Mid-year Budget: Lack of coordination crashed Ghana’s economy under Akufo-Addo – Ato Forson 

Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has taken a strong swipe at the previous Akufo-Addo/Bawumia administration, accusing it of gross economic mismanagement that plunged the country into a deep and historic financial crisis in 2022.

Delivering the 2025 Mid-Year Budget Review before Parliament on Thursday, Dr. Forson said the roots of Ghana’s economic challenges could be traced directly to what he described as “overbearing physical dominance” and the poor leadership style of the New Patriotic Party (NPP) government during its time in office.

According to him, the economic turmoil was not coincidental but stemmed from systemic failures and reckless decisions taken by the former administration. He argued that the situation was worsened by the administration’s refusal to respect institutional boundaries and its interference in the technical work of financial managers.

“The worsening fiscal pressures spilled over into the monetary and external sectors, causing a rapid depreciation of the Ghanaian cedi,” Dr. Forson told the House.

He highlighted that monetary financing by the Bank of Ghana during that period reached an all-time high, leading to uncontrollable inflation. Prices of goods and services skyrocketed, pushing many Ghanaians into hardship as the cost of living became unbearable.

“In that same period, inflation rose to levels never seen in decades,” he added.

The Finance Minister said the situation was exacerbated by a complete lack of coordination between the Ministry of Finance and the Bank of Ghana—two key institutions responsible for managing Ghana’s economic stability. He described the situation as a textbook example of poor governance and institutional breakdown.

“There was a complete lack of coordination between the Ministry of Finance and the Bank of Ghana, signaling the highest level of incompetence in economic management,” Dr. Forson asserted.

Despite these setbacks, Dr. Forson said the current administration under President John Dramani Mahama has taken a different approach. He noted that the government has made a conscious decision not to blame past failures but to take bold steps to restore stability and rebuild public trust.

“In the face of all these dire inheritances bequeathed by the Akufo-Addo/Bawumia administration, President Mahama’s government has made a conscious decision not to make excuses, but to reset our country,” he declared.