By Clement Akoloh
Accra, July 23, 2026
Finance Minister Dr. Cassiel Ato Forson has told Parliament that Ghana’s economic recovery is the result of “superior economic management” and difficult reforms, not luck, debt restructuring, or the IMF program alone.
Presenting the 2026 Mid-Year Fiscal Policy Review, Dr. Forson said the Mahama administration inherited “an economy on its knees” in January 2025 and had to take “difficult and necessary decisions which were neither politically convenient nor painless.”
“Never Again” – On the 2022 Crisis
The Minister opened with a warning on fiscal indiscipline.
“Ghana must never be brought to face this issue again. These painful experiences must strengthen our collective resolve to safeguard macroeconomic stability and ensure that such a crisis is never repeated,” he said.
He blamed the 2022 crisis on “reckless spending, excessive and vague borrowing, and dishonest economic management.” The consequences, he noted, included inflation above 50%, collapsed investor confidence, sovereign downgrades, loss of market access, and the Domestic Debt Exchange Program that “even pensioners were not spared.”
“Businesses closed or relocated, jobs were lost and many households that had escaped poverty fell back into hardship,” Dr. Forson stated.
“Recovery is From Reforms, Not Accident”
Pushing back on claims that the gains were accidental, Dr. Forson said:
“Somehow suggested that our recent macroeconomic gains are simply the product of good fortune. Others have attributed the recovery to the debt restructuring program or the IMF program inherited in twenty twenty-five. Mister Speaker I firmly disagree.”
“Death restructuring may create fiscal space. It does not create fiscal discipline. An IMF program may provide a framework but it cannot substitute for sound policy, discipline, implementation and political will.”
“Sustainable economic recovery is built on good policy choices, competent economic management and disciplined execution and most importantly courageous leadership,” he added.
3 Key Reforms Driving the Turnaround
Dr. Forson said the recovery has been anchored on 3 transformational reforms:
- Fiscal correction – Strengthened public financial management and restored fiscal credibility
- Modernisation of Ghana’s tax regime – To improve revenue mobilisation and reduce fiscal risk
- Complementary monetary policy – For inflation targeting and exchange rate stability, in coordination with Bank of Ghana
“The results speak for themselves. Every major macroeconomic indicator has improved significantly. These outcomes are not accidental. They are the product of reforms, discipline and sound economic management,” he said.
No Supplementary Budget
The Minister confirmed government is not seeking a supplementary budget. Instead, there will be a “strategic realignment of expenditures within the existing 2026 appropriations.”
He said funding for a “permanent solution” to issues affecting bondholders will be provided in the 2027 budget and medium term.
Source: parliamentnews360.com
