By Sarah Baafi
Dr. Cassiel Ato Forson, The Minister of Finance on March 20, 2025, held a pivotal meeting with over 22 Managing Directors of banks to discuss the nation’s economic future. The dialogue centered on restoring macroeconomic stability, fostering sustainable growth, and reinforcing fiscal discipline. This high-level engagement reflects the government’s commitment to engaging key stakeholders in its economic recovery efforts.
Dr. Ato Forson emphasized significant expenditure cuts, resetting spending to 2023 levels, and targeting a primary surplus of 1.5%. He announced plans to introduce a fiscal responsibility rule to Parliament, establishing a debt ceiling for the Ministry of Finance. Addressing concerns about the Domestic Debt Exchange Programme (DDEP), he assured stakeholders that Ghana has no intention of defaulting, with outstanding holdouts fully paid and sufficient buffers in place for 2025 obligations.
He highlighted efforts to reduce reliance on Treasury bills and improve coordination between fiscal and monetary policies. Stressing stability as a priority, he reassured that the turbulence of 2022 would not be repeated. This commitment to stability is crucial for rebuilding investor confidence and attracting foreign investment, which are essential for driving economic growth.
Ato Forson praised the collaboration with the banking sector, describing it as vital for economic transformation. He also lauded insights from Dr. Johnson Asiama, Governor of the Bank of Ghana, and Mr. Kwamina Asomaning, President of the Ghana Association of Banks, who expressed optimism about Ghana’s financial trajectory. Their participation underscored the importance of a unified approach among stakeholders in navigating the economic challenges facing the country.
The upcoming Monetary Policy Committee (MPC) meeting, led by Dr. Johnson Asiamah, is anticipated to further solidify these efforts. The Governor’s presence, alongside his deputy, signals a renewed commitment to aligning monetary policies with fiscal strategies. This alignment is seen as a key factor in stabilizing inflation and promoting economic stability. As Ghana moves forward, the partnership between the government and the banking sector is expected to play a pivotal role in navigating the challenges ahead and achieving sustainable economic growth.
Moreover, Ato Forson’s engagement with the banking community highlights the government’s recognition of the sector’s critical role in financing economic activities. By working closely with banks, the government aims to ensure that credit facilities are accessible to businesses and individuals, thereby stimulating economic activity across various sectors. This collaborative approach is expected to yield positive outcomes, including increased employment opportunities and improved living standards for Ghanaians.
One Response