TIG Post

Tag: Ato Forson

  • A roadmap will be provided to ensure SSNIT’s sustainability – Board of Trustees Chairman

    A roadmap will be provided to ensure SSNIT’s sustainability – Board of Trustees Chairman

    Chairman of the newly constituted Board of Trustees for the Social Security and National Insurance Trust (SSNIT), Nana Ansah Sasraku III, has committed to providing strategic direction to the Trust by leveraging collective expertise to drive growth, sustainability, and excellence in service delivery.

    Nana Ansah Sasraku III noted that a roadmap for the Trust will be provided to safeguard the Scheme’s sustainability and ensure that it continues to meet its obligations to its valued members. He acknowledged the magnitude of the task ahead and expressed the Board’s readiness to deliver.

    “We know that the task before us is immense. But what greater responsibility is there than securing the retirement incomes of the very people who built our nation? And what greater task is there than ensuring that after years of service, the Ghanaian worker can rest, assured that their future is safe? Yes, we are fully aware of the magnitude of the work ahead. But we are prepared, united and committed to ensure that the Trust’s resources are managed with integrity, prudence and foresight to secure the future of contributors and beneficiaries,” he said.

    He made the remarks following the inauguration of the new Board of Trustees on Tuesday, June 3, by Finance Minister Dr. Cassiel Ato Forson, who called for prudence, integrity, and transparency in the management of Ghana’s pension funds.

    Dr. Forson, in his address, noted the vital national importance of SSNIT, reminding the board that it is an institution “we will all need one day—when we retire.”

    He warned against any attempts to sell state assets to politically connected individuals as he questioned some of SSNIT’s past investment decisions

    “Please don’t sell state assets to politicians. The President will not accept it, and as your sector Minister, I will be the first to oppose it.”

    He stressed that the people of Ghana have entrusted their future into the board’s hands, and therefore, their actions must reflect the weight of that responsibility.

    The sector minister charged the new board to chart a new course and let their actions reflect the weight of the responsibility the people of Ghana have entrusted to them.

    In May 2024, Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, lodged a formal petition with the Commission on Human Rights and Administrative Justice (CHRAJ) to investigate allegations surrounding the sale of six hotels namely, Labadi Beach Hotel, La Palm Royal Beach Resort, Elmina Beach Resort, Ridge Royal Hotel, Busua Beach Resort, and the Trust Lodge Hotel.

    The Trust decided to sell a 60% stake in its hotels to Rock City Hotel owned by the Food and Agriculture Minister, Dr Bryan Acheampong. In response, Ghanaians demonstrated peacefully through the streets of Accra, compelling authorities to halt the planned sale.

    The then-Minority in Parliament called on former President Akufo-Addo, who was president at the time, to instruct the Social Security and National Insurance Trust (SSNIT) to halt the sale, including several state officials who shared the same sentiments.

    Later in July 2024, SSNIT eventually announced that it had halted the sale process following significant opposition from stakeholders. The private investor involved, Brian Acheampong’s Rock City Hotel, also withdrew from the transaction. 

    Former Minister for Employment, Labour Relations, and Pensions Ignatius Baffour Awuah reported that SSNIT’s total assets under management had seen substantial growth, increasing from GHS15.2 billion in December 2016 to GHS71.69 billion by March 2024. This, he said, represented a remarkable 350% increase over a seven-year period.

  • Finance Minister assures timely release of funds for school feeding caterers

    Finance Minister assures timely release of funds for school feeding caterers

    Finance Minister, Dr. Cassiel Ato Forson, has reaffirmed the government’s commitment to ensuring the prompt release of funds for caterers under the Ghana School Feeding Programme (GSFP).

    This assurance comes as part of efforts to address delays in payments and improve the effectiveness of the programme.

    Speaking during a courtesy visit by the new Country Representative of the United Nations World Food Programme (WFP), Ms. Aurore Rusiga, Dr. Forson stressed the importance of timely payments to caterers in order to sustain and enhance the programme’s impact.

    “The current rate of just over 1 cedi per child per day is woefully inadequate. That is why I have taken steps to increase it to 2 cedis and am actively working with partners to raise it further,” Dr. Forson said. “More importantly, we are committed to ensuring that payments to caterers are made on time to guarantee the smooth operation of the programme.”

    The government has allocated 1.78 billion cedis to the School Feeding Programme this year. However, Dr. Forson acknowledged that additional resources are needed to further expand its reach and improve its effectiveness. He urged the WFP to provide more support to strengthen the initiative.

    In response, Ms. Rusiga welcomed Dr. Forson’s commitment to ensuring timely payments and emphasized that the success of initiatives like introducing fortified rice to enhance the nutritional value of school meals depends on the reliability of funding.

    “We are ready to collaborate with the World Bank and the Government of Ghana on a comprehensive evaluation of the School Feeding Programme,” Ms. Rusiga added, highlighting the need for a thorough assessment to improve the programme’s outcomes.

    The Ghana School Feeding Programme plays a vital role in improving child nutrition, boosting school enrollment, and supporting local caterers and food suppliers. With the Finance Ministry’s assurance of timely fund disbursement, the programme is expected to operate more smoothly, benefiting both children and service providers across the country.

  • Finance Minister, Chinese Ambassador hold discussion on deepening bilateral cooperation

    Finance Minister, Chinese Ambassador hold discussion on deepening bilateral cooperation

    Finance Minister, Dr. Cassiel Ato Forson, has held strategic talks with the Chinese Ambassador to Ghana, H.E. Tong Defa, aimed at reinforcing the partnership between the two countries and charting new areas for cooperation.

    The meeting, which took place earlier today, emphasized the importance of infrastructure development and economic collaboration as key pillars of the Ghana-China relationship.

    Dr. Forson reflected on the longstanding partnership, highlighting a major milestone from his tenure as Deputy Minister: “With China’s support, we built the Atuabo Gas Processing Plant during my time as Deputy Minister. It’s now time to build a second gas processing plant.”

    As Ghana gears up for its Mid-Year Budget Review, the Finance Minister noted that several infrastructure projects—such as the Accra-Kumasi Expressway announced by President Nana Akufo-Addo—remain a top priority. He emphasized the critical role of international allies in executing such initiatives.

    “We will need support from partners like China,” Dr. Forson stated, invoking a Chinese proverb to underscore the agenda. “If you want to get rich, build roads first.”

    He went on to express satisfaction with ongoing collaborations, pointing out the progress made in current projects: “Most Chinese-funded projects in Ghana are near completion, and we hope new ones will commence soon.”

    Another key topic on the agenda was Ghana’s debt restructuring efforts. Dr. Forson appealed for continued Chinese support in finalizing the process to stabilize the economy and sustain growth.

    Ambassador Tong Defa, in response, reiterated China’s commitment to Ghana’s development goals. “The bilateral agreement and development partnership are ready to be signed,” he affirmed, adding that China remains a reliable partner in Ghana’s transformation journey.

  • Finance Minister engages BII to invest in agribusiness and financial sectors

    Finance Minister engages BII to invest in agribusiness and financial sectors

    Finance Minister, Dr. Cassiel Ato Forson, met with representatives from British International Investment (BII) to explore strategic opportunities, particularly in agribusiness and the financial sector in a significant move to deepen foreign investment in Ghana.

    The meeting highlighted Ghana’s evolving investment landscape, with a focus on leveraging private capital for economic growth.

    “Ghana is open for business, and we welcome partners ready to grow with us,” Dr. Forson emphasized.

    A major highlight of the discussion was Ghana’s upcoming Palm Industry Policy, aimed at diversifying the nation’s agricultural base beyond cocoa.

    The government plans to develop 50,000 hectares of oil palm, beginning with a $100 million investment for the first 20,000 hectares.

    “Our goal is to attract private sector investment into large-scale agribusiness that creates jobs and boosts export earnings,” said Dr. Forson.

    The Finance Minister also extended an invitation to BII to support the repositioning and growth of Consolidated Bank Ghana (CBG), signaling a broader push to strengthen the banking sector.

    BII, which currently holds over $200 million in investments in Ghana—particularly in the energy sector—responded positively, reaffirming their long-term commitment to the country.

    “We see Ghana as a priority market in the region,” BII representatives noted.

    In a promising development, BII is considering bringing its full Board to Ghana for the first time in nearly a decade, signaling renewed interest at the highest level.

    The institution also expressed readiness to support small and medium-sized enterprises (SMEs), forestry, and other key sectors.

    Dr. Forson concluded, “We are creating the right environment for investors who are committed to sustainable growth and shared prosperity.”

  • We will implement a new local procurement policy to boost industry – Finance Minister

    We will implement a new local procurement policy to boost industry – Finance Minister

    Finance Minister Dr. Cassiel Ato Forson says government is gearing up to roll out a local procurement policy aimed at promoting homegrown industries and cutting down on Ghana’s dependence on imported goods.

    Speaking at a strategic engagement with executives of the Association of Ghana Industries (AGI), Dr. Forson outlined plans to make it mandatory for all public sector institutions to source selected essential commodities directly from domestic producers.

    “To support our local industries, the government will soon publish a list of items that all public sector agencies must procure locally,” he said, adding that “any government procurement from outside Ghana will require special approval from the Office of the President.”

    The Finance Minister lamented the nation’s ongoing reliance on imports for everyday staples like sugar and rice, despite the local capacity to produce them. He said the new directive will serve as a key pillar in efforts to revitalise Ghana’s manufacturing sector and expand job opportunities.

    Alongside the local procurement agenda, Dr. Forson raised concerns about the persistent challenge of goods being smuggled into the country, which he described as a major threat to the survival of local businesses.

    “Smuggled goods are crippling our local businesses, and we are determined to stop it,” he warned. He revealed that government has mapped out major smuggling routes and will soon introduce strict enforcement measures to tackle the issue head-on.

    He further called for increased collaboration between state institutions and private sector stakeholders, encouraging industry leaders to engage in a working session on how local enterprises can align with the government’s 24-hour economy initiative.

    According to Dr. Forson, “robust partnerships will be key to sustaining long-term growth and enhancing local production capacity.”

    AGI President, Dr. Humphrey Ayim-Darke, welcomed the policy direction and praised the government’s renewed focus on industrial transformation. He was hopeful that stronger ties between government and industry players would help boost the performance and global competitiveness of Ghanaian manufacturers.

    He added that the planned procurement policy has the potential to channel public spending into sectors that will yield direct benefits for the country’s economy.

  • Ghana, IMF commence fourth review mission

    Ghana, IMF commence fourth review mission

    Ghana has begun its fourth review under the International Monetary Fund’s (IMF) Extended Credit Facility (ECF) programme, marking another crucial step in the country’s economic recovery efforts.

