, according to Dr Forson, provided a platform for broad stakeholder consultation, gathering input from various sectors, including business leaders, labor unions, market traders, and the youth.
Dr. Forson highlighted that traders, particularly those in major commercial hubs like Makola Market, expressed deep concerns about exchange rate fluctuations and price instability.
“Exchange rate volatilities erode working capital, make business planning difficult, and increase the cost of doing business,” he noted. The budget, therefore, outlines strategic interventions in collaboration with the Bank of Ghana to stabilize the exchange rate and inflation.
Additionally, he revealed that engagement with Ghanaian youth via social media provided crucial insights into their concerns.
One significant revelation from these consultations was the plight of 321 pharmacists employed since June 2023 who had not received their salaries. He assured Parliament that the government would take immediate steps to resolve this issue.
“Right honorable speaker, this conversation was an eye opening experience. One that strengthened my belief that the voices of the youth matter in designing policies that directly and indirectly impact their lives and future”.
Dr Cassiel Ato Forson,Ghana’s Minister of Finance
Strengthening Public Financial Management and Procurement Processes
Dr. Forson emphasized the importance of enforcing the Public Financial Management Act (PFMA) 2016 (Act 921), which he helped pass in 2016.
While the Act remains one of the best financial management frameworks globally, Dr Forson argued that its poor implementation has weakened Ghana’s fiscal discipline.
“Mister speaker, President Mahama’s government is committed to the full implementation of this critical legislation. Mister speaker, accordingly, we will enforce the sanction regime, link contracting and public procurement to budgetary provisions in the medium term expenditure framework, and seek parliamentary approval for all material commitments as required by norm”.
Dr Cassiel Ato Forson,Ghana’s Minister of Finance
The budget also proposed a headcount of government employees to rationalize the management of compensation, ensuring fiscal discipline and preventing payroll fraud.
Dr. Forson’s budget presentation reaffirmed the Mahama administration’s resolve to implement pragmatic reforms that will restore Ghana’s economic stability.
Some of the key takeaways from his address include: introduction of the 24-hour economy policy to boost industrial productivity and job creation, creation of the Ghana Gold Board to strengthen foreign exchange reserves and stabilize the cedi and commitment to fiscal discipline through strict enforcement of the Public Financial Management Act.
In concluding his address, Dr. Forson called on Parliament to work collectively towards resetting Ghana’s economy. He acknowledged that while economic recovery requires difficult decisions, national interest must remain the guiding principle.
READ ALSO: CDD-Ghana Fellow Urges Government to Prioritize Ghana’s Health Sector
