Finance Minister Dr Cassiel Ato Forson has said the John Dramani Mahama administration assumed office in January 2025 at a time when Ghana’s economy was in a dire state, attributing the country’s financial difficulties to years of unsustainable fiscal decisions, mounting debt and poor governance.
Addressing Parliament during the presentation of the 2026 Mid-Year Budget Review on Thursday, July 24, Dr Forson argued that the severe economic downturn that culminated in the 2022 crisis was the outcome of deliberate policy mistakes rather than unforeseen circumstances.
According to him, excessive government spending, unchecked borrowing and weak systems of accountability created conditions that pushed the economy into distress before the current administration took office.
“When this administration assumed office in January 2025, President John Dramani Mahama inherited an economy on its knees. The economic crisis of 2022 was not merely an accident but the consequence of a series of wrong policy choices—reckless spending, excessive borrowing and weak accountability,” he told Parliament.
The Finance Minister said the government has since prioritised restoring confidence in the economy through prudent fiscal management and carefully planned economic reforms.
He noted that the administration remains committed to maintaining fiscal discipline, strengthening macroeconomic stability and implementing policies that will attract investment, create jobs and place the economy on a sustainable growth path.
Dr Forson expressed confidence that the government’s ongoing reforms would help rebuild the economy and lay the foundation for long-term resilience and inclusive development.