    The review, which runs from 2 April to 15 April, will evaluate Ghana’s progress in meeting key fiscal and monetary targets set under the agreement.

    The IMF team commenced discussions with officials from the Ministry of Finance and the Bank of Ghana, focusing on the nation’s financial health and economic outlook for 2024. The assessment will examine Ghana’s fiscal discipline, debt management strategies, and structural reforms aimed at stabilising the economy.

    Throughout the two-week period, IMF representatives will engage with policymakers, financial regulators, and other stakeholders to assess macroeconomic performance, including inflation trends, monetary policy effectiveness, and public sector expenditure controls.

    A critical aspect of the review will be Ghana’s ability to meet IMF benchmarks related to economic stability and debt sustainability. The outcome will determine the disbursement of the next tranche of financial support, which is essential to the country’s ongoing economic restructuring efforts.

    Government officials remain optimistic about Ghana’s ability to meet its commitments under the programme, citing ongoing policy adjustments and fiscal reforms as key drivers of economic stability.

    The IMF’s final assessment, expected on 15 April, will outline Ghana’s progress and the next steps in its financial support programme.

  • “It is finished” – Ato Forson reacts to abolishment of E-Levy bill, others

    “It is finished” – Ato Forson reacts to abolishment of E-Levy bill, others

    Finance Minister Dr. Cassiel Ato Forson has celebrated the successful abolishment of the Electronic Transfer Levy (E-Levy) and other taxes, following President John Dramani Mahama’s approval of the relevant legislative bills.

    The repealed taxes include the Electronic Transfer Levy (E-Levy), Betting Tax, and Emissions Tax.

    This decision became official on April 2, 2025, when President Mahama signed the necessary legislative bills into law.

    Dr. Ato Forson emphasized that the move reflects the government’s dedication to easing financial pressures on Ghanaians.

    In a social media post on April 2, he declared, “It is finished,” signifying the successful implementation of Mahama’s tax reforms.

    The new laws include the Electronic Transfer Levy (E-Levy) Repeal Bill 2025, which officially eliminates the controversial levy on mobile money and electronic transactions.

    The Emissions Levy Repeal Bill, another key measure, removes a tax originally meant to reduce pollution but widely opposed by businesses and individuals.

    Changes to the Value Added Tax (VAT) system have also been approved to improve compliance while lessening the burden on businesses and consumers.

    The Income Tax Amendment Bill 2025 introduces adjustments to tax rates and exemptions aimed at improving fairness and revenue collection.

    Further revisions include the Petroleum Revenue Management Amendment Bill 2025, which seeks to enhance the allocation of petroleum sector funds.

    The Public Financial Management Amendment Bill focuses on strengthening accountability and transparency in government spending.

    Additionally, the Earmarked Funds Capping and Realignment Bill aims to optimize budget allocations by setting limits and redistributing earmarked funds.

    Other legislative changes include a second amendment to the VAT system to refine tax administration.

    The Energy Sector Levy Act has also been introduced to restructure levies within the sector to boost financial stability and attract investment.

    The Gold Board Bill 2025 provides a regulatory framework for gold mining, trade, and exports to maximize its economic impact.

    The Growth and Sustainability Levy Act establishes measures designed to ensure the long-term stability of the economy.

  • Mahama will assent to removal of E-levy, others without delay – Ato Forson

    Mahama will assent to removal of E-levy, others without delay – Ato Forson

    Finance Minister Dr. Cassiel Ato Forson has expressed confidence that President John Dramani Mahama will promptly sign into law the newly passed bill that eliminates the E-Levy, Emission Levy, and Betting Tax.

    The bill, which recently secured parliamentary approval, seeks to ease financial burdens on businesses and individuals affected by these tax measures. Its passage marks a significant shift in the country’s taxation policies, with various stakeholders welcoming the move as a relief for the economy.

    Following the bill’s approval, Dr. Ato Forson shared his optimism on social media, stating, “Parliament has just passed the Income Tax (Amendment) Bill, 2025, which abolishes the ‘Betting Tax’ and other levies. I have no doubt that H.E. President John Dramani Mahama will be more than willing to sign it into law without delay.”

    The Emission Levy, introduced in 2024 to promote environmental sustainability, faced intense criticism from vehicle owners and businesses, who argued that it placed an undue financial strain on them. Likewise, the 10% Betting Tax, aimed at generating revenue from the gambling industry, was widely condemned for discouraging participation and negatively impacting betting operators’ earnings.

    With the repeal of these taxes, experts anticipate a shift in the country’s income tax structure and corporate taxation policies, potentially fostering a more business-friendly environment. The removal of the levies is expected to alleviate tax obligations across various sectors and stimulate economic activity.

    https://twitter.com/Cassielforson/status/1904927039963996510

  • This is deception – Afenyo-Markin slams govt’s plan to extend Special Import Levy

    This is deception – Afenyo-Markin slams govt’s plan to extend Special Import Levy

    Minority Leader Alexander Afenyo-Markin has strongly criticised the government’s proposal to extend the special import levy from 2025 to 2028, describing it as a move that disregards the concerns of ordinary Ghanaians and importers.

    Speaking on the matter in Parliament on Tuesday March 26, Afenyo-Markin expressed disappointment in what he called the government’s “ndaadaa” attitude (means a deceptive attitude) , accusing it of taking more from citizens without offering meaningful relief.

    On his part, the extension disregards the struggles of ordinary Ghanaians and importers citing that it will burden citizens further without providing significant relief.

    “We are also aware that there is this special import levy extension from 2025 to 2028. So this attitude of attempting to give one, take more—this ‘ndaadaa’ attitude—we can read in between the lines,” he remarked.

    The Minority Leader stressed the need for the levy to expire as scheduled, highlighting its significance for importers. He urged the Finance Minister to give a firm assurance that there would be no extension.

    He warned that any decision to prolong the levy would be a major letdown for importers who had been expecting its removal.

    “This government is not really a government that cares about the ordinary Ghanaians because importers who are expecting an end to this special import levy will be disappointed. The private sector can only thrive if the government is giving them a breather,” ” Afenyo-Markin stated.

    About the Special Import Levy

    The Special Import Levy was introduced in Ghana through the Special Import Levy Act, 2013 (Act 861). It imposed a 2% levy on certain imported goods to generate revenue for the government. The levy was initially intended to be temporary, but its duration has been extended multiple times over the years.

    It applies to a wide range of goods, including finished products and intermediary goods, and is collected alongside other import duties and taxes.

    The levy has been a subject of debate, with critics arguing that it increases the cost of imports and places additional financial strain on businesses and consumers. Supporters, however, view it as a necessary measure to boost government revenue and fund development projects.

  • 2025 budget is not just figures on paper – Ato Forson

    2025 budget is not just figures on paper – Ato Forson

    Finance Minister Dr. Cassiel Ato Forson has assured Ghanaians that the 2025 budget is designed to prioritize their concerns and improve their livelihoods.

    Speaking in Parliament on Tuesday, March 25, during the conclusion of discussions on the Budget Statement, he reaffirmed the government’s commitment to seeing its proposals fully executed.

    “This budget reflects our determination to put the people first, and we will ensure its successful execution for the benefit of all Ghanaians,” he stated.

    He emphasized that the document is not just a collection of economic projections but a strategic framework aimed at addressing the challenges citizens face.

    “This budget is not just figures on paper; it is a comprehensive plan to address the real concerns of Ghanaians. We have listened, and we are responding with practical solutions,” he added.

    Dr. Forson acknowledged Ghana’s persistent economic difficulties and stressed that resolving them requires a methodical and sustainable approach.

    “The problems of this country did not arise overnight, but we have begun the process of resolving them systematically and sustainably,” he noted.

    He urged Ghanaians to support the government’s plans, highlighting that the budget is a crucial step toward long-term economic stability and national progress.

  • Goldbod to purchase 3 tonnes of gold weekly to strengthen foreign exchange reserves – Ato Forson

    Goldbod to purchase 3 tonnes of gold weekly to strengthen foreign exchange reserves – Ato Forson

    Minister for Finance, Dr Cassiel Ato Forson, has announced that the government will fund the newly established Ghana Gold Board (GoldBod) to purchase three tonnes of gold weekly in a bid to bolster the country’s foreign exchange reserves.

    This initiative forms part of broader efforts to regulate the gold sector, curb smuggling, and ensure that Ghana fully benefits from its natural resources.

    “Gold is one of Ghana’s most valuable resources, yet illicit smuggling has robbed our economy of billions in revenue. To address this, the government will fund GoldBod to purchase three tonnes of gold every week, strengthening our foreign exchange reserves,” Dr. Forson stated in a post on X.

    Dr. Forson’s remarks follow revelations that in 2022, at the peak of Ghana’s economic crisis, an estimated 60 tonnes of gold—worth approximately $1.2 billion—were smuggled out of the country through illegal channels. The loss of this critical resource weakened Ghana’s ability to support its currency, contributing to cedi depreciation due to reduced foreign exchange inflows.

    “Imagine the impact if that wealth had stayed in our economy! The loss of such vast sums deprives us of crucial foreign exchange, further weakening the cedi. This is why GoldBod’s role is essential in ensuring that our gold stays within the legal market and directly supports our economy,” he emphasized.

    To address this challenge, the government has established GoldBod as a game-changing institution that will regulate the gold sector, combat smuggling, and promote responsible gold trade.

    Through the UK-Ghana Gold Programme [an initiative dedicated to breaking the link between illegal artisanal gold mining and serious organized crime (SOC)], GoldBod is collaborating with the Economic and Organised Crime Office (EOCO) to curb smuggling at key entry points such as Bole.

    Additionally, it is working with the Precious Minerals Marketing Company (PMMC) to enhance pricing mechanisms, introduce pre-financing options, encourage whistleblower reports on smuggling, and adopt responsible sourcing practices in line with London Bullion Market Association (LBMA) certification.

  • Goldbod to purchase 3 tonnes of gold weekly to strengthen foreign exchange reserves – Ato Forson

    Goldbod to purchase 3 tonnes of gold weekly to strengthen foreign exchange reserves – Ato Forson

    The Ghanaian government is taking bold steps to enhance its foreign exchange reserves through strategic gold purchases.

    Finance Minister Dr. Cassiel Ato Forson has announced that the Ghana Gold Board (GoldBod) will acquire “three tonnes of gold every week” as part of efforts to stabilize the country’s economy and curb illegal gold trade.

