Dr Cassiel Ato Forson, Minister of Finance
The Minister of Finance, Dr Cassiel Ato Forson, has assured Ghanaians that the government will shift its focus from relying heavily on taxes to slashing expenditure to address the fiscal deficit and public debt.
He made this statement while presenting the 2025 Budget under the theme: “Resetting the Economy of Ghana We Want” on March 11, 2025, in Parliament.
He indicated that fiscal deficit and public debt strongly featured among the key concerns raised by Ghanaians during the recent National Economic Dialogue.
“Mr. Speaker, Ghanaians, through the recent National Economic Dialogue, have expressed a clear desire for the fiscal deficit and public debt to be reduced through cuts in government spending rather than through only tax measures. We wholeheartedly agree,” he said.
Forson, however, assured that the government will uphold truthfulness, transparency and discipline in its bid to cut spending and save money.
“It will require some sacrifices, truthfulness, transparency and discipline. We will take strong measures to confront the situation head on,” he stated.
He seized the opportunity to call out the previous administration for not establishing any buffers, despite the growing debt servicing obligations to lessen the financial burden.
“There were no provisions to cushion the country against the debt servicing burden we are now facing. After 7th January 2025, the debt service reserve account (sinking fund) had a balance of just US$6,400. When we left office, we had left US$319 in that same account,” he lamented.
VOP/AE