Economy remains resilient amid global shocks – Ato Forson

The Minister for Finance, Dr. Cassiel Ato Forson, says Ghana’s economy remains resilient despite global shocks, citing reforms, buffers, and policy discipline.

In a social media post on Wednesday, Dr. Forson disclosed that he held discussions with Anna Bjerde, Managing Director for Operations at the World Bank, during the IMF/World Bank Spring Meetings in Washington, D.C.

“Despite recent global shocks, Ghana has remained resilient, supported by prudent policy decisions, buffers, and strong reforms,” he stated, highlighting the country’s ability to withstand external economic pressures.

He added that increased domestic gas production has played a key role in cushioning the effects of rising global energy prices. “Increased gas production has also helped cushion the impact of rising energy prices,” he noted.

Dr. Forson explained that the government is now focusing on structural reforms within the energy sector, particularly addressing inefficiencies in power distribution. “We are now addressing inefficiencies in the energy distribution sector through private sector participation to improve performance,” he said.

According to him, Ms. Bjerde reaffirmed the World Bank’s commitment to supporting Ghana’s reform agenda, while stressing the urgency of resolving long-standing challenges in the energy sector.

The Minister’s comments come at a time when the government is rolling out additional measures to shield citizens from the impact of rising global oil prices triggered by tensions linked to the US–Iran conflict.

Government Communications Minister Felix Kwakye Ofosu announced that the Cabinet has directed the Finance and Energy ministries to take immediate steps to reduce fuel prices through the removal of selected taxes and margins on petroleum products.

He indicated that the intervention will take effect in the next pricing window and will initially run for four weeks, subject to review.

The global disruptions, worsened by the closure of the Strait of Hormuz, have pushed crude oil prices above $100 per barrel, significantly increasing import costs for countries like Ghana and contributing to recent hikes at fuel pumps.

In response to the broader economic strain, the Cabinet has also instructed the Transport Ministry to accelerate the rollout of newly acquired MetroMass buses to ease commuting pressures on the public.

Dr. Forson maintained that ongoing policy interventions, combined with structural reforms, will help sustain economic stability while protecting households from external shocks.