    Speaking on the initiative, Dr. Forson emphasized that gold smuggling had significantly drained Ghana’s economy, with “about 60 tonnes of gold—worth an estimated $1.2 billion—illegally exported in 2022.” He stressed that retaining such wealth within the economy could have positively impacted national development.

    To counter these losses, the government is collaborating with the UK-Ghana Gold Programme to enforce stricter regulations in the gold sector.

    “We are working closely with the Economic and Organised Crime Office (EOCO) to prevent smuggling at key border points, including Bole,” Dr. Forson disclosed.

    He added that GoldBod is partnering with the Precious Minerals Marketing Company (PMMC) to refine pricing structures, introduce pre-financing options for small-scale miners, and encourage whistleblower reports on illicit gold activities.

    In addition to these reforms, the finance minister announced a major policy shift: “As part of the 2025 Budget, we will abolish the 1.5% withholding tax on unprocessed gold.” This measure, he explained, is designed to incentivize legal gold trading and stimulate economic growth.

    With these strategies in place, the government aims to regain control over the gold industry, dismantle illegal networks, and ensure that the country’s mineral resources contribute meaningfully to national development. “This is just the beginning—together, we will build a stronger, more prosperous Ghana,” Dr. Forson affirmed.

  • Ghana lost $1.2bn to gold smuggling in 2022 – Ato Forson

    Ghana lost $1.2bn to gold smuggling in 2022 – Ato Forson

    Ghana is losing billions in revenue due to the illegal transfer of gold, Finance Minister Dr. Cassiel Ato Forson has revealed.

    According to him, at the peak of Ghana’s economic crisis in 2022, an estimated 60 tonnes of gold—valued at $1.2 billion—were smuggled out of the country through illegal channels.

    In a post on X, Dr. Forson lamented the economic toll of illicit gold trade, questioning how much the country could have gained if those resources had remained within the local economy.

    “Imagine the impact if that wealth had stayed in our economy!” he stated, emphasizing the need to curb illegal mining and smuggling, which continue to drain Ghana’s revenue.

    To address the issue, the minister disclosed that he had engaged officials from the UK-Ghana Gold Programme.

    The initiative is focused on breaking the connection between illegal artisanal mining and organized crime, ensuring that Ghana fully benefits from its natural resources.

  • I haven’t sanctioned any $1.7m procurement deal – Ato Forson

    I haven’t sanctioned any $1.7m procurement deal – Ato Forson

    Finance Minister Dr. Cassiel Ato Forson has refuted claims circulating on social media that he approved a $1.7 million single-source procurement contract for the Ministry of Finance.

    In a Facebook post, Dr. Ato Forson described the allegation as false and urged the public to disregard it.

    “My attention has been drawn to yet another baseless and misleading claim circulating about an alleged $1.7 million single-source procurement contract approved by me. This claim is completely false and should be disregarded,” he stated.

    The Minister emphasized that since assuming office, he has not authorized any procurement, reaffirming his commitment to transparency and responsible economic management.

    Similarly, the Public Procurement Authority (PPA) has distanced itself from the alleged approval, stating that it has not granted any such clearance to the Ministry of Finance.

    “It has come to the attention of the PPA that a letter circulating on social media purports to grant single-source approvals to the Ministry of Finance for the engagement of Ostec Limited in respect of the implementation of Middleware and Oracle Business Intelligence Enterprise Edition with data warehouse.

    The Authority would like to clarify that it has not granted any such approvals. We therefore entreat the general public to ignore the said letters in circulation,” the PPA stated.

    The allegations have sparked public discussions on government procurement processes. However, with both the Finance Minister and the PPA denying any involvement, the claims remain unverified.

  • Govt to introduce debt ceiling as part of fiscal discipline – Ato Forson

    Govt to introduce debt ceiling as part of fiscal discipline – Ato Forson

    Finance Minister, Dr. Cassiel Ato Forson, says the government will be submitting a fiscal responsibility rule to Parliament, setting a debt ceiling that the Ministry of Finance cannot exceed.

    This move, he said, is part of efforts to entrench fiscal discipline and restore macroeconomic stability.

    Dr. Forson made this known during a high-level engagement with over 22 Managing Directors of banks on Thursday March 20, 2025, where discussions focused on economic recovery, fiscal consolidation, and financial sector stability.

    “We are making massive investment cuts and resetting goods and services expenditure to 2023 levels. Our target is clear: achieve a primary surplus of 1.5% as we work to consolidate our gains and rebuild confidence.

    “As part of our commitment to fiscal discipline, we will be submitting to Parliament a fiscal responsibility rule—a debt ceiling that the Ministry of Finance cannot exceed,” Dr. Ato Forson wrote in a Facebook post.

    On the Domestic Debt Exchange Programme (DDEP), the Finance Minister assured that the government has no intention of defaulting.

    “We do not intend to default. All outstanding holdouts have been paid, and we have built enough buffers to fully meet our DDEP obligations this year,”he emphasized.

    He also highlighted efforts to reduce reliance on Treasury bills and enhance policy coordination between fiscal and monetary authorities.

    “We are also taking deliberate steps to reduce our reliance on the Treasury bill market and strengthen policy coordination between fiscal and monetary authorities. Stability is our priority, and we will not return to the turbulence of 2022. We will not be reckless,” he assured.

    Dr. Forson acknowledged the crucial role of the banking sector in Ghana’s economic transformation and reaffirmed the government’s commitment to working closely with financial institutions.

    The meeting was attended by the Governor of the Bank of Ghana, Dr. Johnson Asiama, who is set to chair his first Monetary Policy Committee (MPC) meeting next week. His presence, alongside his deputy, the finance minister said signaled a renewed synergy between fiscal and monetary policies.

    Mr. Kwamina Asomaning, President of the Ghana Association of Banks (GAB) and CEO of Stanbic Bank Ghana, also commended the government’s budget, highlighting positive market reception and pledging the banking sector’s support in financial inclusion and capital market development.

  • NHIL uncapping will generate GHS9.9bn for health, other sectors – Ato Forson

    NHIL uncapping will generate GHS9.9bn for health, other sectors – Ato Forson

    The government has revealed that removing the cap on the National Health Insurance Levy (NHIL) is expected to generate around GH¢9.9 billion, with part of the funds set aside to cover the financial gap left by the suspension of the USAID program.

    A statement from the Presidency conveyed President John Dramani Mahama’s concerns over the estimated $156 million shortfall caused by the USAID suspension, cautioning that it could negatively impact key health and social intervention programs.

    Speaking in Parliament on Tuesday, March 18, Finance Minister Dr. Cassiel Ato Forson reassured legislators that measures to address these concerns have been incorporated into the 2025 budget.

    “The National Health Insurance Authority will be receiving in total, an amount of GH¢9.9 billion for the year 2025. This is because of the uncapping. The uncapping of the National Health Insurance Levy has made available additional resources worth GH¢4.2 billion to the National Health Insurance Authority.

    “This is indeed enough for the National Health Insurance Authority to be able to include in their priorities, the funding gap as created by the USAID suspension.”

  • Services sector mainly responsible for 5.7% economic growth in 2024 – GSS

    Services sector mainly responsible for 5.7% economic growth in 2024 – GSS

    The Ghana Statistical Service (GSS) has attributed the country’s 5.7% economic growth in 2024 to the strong performance of the services sector, particularly the increased use of data and SMS under the Information and Communication Services category.

    Addressing Parliament on Wednesday, March 11, Government Statistician Professor Samuel Kobina Anim emphasized that services contributed the most to the overall growth, surpassing other sectors.

    “Of the 5.7% growth rate that we saw in GDP, the services sector contributed the most, 2.51% of the 5.7% GDP growth rate that we saw for 2024.

    “Followed by the industry sector, which mining and quarrying is part of, which gold is part of, contributed to 2.24% of that.

    “Within the service sector, what is driving the service sector is information and communication. And in this case, it’s data and SMS messages that we are using,” he stated.

    This clarification counters an earlier assertion by Finance Minister Dr. Cassiel Ato Forson, who, during the presentation of the 2025 budget, credited the economic expansion primarily to illegal small-scale mining, known as galamsey.

  • Govt hasn’t frozen employment in public sector – Finance Minister

    Govt hasn’t frozen employment in public sector – Finance Minister

    Finance Minister Dr. Cassiel Ato Forson has refuted claims of a public sector employment freeze, assuring that recruitment remains active.

    Addressing concerns about job opportunities, he clarified in an interview with Channel One TV on Wednesday, March 12, that the government has not imposed any restrictions on hiring.

    “There is no freeze on employment,” he stated, emphasizing that recruitment will proceed in line with the country’s economic needs.

    His reassurance comes as job seekers and public sector workers express uncertainty over the government’s hiring policies.

    Dr. Ato Forson reiterated the government’s dedication to job creation and improving employment conditions, particularly for the youth.

    He also highlighted the administration’s commitment to maintaining essential public services, ensuring that critical sectors like health and education have sufficient personnel.

    By providing this clarification, the Finance Minister reinforced the government’s broader economic strategy to strengthen Ghana’s workforce and promote growth.

  • 2025 budget: Finance Minister details why sports was not captured

    2025 budget: Finance Minister details why sports was not captured

    Finance Minister Dr. Cassiel Ato Forson has announced that ministers from various sectors, including sports, will now brief Parliament on their work at scheduled times.

    He explained that this approach allows ministers to give a clear update on their sectors and outline steps being taken to enhance performance.

    As a result, the Minister of Sports and Recreation, Kofi Adams, will later present a report on sports, though the exact date has not been set.

    Dr. Forson added that this new system aims to ease the burden on the finance minister and speed up the reporting process.

    “Sector ministers will present to this house a detailed sectorial performance and outlook, as well as specific sector interventions to address the challenges of various MDAs.

    This is a departure from the norm, where finance ministers present detailed sectorial performance as part of their budget speech. I believe sector ministers must be made to do so,” he said.

    Dr. Ato Forson made this announcement during the presentation of the 2025 Budget Statement and Economic Policy on March 11, 2025.

    This addresses concerns some sports fans and stakeholders raised about why sporting issues were omitted from the 2025 budget reading, which deviates from previous practices.

  • Govt to introduce tech driven road tolls – Ato Forson

    Govt to introduce tech driven road tolls – Ato Forson

    Finance Minister Dr. Cassiel Ato Forson has revealed plans to reintroduce road tolls this year using a technology-driven system aimed at boosting revenue for road maintenance and supporting economic recovery.

    According to him, this modernized toll collection approach will help optimize revenue generation while minimizing traffic congestion caused by manual toll booths.

    “The government will re-introduce the road toll driven by technology. The reintroduction would generate more revenue for road maintenance and related services,” he stated.

