Mid-year Budget: We confronted the crisis left behind with bold reforms – Ato Forson

Finance Minister, Dr. Cassiel Ato Forson, says Ghana’s economy is firmly on a path to recovery.

According to him, improvements in key economic indicators, including a historic rebound of the local currency and significant savings on interest payments, are some of the successes under the current administration.

Presenting the 2025 Mid-Year Budget Review to Parliament on Thursday, July 24, Dr. Forson revealed that the Ghana Cedi has appreciated by 42.6% against the U.S. dollar, one of the strongest performances in recent fiscal memory. According to him, this dramatic turnaround underscores growing investor confidence and prudent management under the current administration.

“This is not accidental. These gains reflect targeted policy shifts, strong fiscal discipline, and the resilience of the Ghanaian people,” he noted.

The Finance Minister highlighted that the John Dramani Mahama-led government took over amid difficult economic conditions but chose to reset rather than lament.

“We inherited numerous economic challenges, but the Mahama administration made a strategic decision not to apportion blame. Instead, we opted to confront the crisis with bold reforms and honest governance,” Dr. Forson told the House.

One of the standout achievements highlighted in the presentation was the boost in gross international reserves, which now stand at $11.12 billion, offering eight months of import cover — a substantial improvement over recent years.

He also reported that Ghana has saved GH¢4.9 billion in domestic interest payments as of the end of June 2025, due to effective restructuring measures and a more favourable debt profile.

“These numbers aren’t just statistics. They represent the stability we are building for families, businesses, and future generations. The gains of the first half of this year are only the beginning. They challenge us to remain disciplined and to deliver even more for the people of Ghana,” Dr. Forson added.

The presentation was delivered in the absence of the Minority Caucus, who staged a walkout in protest of recent electoral violence in Ablekuma North. Nevertheless, the Finance Minister expressed confidence that the broader picture of Ghana’s recovery would eventually gain bipartisan support.

Debate on the mid-year review is expected to continue into next week.