In a reassuring move, Finance Minister Dr. Cassiel Ato Forson has calmed the nerves of Ghana’s banking sector, promising that the government will not repeat the financial instability of 2022. Speaking at a meeting with over 22 Managing Directors of banks, Dr. Forson emphasized the importance of fiscal discipline and coordinated policy efforts in driving the country’s economic recovery.
The Finance Minister’s words were not just empty promises. He outlined concrete measures to ensure responsible economic management, including massive investment cuts and a reset of goods and services expenditure to 2023 levels. The government is also targeting a primary surplus of 1.5%, a crucial step towards stabilizing the economy ¹.
Moreover, Dr. Forson announced plans to introduce a fiscal responsibility law in Parliament, which would impose a debt ceiling on government borrowing. This move aims to curb excessive debt accumulation and reinforce financial discipline.
The banking sector welcomed the Finance Minister’s assurances, with the President of the Ghana Association of Banks, Mr. Kwamina Asomaning, commending Dr. Forson for a well-received budget. Mr. Asomaning pledged the banking sector’s support in deepening financial inclusion and strengthening capital markets.
As Ghana navigates its economic recovery, the Finance Minister’s commitment to prudence is a beacon of hope. With a clear plan in place, the government is poised to restore stability and drive growth, reassuring banks and citizens alike that “we will not be reckless”.
Ruth Abla ADJORLOLO