    He also reiterated the government’s commitment to policies that will aid in stabilizing the economy and preventing further financial distress.

    As part of these measures, Dr. Ato Forson announced an increase in the Growth and Sustainability Levy to provide additional economic support.

    “We are making adjustments to the Growth and Sustainability Levy to reinforce economic stability,” he stated.

    To ensure the smooth implementation of road tolls, he emphasized that a technologically advanced system would be put in place to reduce delays and inefficiencies.

    “We will increase the growth and sustainability levy,” he added.

    Additionally, he disclosed that approximately GH¢2.2 billion would be needed to fully recapitalize both the National Investment Bank (NIB) and the Agricultural Development Bank (ADB).

  • Market women understand the economy better than many – Ato Forson

    Market women understand the economy better than many – Ato Forson

    Finance Minister, Dr. Cassiel Ato Forson, has described market women as the country’s most knowledgeable economists.

    Speaking on JoyNews, he explained that their ability to navigate the intricate dynamics of trade played a key role in shaping aspects of the 2025 Budget, which he presented to Parliament on March 11, 2025.

    Dr. Forson noted that despite the complexities of buying and selling, traders effectively manage their businesses, demonstrating remarkable economic expertise.

    “The best economists in this country are market women. They have tried it, they’ve tested it, and they have been successful at it. So, to me, they are the best economists you can ever see around,” he said.

    He stated that the budget, titled “Resetting the Ghana We Want,” was crafted through wide-ranging consultations with key stakeholders, including representatives from the National Economic Forum, traders, and policy think tanks.

    Responding to inquiries about his choice to visit Makola Market for input before delivering the 2025 Budget, he pointed out that one recurring question stood out prominently during previous engagements.

    “The question that kept coming up was how the government is going to address the needs of the people.

    “We held series of meetings to ascertain the needs of the people. Then His Excellency, John Mahama, said I should engage further. I thought we should engage practitioners beyond think tanks and high-level experts, so, I decided to go down to the very basics. That is why I decided to visit the Makola Market,” he said.

    The Finance Minister expressed surprise at how well female traders grasped the direct link between exchange rate fluctuations and price stability.

    “What strongly stood out for me on my visit to Makola Market is the fact that most of the business owners were women,” he added.

    He further noted that the traders identified exchange rate volatility as their biggest challenge.

    According to them, stabilizing the Ghana cedi, as the government has promised, would help curb the unpredictable price increases of their goods.

  • NPP gov’t collected GHC80m from 10% betting tax – Ato Forson

    NPP gov’t collected GHC80m from 10% betting tax – Ato Forson

    Finance Minister Dr. Cassiel Ato Forson has refuted claims that the previous NPP government did not enforce the 10% withholding tax on betting winnings.

    During the presentation of the 2025 budget on Tuesday, Dr. Forson announced the removal of several taxes, including the 10% betting tax.

    However, shortly after his speech, former Finance Minister Dr. Mohammed Amin Adam argued that the NPP administration never implemented the tax.

    “Betting tax that they said they have abolished, we never collected Betting Tax. So to come and tell Ghanaians that you have abolished something that you have not implemented, is to deceive the people of Ghana.”

    In a swift response, the Dr. Ato Forson who appeared on PM Express on the JoyNews channel, debunked those claims on Tuesday night.

    ”I don’t think he is on top of that matter because my checks reveal that it was implemented in the second half of 2024. My checks also reveal that year to date, government of Ghana has collected GH₵ 80 million from the betting tax. So I don’t know what he is talking about. It is not the fact,” he concluded.

    In September 2023, Edward Gyambra from the Domestic Tax Revenue Division of the GRA revealed that the authority collected GH₵15 million each month from betting taxes. He added that by the end of the football season, this amount could increase to GH₵60 million.

    ”During the first month of implementation, we averaged GH¢20 million for the GGR. As for the withholding tax, we’ve just started the betting season, but during the lean season, we averaged GH¢15 million. We anticipate this to quadruple by May,” he concluded.

    By September 2024, the GRA projected to receive GH₵ 1.2 billion ($78.4 million) in betting taxes.

  • NPP govt collected over GHS80m from betting tax – Ato Forson

    NPP govt collected over GHS80m from betting tax – Ato Forson

    Finance Minister Ato Forson has refuted claims by his predecessor, Mohammed Amin Adam, that the previous administration never enforced the betting tax.

    During a press conference on Tuesday, March 11, shortly after delivering the new government’s first budget, Dr. Forson addressed the matter.

    The budget had announced the removal of several levies, including the e-levy and betting tax.

    Meanwhile, Dr. Amin Adam insisted that the NPP government never collected the tax on lottery and sports betting winnings, despite its passage in 2023.

    He argued that it was misleading for the NDC government to take credit for abolishing a tax that was never implemented.

    “Betting tax that they said they have abolished, we never collected Betting Tax. So to come and tell Ghanaians that you have abolished something that you have not implemented, is to deceive the people of Ghana.”

    Speaking on PM Express with Evans Mensah on Tuesday night, Finance Minister Ato Forson dismissed Mohammed Amin Adam’s claim, arguing that his predecessor was misinformed on the issue.

    According to Dr. Forson, checks indicate that the betting tax was enforced in the latter part of 2024, with government revenue records showing that over GH₵80 million had already been collected from it. He stressed that the facts contradict Dr. Amin Adam’s assertion.

    “I don’t think he’s on top of that matter because my checks revealed that it was implemented in the second half of 2024. And my checks also reveal that year-to-date, the government of Ghana has collected over GH₵80 million from betting tax, so I don’t know what he’s talking about. It is not the fact. The fact on the ground does not support his assertion. Clearly, the betting tax was implemented, he insisted.

    The betting tax, which imposed a 10% withholding tax on sports betting and lottery winnings, was introduced by the previous administration. While the policy faced widespread opposition, Dr. Amin Adam insists his government never implemented it before leaving office.

    During the NPP’s manifesto launch in Takoradi in August 2024, then-presidential candidate Dr. Mahamudu Bawumia reaffirmed his pledge to scrap the E-Levy and betting tax if elected.

    He also promised to reduce the withholding tax on small-scale gold exports to 1% to help curb smuggling.

    “We’ll also reduce Withholding Tax for small-scale gold exports to 1% to curb smuggling, and abolish the Betting Tax,” Dr Bawumia promised during the party’s manifesto launch in Takoradi on August 18, 2024.

  • Bill to abolish e-levy, others must be taken through a certificate of urgency – Ato Forson

    Bill to abolish e-levy, others must be taken through a certificate of urgency – Ato Forson

    Finance Minister Dr. Cassiel Ato Forson has emphasized the need for a swift legislative process to abolish several taxes, including the Electronic Transaction Levy (E-Levy), the COVID-19 Levy, and the 10% tax on lottery winnings, commonly referred to as the betting tax.

    Dr. Forson revealed that the bills to repeal these taxes would be presented to Parliament on Wednesday, March 13, under a certificate of urgency to ensure a speedy passage.

    “Tomorrow morning, I will be going to Parliament to submit the bills, and I expect Parliament to take them through a certificate of urgency,” Dr. Forson stated during an interview on JoyNews PM Express on Tuesday, March 11.

    He expressed confidence that repealing these taxes would be straightforward due to their simplicity.

    “Repealing the taxes will be one clause each. Repealing the betting tax is very easy, the e-levy and all of those things we are repealing are quite easy,” he added.

    The Finance Minister explained that since the bills fall under revenue legislation, they qualify to be laid before Parliament under a certificate of urgency.

    “It’s a revenue bill, and under the Constitution, you have any way to lay finance bills under a certificate of urgency,” he explained.

    The proposal to eliminate these taxes aligns with the Mahama-led government’s commitment to scrapping what it describes as “nuisance taxes” implemented by the previous Akufo-Addo administration.

    While presenting the 2025 Budget Statement to Parliament on March 11, Dr. Forson officially announced the plan to repeal multiple taxes.

    “Mr. Speaker, we will abolish the 10% withholding tax on winnings from lotteries, otherwise known as the ‘betting tax.’ We will abolish the Electronic Transfer Levy (E-Levy) of 1%. We will abolish the emission levy on industries and vehicles. We will abolish the VAT on motor vehicle insurance policies. And we will abolish the 1.5% withholding tax on the sale of unprocessed gold by small-scale miners,” he stated.

    He noted that these tax removals aim to alleviate financial burdens on households while boosting business growth and improving tax compliance.

    “…the removal of these taxes will ease the burden on households and improve their disposable incomes. In addition, it will support business growth and improve tax compliance,” he added.

    So far, the government has announced the removal of six taxes: the 10% betting tax, the 1% E-Levy, the emission levy on industries, VAT on motor insurance, the 1.5% withholding tax on unprocessed gold sales, and the COVID-19 levy. These tax repeals will take effect once the 2025 budget is passed by Parliament.

    Despite the anticipated relief for individuals and businesses, some experts and analysts have raised concerns about the potential impact on Ghana’s already struggling economy. In response, the government has outlined measures to mitigate the revenue shortfall, including adjustments to the tax refund ceiling.

    “Mr. Speaker, by reducing the ceiling on the tax refund from 6% to 4%, we will save GH¢3.8 billion. This amount is enough to close the revenue shortfall from the removal of the E-Levy, amounting to GH¢1.9 billion, and the betting tax of GH¢180 million,” Dr. Forson stated.

    Meanwhile, government revenue reports indicate that by the end of 2024, approximately GH¢6.4 billion had been collected from the COVID-19 Health Recovery Levy, GH¢246.9 million from the E-Levy, and about GH¢120 million from other levies.

    The fate of the proposed tax abolitions now rests with Parliament, as the government pushes for an expedited legislative process to implement these changes.

  • Your budget presentation made me proud – John Jinapor to Ato Forson

    Your budget presentation made me proud – John Jinapor to Ato Forson

    Minister for Energy and Green Transition, John Abdulai Jinapor, has commended Finance Minister Dr. Cassiel Ato Forson for his presentation on the 2025 budget.

    Dr. Forson delivered the budget statement to Parliament on Tuesday, March 11, outlining the government’s financial strategies and economic priorities for the year.

    Reacting to the presentation, Mr. Jinapor shared his views on social media, applauding the Finance Minister’s effort.

    He described the budget as comprehensive and forward-thinking, praising Dr. Forson for articulating a clear economic plan.

    “You’ve made me proud, Dr Cassiel Ato Forson. Your presentation was not only detailed but also reflected a deep commitment to the economic transformation of our country,” he wrote.

    Focusing on the budget’s priorities, the Energy Minister underscored policies aimed at bolstering Ghana’s energy sector and advancing sustainable development.

