The Finance Minister, Dr. Cassiel Ato Forson has promised that the John Mahama led government will fix Ghana’s economic woes.

In his address during the 2025 Budget reading in parliament, Dr. Forson said the cedi depreciated by 19% to the dollar in 2024. In addition, he announced that government missed its end of year inflation target of 15%, increasing to 23.8% in the same period under review.

““By the end of 2024, the currency depreciated by 19.2%, 17.8% and 13.7% against the US dollar, British Pound and Euro respectively, it is what it is”.

Describing the state of the economy as troubling, Dr. Forson reassured that the John Mahama government will fix the economic challenges.  

“The state of our economy is worrying, but we will fix it. We will fix it”, he exclaimed!

He added that restoring sustainable economic stability will demand discipline.

He emphasized that government will show commitment by cutting expenditure and save money.

“It will require some sacrifices, truthfulness, transparency and discipline. We will take strong measures to confront the situation head on.”

“Mr. Speaker, the sacrifice must come from all stakeholders, beginning with the government. His Excellency, the President, appreciates this, and has led the charge by significantly downsizing his government from the elephant 88 to the umbrella 60. He has also reduced the number of ministries, from the elephant 30 to the umbrella 23,” he added.

Dr. Forson further promised a stringent procurement regime which is expected to streamline public expenditure across all government agencies and reduce irregularities experienced in that regard.