Finance Minister, Dr. Cassiel Ato Forson, has outlined the government’s commitment to fiscal discipline, economic recovery, and governance reforms at the National Economic Dialogue held in Accra.
Speaking at the National Economic Dialogue 2025, which was attended by President John Dramani Mahama, policymakers, business leaders, and economic experts, Dr. Forson acknowledged the severe economic crisis facing the nation and emphasized the need for collective sacrifices to restore stability.
"The economic crisis is not over. Indeed, the full length of our recent crisis is still unraveling by the day,” he warned, citing severe currency depreciation, hyperinflation, steep tax increases, and rising fuel and electricity prices as key challenges.
Key Measures to Restore Economic Stability
As part of the government’s cost-cutting and efficiency drive, Dr. Forson announced several bold measures, including:
Reducing the number of ministers from 123 to 60, signaling a shift toward a leaner government.
Slashing budget allocations to the Office of the President.
Banning first-class travel for all government officials to curb excessive spending.
“These actions represent the initial steps in our ongoing journey towards fiscal discipline and good governance,” Dr. Forson noted.
He commended Organized Labour and the Ghana Employers Association for their cooperation in reaching a new agreement on minimum wage and base pay, reaffirming the government’s commitment to transparency and accountability.
The Minister highlighted the importance of the National Economic Dialogue in shaping Ghana’s medium-term economic strategy, particularly in preparation for the 2025 national budget, set to be presented on March 11.
"The insights, expertise, and experiences gained from this dialogue will prove invaluable in shaping our collective path forward,” he stated.
The forum, which features panel discussions and workshops, aims to generate actionable solutions to drive structural reforms and economic transformation.
Dr. Forson expressed optimism that the measures being undertaken will reset Ghana’s economic trajectory, ensuring long-term prosperity for all citizens.
Story by: Joshua Kwabena Smith
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