    Acknowledging the economic hurdles, he conveyed optimism about the government’s plans to address them effectively.

    He pointed out that the budget offers practical measures, with a strong emphasis on job creation, infrastructure expansion, and energy security.

    “This budget provides a clear pathway for economic recovery and sustainable growth. I am particularly pleased with the emphasis on renewable energy and local content development,” he added.

    By endorsing the budget presentation, Mr. Jinapor reaffirmed the government’s unified approach to its economic plans.

    His remarks reflect strong internal backing for the Finance Minister’s policies as the administration navigates Ghana’s economic future.

    He encouraged all stakeholders to align with the outlined policies to facilitate their successful execution for the benefit of the nation.

  • 2025 BUDGET : Allocations to various sectors, programmes

    2025 BUDGET : Allocations to various sectors, programmes

    Finance Minister Dr. Cassiel Ato Forson has unveiled the 2025 budget, outlining key financial commitments across sectors such as education, infrastructure, social protection, and disaster relief.

    These allocations are intended to drive economic recovery and support the government’s long-term development agenda by addressing immediate needs while fostering sustainable growth.

    A total of 19 key allocations were highlighted in the budget, including:

    1. GH¢13.85 billion: Allocation for the Big Push Programme.

    2. GH¢499.8 million: Allocation for the No-Academic-Fee policy for first-year students in public tertiary institutions.

    3. GH¢292.4 million: Allocation for the distribution of free sanitary pads to female students in primary and secondary schools.

    4. GH¢242.5 million: Allocation to support victims of the Akosombo dam spillage.

    5. GH¢200 million: Allocation to support victims of the tidal wave disaster in the Ketu South constituency.

    6. GH¢3.5 billion: Allocation for the free secondary education program.

    7. GH¢564.6 million: Allocation for comprehensive provision of free curricula-based textbooks.

    8. GH¢1.788 billion: Allocation for the School Feeding Programme.

    9. GH¢145.5 million: Allocation for the Capitation Grant.

    10. GH¢203 million: Allocation for the payment of teacher trainee allowances.

    11. GH¢480 million: Allocation for the payment of nursing trainee allowances.

    12. GH¢9.93 billion: Allocation for the National Health Insurance Scheme (NHIS).

    13. GH¢2.81 billion: Allocation for the Ghana Road Fund.

    14. GH¢2.81 billion: Allocation for the Ghana Road Fund.

    15. GH¢1.5 billion: Allocation for Agriculture for Economic Transformation Agenda (AETA).

    16. GH¢51.3 million: Allocation as seed fund for the establishment of the Women’s Development Bank.

    17. GH¢300 million: Allocation for the National Apprenticeship Programme.

    18. GH¢100 million: Allocation for the ‘Adwumawura’ Programme.

    19. GH¢100 million: Allocation for the National Coders Programme

  • LIVESTREAMING: Ato Forson presents 2025 budget to Parliament

    LIVESTREAMING: Ato Forson presents 2025 budget to Parliament

    Finance Minister Dr. Cassiel Ato Forson is presented the 2025 Budget Statement and Economic Policy to Parliament today.

    This was the Mahama administration’s first major financial plan.

    The budget introduced critical policies aimed at economic stability, fostering growth, and addressing fiscal concerns.

    A key highlight is the proposed abolition of certain contentious taxes, including the Electronic Transfer Levy (E-Levy), the COVID-19 Health Levy, and the Betting Tax.

    These taxes, introduced by the previous administration, have been widely criticized for adding to the financial burden of citizens.

  • Full Speech: 2025 budget by Finance Minister

    Full Speech: 2025 budget by Finance Minister

    Finance Minister Dr. Cassiel Ato Forson presented the 2025 Budget Statement and Economic Policy to Parliament on March 11, 2025. This budget marks the first comprehensive financial roadmap under President John Dramani Mahama’s administration.

    Dr. Forson outlined bold policy measures aimed at stabilizing the economy, fostering growth, and addressing the nation’s fiscal challenges.

    The presentation was made in accordance with Article 179 of the 1992 Constitution and Section 21 (3) of the Public Financial Management Act, 2016 (Act 921).

    Find below the full statement.

    2025Budget.Speech.FinalDownload
  • Destiny shaped my path to Finance Minister – Ato Forson

    Destiny shaped my path to Finance Minister – Ato Forson

    Finance Minister Dr. Cassiel Ato Forson reflected on his public service journey during the presentation of the 2025 Budget Statement in Parliament.

    He described his path as one guided by destiny and enriched with meaningful experiences.

    Looking back on his career, Dr. Forson shared how his journey from a young parliamentarian in 2009 to his current position as Finance Minister had shaped his perspective.

    “Standing here evokes a deep sense of nostalgia as I reflect on my journey in public service. From my early days as a young parliamentarian in this House in 2009, destiny has guided my path—from a backbencher to a member of the Finance Committee, then to Deputy Minister for Finance, Ranking Member on the Finance Committee, Minority Leader, briefly Majority Leader, and now Minister for Finance,” he stated.

    He recalled his progression from a backbencher to a member of the Finance Committee, then to Deputy Minister for Finance, Ranking Member on the Finance Committee, Minority Leader, and briefly, Majority Leader.

    He went on to explain how his extensive experience within the House has prepared him for the challenge of leading the country’s economic recovery, and he reaffirmed his commitment to supporting the President in stabilizing Ghana’s economy.

    “The invaluable experience I gained in this chamber has shaped my perspective, sharpened my focus, and prepared me for the task at hand. I am fully committed to supporting the President in restoring Ghana’s economy,” he added.

  • It seems DDEP was designed to make 2027 and 2028 difficult years – Finance Minister

    It seems DDEP was designed to make 2027 and 2028 difficult years – Finance Minister

    Finance Minister Cassiel Ato Forson has criticized the previous government’s Domestic Debt Exchange Programme (DDEP), saying it was set up in a way that would make repaying debts much harder in 2027 and 2028.

    Presenting the first budget of the Mahama government in Parliament, he expressed surprise that such a plan was approved but promised that his administration would fix it.

    “Right Hon Speaker, it seems the debt restructuring undertaken by the previous administration was designed to make 2027 and 2028 debt repayment heavy, sadly. Mr Speaker I don’t know how come we sat and allowed that design to happen, Mr Speaker that I say we will fix it”.

    About DDEP


    The Domestic Debt Exchange Program (DDEP) was initiated by the Akufo-Addo government in 2023 as part of Ghana’s broader debt restructuring strategy under an International Monetary Fund (IMF) program. The primary goal of the DDEP was to address the country’s economic challenges and restore fiscal stability.

    The program involved restructuring domestic debts, which included issuing new bonds with different terms to replace existing ones. This move aimed to reduce the debt burden and create a more sustainable debt profile for the country.

    The Akufo-Addo administration ensured timely coupon payments to bondholders under the DDEP, with three payments made between August 2023 and December 2024.

    These payments were made in both Payment-In-Cash (PIC) and Payment-In-Kind (PIK) forms, amounting to a total of GH₵17.25 billion in PIC and GH₵9.77 billion in PIK. Additionally, individual bondholders who did not tender their bonds were paid coupons totaling GH₵515.17 million during this period.

    The program faced criticism from some bondholders, but the government maintained its commitment to meeting financial obligations and restoring confidence in Ghana’s financial markets.


  • We inherited an economy in deep crisis – Ato Forson

    We inherited an economy in deep crisis – Ato Forson

    Finance Minister, Cassiel Ato Forson has reiterated concerns over the economic challenges inherited by the National Democratic Congress (NDC) government from the Akufo-Addo administration.

    Presenting the highly anticipated 2025 Budget Statement to Parliament on Tuesday, Dr. Forson described the economy as being in a dire state due to excessive debt, financial sector obligations, and unchecked expenditures.

    “Mr Speaker hands on heart we inherited an economy in deep crisis, Mr Speaker, an economy had hit with debt,.. and financial sector payments. Re-commitment control and reckless spending have reversed the progress made in physical consolidation even under the IMF programme that commenced in the year 2023.

    Despite the measures introduced under the IMF-supported programme, the Finance Minister noted that economic distress persists.

    He attributed this to the heavy sacrifices made by domestic bondholders, external creditors, and taxpayers, emphasizing that the nation is still grappling with the consequences of past mismanagement.

    “Mr Speaker not withstanding the gains made under the IMF supported programme that was to achieve through the painful sacrifice of Domestic Bondholders external creditors and taxpayers the economy remains in distress,” he added.

    The 2025 Budget is expected to outline strategies aimed at restoring economic stability and addressing the fiscal challenges confronting the country.

  • Your needs remain our focus – Finance Minister assures Ghanaians

    Your needs remain our focus – Finance Minister assures Ghanaians

    Finance Minister Dr. Cassiel Ato Forson has reaffirmed the Mahama administration’s commitment to putting the needs of Ghanaians first.

    He highlighted the government’s determination to ensure that national budget decisions genuinely reflect the concerns of the people.

    Dr. Forson shared this message on his X page following a discussion with traders at Accra’s Central Business District.

    “We are deeply grateful to you all our compatriots at Makola who welcomed us with open hearts, sharing your thoughts, fears, challenges, and ideas. We assure you that we will always remain mindful of your needs as a government. we will do all we can to truly represent you. This is just the beginning of many meaningful engagements—we are here to serve you!” he wrote.

    Speaking during a follow-up session on X Spaces with social media influencer KalyJay on Sunday, March 9, Dr. Forson reaffirmed the government’s commitment to fostering continuous engagement and open dialogue with the public.

    “Thank you to the over 60,000 participants who joined our engagement on X! Your input is crucial, and this is just the start of more meaningful interactions. To ensure every voice is heard, we’ve shared a Google Form for those who couldn’t ask their questions directly. Your views matter! The government remains committed to open dialogue and continuous engagement with the people. Stay connected!” he wrote.

    Dr. Forson acknowledged that Ghana’s financial state remains fragile, despite recent interventions.

    He urged caution, warning against complacency, “What we can do is to put together a framework where there will be a stable exchange rate, stable inflation, and a stable economy”.

    He further emphasized the importance of reducing domestic borrowing to allow greater financial resources to reach the private sector.

    Additionally, he highlighted the need for prudent government spending as a means to stimulate business growth and economic expansion.

    “It is very critical for the government to cut expenditure and reduce its appetite for borrowing. In doing so, there will be a lot more resources for the private sector to benefit from,” he stressed.

  • We need a framework to create stable exchange rate, inflation, and economy – Finance Minister

    We need a framework to create stable exchange rate, inflation, and economy – Finance Minister

    Finance Minister Dr. Cassiel Ato Forson has stressed the need for a well-structured economic framework to restore Ghana’s financial stability.

    Speaking during a youth engagement session on X Spaces, hosted by social media influencer KalyJay on Sunday, March 9, Dr. Forson noted that tackling inflation, stabilizing the exchange rate, and fostering overall economic resilience would be the government’s key priorities.

    “What we can do is to put together a framework where there will be a stable exchange rate, stable inflation, and a stable economy,” he said.

    Despite recent measures to address Ghana’s economic difficulties, Dr. Forson acknowledged that the country’s financial situation remains precarious. He warned against any assumption that the economy had fully recovered.

    “Let me make this point: let’s not deceive ourselves that the country is out of the woods yet. Our economy is still in distress, and the first thing we will need to do is to take measures to bring us back to the stability that we deserve,” he cautioned.

    Outlining some of the government’s policy directions, he highlighted plans to cut domestic borrowing and reduce government spending to allow the private sector greater access to financial resources.

    “It is very critical for the government to cut expenditure and reduce its appetite for borrowing. In doing so, there will be a lot more resources for the private sector to benefit from,” he stressed.

    Dr. Forson also reassured the public that their concerns would be factored into the 2025 Budget and Policy Statement. Following his recent interactions with traders at Accra’s Central Business District, he emphasized that the government was actively listening to citizens’ input.

    “I do not take the people of Ghana for granted. I am not here because I just wanted to. I am here because I want to hear your take—ignore the propaganda out there,” he affirmed.

    The 2025 budget, set to be presented on March 11, is expected to outline key policies aimed at stabilizing the economy and laying a foundation for long-term recovery.

  • 2025 budget: Finance Minister visits, engages market women and kayayei ahead of presentation

    2025 budget: Finance Minister visits, engages market women and kayayei ahead of presentation

    Finance Minister Dr. Cassiel Ato Forson on March 7 wrapped up a meaningful discussion with market women, head porters (kayayei), and traders at Makola Market.

    The engagement allowed him to hear firsthand their concerns and expectations ahead of the 2025 Budget presentation scheduled for Tuesday, March 11.

    Expressing appreciation for the interaction, Dr. Forson described it as a privilege, recognizing the crucial contribution of these hardworking individuals to Ghana’s economic growth.

    “It was a privilege to interact with these hardworking Ghanaians who break their backs daily to support our economy,” he stated, highlighting their contributions to the country’s commercial sector.

    The conversation focused on the economic difficulties facing small-scale traders, such as rising inflation, taxation burdens, and limited access to credit.

    Dr. Forson assured them that their concerns would play a key role in shaping policies for the upcoming budget, emphasizing that their insights are essential in guiding the nation’s economic strategy.

    “Their expectations ahead of Budget 2025 will help shape our shared future,” he affirmed.

  • Energy sector has become a ticking time bomb – Ato Forson

    Energy sector has become a ticking time bomb – Ato Forson

    Finance Minister Dr. Cassiel Ato Forson has sounded the alarm over Ghana’s energy sector, describing it as a “ticking time bomb” due to non-cost reflective tariffs and unsustainable energy subsidies.

    Speaking at the first session of the two-day National Economic Dialogue at the Accra International Conference Centre, Dr. Forson warned that the sector’s financial deficits could exceed nine billion dollars by 2026 despite government interventions.

    “The energy sector in Ghana has become a ticking time bomb. More than two per cent of GDP every year. Every year, the profits of the energy sector will probably fall back on the legal side. For citizens, we require radical measures,” he said.

    He pointed to the Electricity Company of Ghana (ECG) as a major concern, citing massive distribution and collection inefficiencies that worsen the sector’s financial struggles.

    “Currently, only 62 per cent of total energy purchase by ECG is collected, leaving out probably 62 per cent. 65 per cent of that amount is used to pay for supplies through the cash quarter for mechanism,” Dr. Forson stated.

    “Unfortunately, 35 per cent of ECG’s revenue is used to take care of ECG themselves over times that they don’t actually work,” he added.

    Dr. Forson lamented the impact of non-cost reflective tariffs, arguing that they fail to cover the actual cost of service provision.

    “In most reflective tariffs, about 50 per cent of cost of service provision is not for us to expect. However, I still maintain that tariffs should not be used to reward ECG’s inefficiencies and other inefficiencies in the system,” he emphasized.

    He disclosed that unpaid legacy arrears in the energy sector had reached $1.3 billion by the end of 2022, with annual cumulative shortfalls climbing to $2.2 billion in 2024, despite significant government funding.

    According to Dr. Forson, the sector’s crisis is fueled by political reluctance to implement cost-reflective tariffs, limited renewable energy adoption, and ECG’s operational inefficiencies.

    “Having generational costs due to lack of politicians and limited renewable capacity in the energy mix is a problem. Having distribution and collection losses at ECG is also a problem,” he stated.

    He urged a comprehensive reform strategy that addresses inefficiencies, promotes renewable energy, and ensures sustainable tariff policies to avert further financial instability.

    Without immediate action, Dr. Forson warned, the worsening financial crisis in the energy sector could pose a severe threat to Ghana’s overall economic stability.

  • Consumers can’t suffer because of your inefficiencies – Ato Forson to ECG

    Consumers can’t suffer because of your inefficiencies – Ato Forson to ECG

    The Electricity Company of Ghana (ECG) is facing a deepening financial crisis, with inefficiencies and revenue shortfalls straining the national budget.

    Finance Minister, Dr. Cassiel Ato Forson, speaking at the National Economic Dialogue, described ECG’s operations as unsustainable.

    He cautioned that without immediate reforms, the energy sector risks collapsing under the weight of growing debt.

    According to Dr. Forson, ECG successfully collects only 62% of the electricity it supplies, leaving nearly 40% unaccounted for—either lost due to technical faults or unpaid.

    “The inefficiencies at ECG are costing the nation heavily. Government transfers to support the energy sector have reached unsustainable levels, yet the company continues to struggle with revenue collection and operational inefficiencies,” he stated.

    This shortfall has forced the government to provide continuous financial support, with budgetary transfers reaching $2.1 billion over the past two years.

    Dr. Forson emphasized that these inefficiencies are severely impacting the economy, as government support for the energy sector has reached unsustainable levels while ECG continues to struggle with operational and revenue challenges.

    “The power sector should be a key driver of industrial growth, but instead, it has become a financial black hole, dragging the entire economy down,” Dr Forson stated.

    Despite ongoing interventions, the company’s financial troubles are deepening, with projections indicating that by 2026, the cumulative deficit in the energy sector could surpass $9 billion, posing a serious risk to Ghana’s economic stability.

    A major part of ECG’s struggle stems from widespread distribution losses, where a significant portion of power supplied is either lost due to system inefficiencies or stolen through illegal connections.

    Additionally, ECG faces persistent challenges in collecting payments from both government institutions and private consumers, leading to large outstanding debts.

    Poor financial management has further compounded the issue, as ECG often fails to meet its payment obligations to power producers, creating a chain reaction of debt across the energy sector.

  • We need bold, strategic decisions to address Ghana’s fiscal challenges – Ato Forson

    We need bold, strategic decisions to address Ghana’s fiscal challenges – Ato Forson

    Finance Minister Dr. Cassiel Ato Forson has underscored the urgency of Ghana’s fiscal crisis, calling for decisive measures to restore economic stability.

    Addressing the opening session of the National Economic Dialogue on Monday, March 3, 2025, Dr. Forson painted a stark picture of the country’s financial difficulties, citing high debt levels, revenue shortfalls, and rising government expenditure as key concerns.

    “We face serious fiscal challenges that demand bold and strategic decisions. We must ensure fiscal discipline and implement reforms that will restore confidence in our economy,” he stated.

    He stressed that overcoming these difficulties would require a collaborative approach involving policymakers, businesses, and citizens.

    Describing the National Economic Dialogue as a crucial platform for solutions, Dr. Forson urged stakeholders to use the discussions as an opportunity to develop forward-thinking policies that prevent future economic downturns.

    “This dialogue is a critical step in assessing our economic situation and finding practical solutions to move our country forward,” he added.

    Reaffirming the government’s commitment to reforms, the Finance Minister assured Ghanaians that efforts were underway to stabilize the economy and create conditions for sustainable growth.

    He encouraged all participants to actively engage in shaping policies that would steer Ghana toward a more resilient financial future.

  • T-Bills reduction saving Ghana GHC1bn – Finance Minister

    T-Bills reduction saving Ghana GHC1bn – Finance Minister

    Ghana has saved approximately GH¢1 billion following a recent decline in Treasury bill (T-bill) rates, Finance Minister Dr Cassiel Ato Forson has disclosed.

    Speaking at the National Economic Dialogue on Monday, March 3, Dr Forson described the reduction as a significant financial relief, enabling the government to reallocate funds towards essential sectors of the economy.

    “The recent reduction in T-bills alone is saving Ghana about one billion Ghana Cedis, and that money can be channelled to critical areas of the economy,” he stated.

    He emphasised that lowering T-bill rates is part of broader fiscal management efforts aimed at reducing borrowing costs and ensuring economic stability. He further noted that responsible financial policies are necessary to ease the burden on the government and free up capital for productive investments.

    Despite the progress, Dr Forson called for continued fiscal discipline and policy interventions to strengthen Ghana’s financial standing. He urged stakeholders to support ongoing economic reforms that are geared towards restoring macroeconomic stability.

    Meanwhile, Ghana’s T-bill auction has recorded strong investor interest for the third consecutive week. The auction held on January 17, 2025, saw total bids of GH¢8.839 billion, exceeding the GH¢6.353 billion target by GH¢2.486 billion.

    On January 20, 2025, the government secured GH¢5.688 billion for the 91-day bill, GH¢1.318 billion for the 182-day bill, and GH¢1.883 billion for the 365-day bill. However, not all bids were accepted.

    Interest rates for the auction stood at 28.41% for the 91-day bill, 28.97% for the 182-day bill, and 30.28% for the 365-day bill.

    With limited access to international capital markets, the government has relied heavily on domestic borrowing through T-bills. However, the administration has pledged to implement policies that will reduce dependence on short-term domestic borrowing and help Ghana regain access to international financial markets.

  • Gov’t to incorporate National Economic Dialogue resolutions in budget – Finance Minister

    Gov’t to incorporate National Economic Dialogue resolutions in budget – Finance Minister

    Finance Minister Dr. Cassiel Ato Forson has affirmed that key resolutions from the 2025 National Economic Dialogue will be reflected in the upcoming National Budget.

    According to Dr. Forson, the dialogue serves as a crucial platform for shaping policies that will revamp Ghana’s economy and lay the foundation for long-term growth.

    In a Facebook post on Monday, March 3, he expressed optimism about the dialogue’s impact, calling it a pivotal moment in the country’s economic recovery efforts.

    “I am excited that the historic National Economic Dialogue 2025 is starting this morning. Its outcomes will find clear expression in the upcoming National Budget, which will be read on March 11, 2025, as we work together to reset Ghana’s economy and drive sustainable growth,” he wrote.

    The National Economic Dialogue is bringing together key stakeholders, including policymakers, economists, business leaders, and civil society organisations, to chart a path toward economic stability and progress.

    With the Finance Minister’s assurance, expectations are high that the 2025 budget will incorporate practical measures derived from the dialogue to address Ghana’s economic challenges.

  • 2025 budget will spur development, provide opportunities to all – Finance Minister

    2025 budget will spur development, provide opportunities to all – Finance Minister

    Finance Minister Dr. Cassiel Ato Forson has assured Ghanaians that the 2025 budget will be a blueprint for national growth, fostering development and creating opportunities for all.

    In a social media update on Saturday, March 1, Dr. Forson disclosed that the budget, set to be presented on Tuesday, March 11, aligns with the government’s broader vision of economic progress.

    “In just nine days, I will present Budget 2025 on Tuesday, March 11th—a budget designed to drive growth, development, and opportunities for all,” he announced.

    He emphasized that the upcoming financial plan reflects the commitment of President John Mahama’s administration to strengthening the economy and ensuring long-term resilience.

    “My team and I are in the final stages of preparation, ensuring that this budget reflects our commitment to building a stronger and more resilient economy,” he added.

    Dr. Forson highlighted the need for strategic investments in key sectors to promote sustainable development. He indicated that the budget would prioritize job creation, industrial expansion, and social welfare, with a particular focus on supporting local businesses.

    The Finance Minister assured Ghanaians that the government remains dedicated to implementing measures that will enhance economic stability and address pressing national challenges.

  • Govt poised to deliver transformative 2025 budget – Ato Forson

    Govt poised to deliver transformative 2025 budget – Ato Forson

    Finance Minister Cassiel Ato Forson has assured Ghanaians that the 2025 budget will be a roadmap for economic stability, national advancement, and expanded opportunities for citizens.

    Ahead of its presentation on Tuesday, March 11, the Ajumako-Enyan-Esiam legislator reaffirmed the government’s dedication to reinforcing the economy, enhancing social well-being, and ensuring inclusive prosperity. He emphasized that as the final touches are being made, the administration remains focused on unveiling a financial plan designed to accelerate growth, widen opportunities, and drive long-term development.

    With anticipation building, particularly within the business community, many are eager to see policies that tackle pressing economic concerns. Calls for corporate tax cuts and streamlined tax procedures have intensified, as business owners seek an environment that fosters reinvestment, expansion, and job creation. Access to financing remains a key challenge, with entrepreneurs struggling to obtain loans due to high interest rates and stringent collateral demands, leaving many hoping for interventions that make credit more accessible.

    Infrastructure remains another area of concern, as poor roads, inconsistent power supply, and underdeveloped digital systems continue to hinder productivity. Many expect the budget to address these issues to reduce operational costs and boost economic efficiency. Local industries are also advocating for government-backed initiatives to lower production expenses and limit dependency on imported goods, which they argue undermine domestic businesses. Meanwhile, concerns over currency instability and inflation persist, with businesses urging authorities to introduce policies that will stabilize the cedi and ensure price consistency.

    As March 11 approaches, national attention turns to Parliament, where Ato Forson will present the government’s fiscal agenda for the year.

    The private sector, in particular, is looking forward to a budget that brings substantive reforms to stimulate innovation, fuel economic expansion, and build resilience in Ghana’s financial landscape.

  • Ato Forson has always been ahead of me – Isaac Adongo on Finance Minister role

    Ato Forson has always been ahead of me – Isaac Adongo on Finance Minister role

    Bolgatanga Central MP, Isaac Adongo, has downplayed suggestions that he should have been appointed Finance Minister, acknowledging that Dr. Cassiel Ato Forson has always held a more senior role in parliamentary financial matters.

    His response follows concerns from some constituents who felt he was unfairly overlooked by President John Dramani Mahama in favor of Dr. Ato Forson. Supporters had argued that Adongo was equally qualified for the role.

    Speaking on Asempa FM’s Ekosii Sen on Thursday, February 27, Adongo emphasized Forson’s seniority and experience, stating, “In the issue of Finance Minister proper, since I came to Parliament, I’ve always been behind Ato Forson.”

    He explained that when he first entered Parliament, Forson was already serving as the Ranking Member of the Finance Committee while he was just a member. “In my second term, they promoted me to be Deputy Ranking, and he was still the Ranking Member. Then, when there was a reshuffle in Parliament, he was made the Leader of the Caucus, and I was made the Ranking Member of the Finance Committee,” Adongo added.

    Highlighting Forson’s prior role as Deputy Minister of Finance, Adongo admitted that his appointment made sense, saying, “He has also been a Deputy Minister of Finance before. So it was really a tall ask.”

    Reassuring his supporters, he urged them to trust the political process, assuring them that his time would come. “My time will come,” he stated, emphasizing his commitment to serving both his constituents and the nation.

    His remarks were aimed at easing tensions and reinforcing the structured nature of political appointments.

  • Ato Forson’s trial was a clear abuse of justice – Bright Simons

    Ato Forson’s trial was a clear abuse of justice – Bright Simons

    IMANI-Africa’s Vice President, Bright Simons, has denounced the Akufo-Addo administration’s prosecution of Dr. Ato Forson, labeling it as an unprecedented misuse of prosecutorial authority in Ghana.

    Attorney General Dr. Dominic Ayine recently withdrew multiple high-profile cases involving prominent figures from the Mahama administration, such as former NDC National Chairman Samuel Ofosu Ampofo, former COCOBOD CEO Dr. Stephen Opuni, and businessman Seidu Agongo.

    Simons endorsed the Attorney General’s decision, stating that his independent review exposed serious flaws in the prosecution’s handling of the case.

    “I also agree with the discontinuation of the Ato Forson case because I personally investigated the matter as an independent analyst, and it is the worst abuse of prosecutorial discretion we have seen in this country,” Bright Simons said during an interview with Joy FM.

    He explained that the case revolved around a letter of credit, a financial instrument used to manage risk in transactions, and argued that such an arrangement should never have formed the basis for criminal charges.

    Dr. Ato Forson, a former Deputy Finance Minister under the Mahama administration, was prosecuted at the Accra High Court for allegedly causing a €2 million financial loss in an ambulance procurement deal.

    However, on July 30, 2024, the Court of Appeal ruled in his favor, acquitting and discharging him due to insufficient evidence.

    Following this, the Attorney General formally discontinued any further legal proceedings at the Supreme Court through a notice filed on January 24, 2025.

  • Prioritise economic health over political promises – Economist warns govt over proposed tax cuts

    Prioritise economic health over political promises – Economist warns govt over proposed tax cuts

    Economist Dr. Priscilla Twumasi Baffour has cautioned the government against hastily eliminating taxes it pledged to scrap if such actions could undermine national revenue.

    Speaking on Joy News’ PM Express Business Edition on Thursday, February 13, she emphasized that while tax cuts may be politically popular, economic considerations should take priority to prevent further strain on Ghana’s already fragile fiscal position.

    “It’s a difficult period, and I believe that there is nothing wrong if the government, I mean, the finance minister, comes out to say that we promised X, Y, and Z, but this is the reality—it is not possible,” she stated.

    According to her, the government still enjoys goodwill from Ghanaians, and instead of hastily scrapping multiple taxes, it should focus on what is economically practical.

    Dr Baffour cautioned that if the economy’s current trajectory shifts into further instability due to revenue shortfalls, the consequences would be disastrous.

    “The risk to businesses and Ghanaians as a whole is that if the trajectory that the economy is currently on switches and we enter into another phase of turbulence, it will be quite disastrous for everybody.

    “It affects people in terms of standards of living. Fixed-income earners really struggle with high inflation and all that,” she explained.

    She acknowledged that keeping some of the taxes in place might come at a political cost, but stressed that economic stability must be the priority.

    “Initially, it would mean some political cost, but I think that the government has a lot of room at the moment, and it should not be hasty in taking out all the taxes that it promised to remove if indeed it’s very difficult to make up for it,” she advised.

    Referencing past policies, Dr Baffour noted that the motivation behind removing what were once called “nuisance taxes” was to shift focus from taxation to production.

    However, she pointed out that economic growth in Ghana takes time and cannot immediately compensate for lost tax revenue.

    “The whole idea of, for example, taking out a lot of taxes, nuisance taxes as we heard some time ago, is the fact that you want to de-emphasize taxation and look at production.

    “But the reality is that in our context, growth is quite difficult. It takes quite some time to be able to observe a given substantial level of growth,” she remarked.

    Her remarks come amid mounting pressure on the government to deliver on its campaign pledge of tax cuts while navigating the challenges of economic recovery. The country continues to grapple with the effects of high debt, inflation, and revenue deficits.

    Dr. Baffour’s warning underscores the need for a balanced approach—while tax reductions may offer short-term relief to businesses and individuals, the overarching priority should be fostering a stable and resilient economy.

  • I believe Ato Forson was a victim of a political witch-hunt – AG

    I believe Ato Forson was a victim of a political witch-hunt – AG

    The Attorney-General and Minister for Justice, Dr. Dominic Ayine, has disclosed that he dropped the trial of Finance Minister Dr. Cassiel Ato Forson because he believes the case was politically motivated.

    Speaking at a press conference on Wednesday, Dr. Ayine explained why he decided to discontinue several major trials involving political figures, most of whom are members of the governing National Democratic Congress (NDC).

    In Dr. Ato Forson’s case, the Attorney-General stated that he had been involved in the matter from the beginning and had a thorough understanding of the trial. However, after reassessing the case upon assuming office a few weeks ago, he saw no reason to continue with the prosecution.

    “I believed then, and still believe now, that Hon. Ato Forson was a victim of a political witch-hunt and that he has no case to answer in this trial,” he said.

    Dr. Ayine further stated that the case against Dr. Ato Forson lacked legal merit.

    “That position was vindicated by the erudite judgment of the Court of Appeal which ruled that the trial court erred in calling upon the accused persons to mount their defence. When the then Attorney-General vowed to file an appeal and actually went ahead to do so, I took the view that it was done to save face and that there was not a scintilla of merit to his appeal. Indeed, the appeal was, to say the least, incompetent,” he said.

    Two weeks ago, the AG discontinued the controversial ambulance procurement case involving Dr Ato Forson, and businessman Richard Jakpa, the third accused. This decision was formalised in a notice issued by the AG’s chambers.

    This follows a ruling by the Court of Appeal, which acquitted and discharged Dr Cassiel Ato Forson and Richard Jakpa, the third accused.

    Dr Cassiel Ato Forson and Richard Jakpa were accused of causing a financial loss of €2.37 million to the state in a deal to purchase 200 ambulances between 2014 and 2016.

    Dr Ato Forson was then the deputy finance minister and Mr Jakpa was acting as a local representative of a firm based in Dubai in the United Arab Emirates (UAE), Big Sea General Trading Limited.

    The two accused individuals pleaded not guilty to charges including wilfully causing financial loss to the state, abetment to wilfully causing financial loss, contravention of the Public Procurement Act, and intentionally misapplying public property.

    According to the AG’s charge sheet, during the 2009 State of the Nation Address, then-President Prof. John Evans Atta Mills announced plans to purchase new ambulances to expand the National Ambulance Service’s operations.

    Mr Jakpa approached the Ministry of Health with a proposal. He claimed to have arranged financing from Stanbic Bank for the supply of 200 ambulances to the government.

    The financing agreement between the government and Stanbic Bank was approved by Parliament.

    On 19th November 2012, a former Director of the Ministry of Health wrote to the Public Procurement Authority (PPA), seeking approval to engage Mr Jakpa’s firm through single sourcing for the supply of the ambulances.

    On 7th August 2014, Dr Ato Forson wrote to the Bank of Ghana requesting letters of credit covering €3.95 million for the supply of 50 ambulances in favour of Big Sea General Trading Limited. The letters of credit were subsequently issued.

    The facts of the case state that 30 ambulances were purchased for €2.37 million, but none met the required specifications and were deemed “not fit for purpose.”

  • Gov’t-IMF discussions to focus on tax reductions, energy sector debt, exchange rate stability

    Gov’t-IMF discussions to focus on tax reductions, energy sector debt, exchange rate stability

    The government is in talks with the International Monetary Fund (IMF) to discuss key economic issues, including tax cuts, revenue reforms, managing energy sector debt, controlling spending, and stabilizing the exchange rate.

    These discussions, which run from February 10 to February 14, will focus on Ghana’s economic future and the policies shaping the 2025 budget.

    As part of efforts to ease financial strain, the government plans to remove certain taxes, such as the E-Levy, betting tax, and COVID-19 levy, while also reducing the country’s dependence on imports.

    IMF Mission Chief for Ghana, Stéphane Roudet, is leading the talks, working closely with government officials to refine fiscal strategies.

    Key institutions involved include the Bank of Ghana, the Ghana Revenue Authority, and the Controller and Accountant General’s Department.

    The outcome of these negotiations is expected to have a major impact on Ghana’s economic policies.

    Analysts have urged the government to focus on cutting unnecessary spending to reduce the budget deficit, which is expected to drop to 4.2% in 2025.

    To support these efforts, the government has already taken steps such as reducing the number of ministers to 60 and restricting non-essential foreign travel for officials.

  • Ambulance Trial: Attorney General drops case against Ato Forson and Jakpa

    Ambulance Trial: Attorney General drops case against Ato Forson and Jakpa

    Attorney General and Minister of Justice, Dominic Akuritinga Ayine, has officially withdrawn an appeal filed by his predecessor, Godfred Yeboah Dame, challenging a Court of Appeal ruling that acquitted Ato Forson and Richard Jakpa of charges related to financial loss to the state.

    In a Notice of Abandonment of Appeal dated January 23, 2025, Dr. Ayine indicated that the state would no longer pursue the case.

    “Please take notice that the Republic, having previously served notice of appeal against the judgment delivered by the Court of Appeal on July 30, 2024, hereby gives notice that it does not intend to prosecute the appeal further and abandons all proceedings related to this matter from the date of this notice,” he stated.

    On July 30, 2024, the Court of Appeal ruled in favor of an appeal filed by Dr. Cassiel Ato Forson, the former Deputy Minister of Finance and then Minority Leader, challenging an earlier decision by the Financial and Economic Court.

    The appeal stemmed from a March 2023 ruling by the High Court, which had ordered Dr. Forson to present his defense after the Attorney General’s office established a prima facie case against him in the €2.37 million ambulance procurement case.

    Also facing trial were Seth Anemana, a former Chief Director at the Ministry of Health, and businessman Richard Jakpa. The court had directed all three to open their defenses against allegations of willfully causing financial loss to the state over the procurement of ambulances that were deemed unfit for use.

  • Exceed your target to reduce govt borrowing – Finance Minister charges GRA

    Exceed your target to reduce govt borrowing – Finance Minister charges GRA

    Finance Minister Dr. Cassiel Ato Baah Forson has urged the Ghana Revenue Authority (GRA) to surpass its revenue targets to help reduce the government’s reliance on borrowing.

    Speaking during a visit to the GRA as part of a series of engagements aimed at addressing key revenue and public expenditure issues, Dr. Forson emphasized the importance of domestic resource mobilization in light of limited access to international borrowing markets.

    “Without revenue, there’s little you can do,” Dr. Forson remarked. He pointed out that Ghana currently has no access to Eurobond markets, domestic bonds, or commercial bank loans, leaving Treasury bills and multilateral loans as the only available financing options. “This means we have to focus more on domestic resource mobilization rather than borrowing externally,” he stressed.

    While acknowledging the GRA’s success in exceeding its 2024 revenue target by raising GH₵153.5 billion—GH₵7.5 billion above the initial target—Dr. Forson urged the agency to set even higher goals for 2025. “Achieving your target will not be enough; you have to exceed it so that we can reduce borrowing. The space to borrow is simply not there,” he said.

    The GRA’s performance in 2024, which saw a 5.3% increase in revenue compared to the target, reflects a nominal growth of 35% from 2023. Additionally, with the introduction of levies such as the Sanitation Debt Recovery Levy and Energy Sector Debt, total revenue collection reached GH₵157.9 billion.

    As part of Ghana’s fiscal consolidation efforts under the International Monetary Fund (IMF) program, Dr. Forson reminded the GRA that they are obligated to raise additional tax revenue equivalent to 0.6% of the GDP.

    “This agreement is between the government of Ghana and the IMF, not political parties, so we are obligated to meet this target. I urge you to find innovative ways to achieve this,” he added.

    The Acting Commissioner General of the GRA, Anthony Kwasi Sarpong, responded by emphasizing the importance of teamwork in achieving the agency’s targets. “I may have two hands and one head, but together with the entire GRA team, we can overcome any challenges,” Mr. Sarpong said, reaffirming the institution’s commitment to revenue generation.

    In a separate meeting with the Controller and Accountant General’s Department (CAGD), Dr. Forson discussed the need for expenditure quality in managing public funds. He explained that while the Ministry of Finance sets expenditure priorities, the CAGD must ensure compliance with the law.

    “Your role is to ensure that whatever we direct you to pay is carefully reviewed. If it aligns with the law, proceed with payment. But the quality of expenditure is the prerogative of the Ministry of Finance,” Dr. Forson stated.

    The Controller and Accountant General, Kwasi Agyei, expressed appreciation for Dr. Forson’s leadership and reiterated the CAGD’s commitment to transparency.

    “Our mandate, as outlined in the Public Financial Management (PFM) Act, is to ensure transparency in transactions and proper management of funds,” he said.

    However, Mr. Agyei also acknowledged the need for further system upgrades to maintain public trust, which he stressed is critical to the success of Ghana’s financial management. “Declining public trust in the management of public funds is a growing concern across Africa. While Ghana has not yet reached a critical point, we must act now to sustain confidence in our financial systems,” he warned.

  • It has been my greatest honour to serve as Majority Leader – Ato Forson

    It has been my greatest honour to serve as Majority Leader – Ato Forson

    Dr. Cassiel Ato Forson, the immediate past Majority Leader and current Minister of Finance, has reflected on his time leading the National Democratic Congress (NDC) Caucus in Parliament with immense pride.

    In his final address as Majority Leader on Thursday, January 23, Dr. Forson expressed his deepest gratitude to his colleagues and the party for entrusting him with the significant responsibility.

    “Serving as the Majority Leader has been one of the greatest honours of my career,” he remarked, highlighting the collaborative efforts of the NDC Caucus in advancing the interests of Ghanaians. Dr. Forson commended his colleagues for their dedication and resilience in navigating the complexities of parliamentary leadership.

    As he transitions to his new role as Minister of Finance, Dr. Forson pledged to work tirelessly for the people of Ghana. “In my capacity as Minister of Finance, I pledge to work tirelessly for the people of Ghana, ensuring that the needs and aspirations of the people of Ghana remain at the forefront of our agenda,” he stated.

    Dr. Forson concluded his address on an optimistic note, emphasizing the importance of unity and collaboration in achieving national development. He called on his colleagues in Parliament to continue prioritizing the interests of the people as they work to build a prosperous and inclusive Ghana.

  • We must prioritise the needs of Ghanaians – Ato Forson tells Finance Ministry staff

    We must prioritise the needs of Ghanaians – Ato Forson tells Finance Ministry staff

    Dr Cassiel Ato Forson, Ghana’s newly appointed Minister of Finance, has urged his team at the Ministry to place the needs of Ghanaians at the core of their efforts as the nation navigates economic recovery.

    Speaking during his first meeting with senior management at the Ministry of Finance on Thursday, January 23, 2024, Dr Forson underscored the significance of unity and collective action in addressing Ghana’s economic challenges.

    His address came shortly after being sworn into office by President John Dramani Mahama, following his approval by Parliament. The meeting served as both a symbolic and practical start to his leadership at the Ministry, which he described as a familiar territory. Accompanying him was Fifi Kwetey, a former Deputy Minister of Finance, signaling a blend of seasoned expertise and new direction.

    Dr Forson expressed gratitude for the opportunity to serve, highlighting his commitment to the well-being of Ghanaians. “We are here to work together to better the lot of the people of Ghana; indeed, we will constantly be mindful of the needs of Ghanaians,” he affirmed.

    The Minister outlined his vision for economic stability, identifying job creation, prudent fiscal management, exchange rate stability, and curbing inflation as immediate priorities. According to him, these goals represent a focused effort to alleviate the economic hardships confronting citizens.

    “These objectives,” he said, “reflect a determined approach to tackling the economic issues facing the country.”