The Finance Minister, Dr. Cassiel Ato Forson, has assured banks that the government remains committed to responsible economic management and will not return to the financial instability of 2022.
Speaking at a meeting with over 22 Managing Directors of banks this morning, he emphasized that fiscal discipline and policy coordination will guide the country’s economic recovery.
“We will not be reckless,” Dr. Forson stated. “We recognize the heavy lifting required to restore stability, and we are taking decisive measures to ensure sound financial management.”
Strengthening Fiscal Responsibility
As part of this commitment, the Minister announced massive investment cuts and a reset of goods and services expenditure to 2023 levels. The government is also targeting a primary surplus of 1.5%, a crucial step toward stabilizing the economy.
Additionally, he revealed plans to submit a fiscal responsibility rule to Parliament, which will set a debt ceiling that the Ministry of Finance cannot exceed. This, he said, will help prevent excessive borrowing and ensure long-term financial stability.
A Renewed Partnership with the Banking Sector
The meeting was attended by Bank of Ghana Governor, Dr. Johnson Asiama, and his deputy. Dr. Asiama welcomed the Minister’s assurances, describing them as a positive signal ahead of his first Monetary Policy Committee (MPC) meeting next week.
Also present was Mr. Kwamina Asomaning, President of the Ghana Association of Banks (GAB) and CEO of Stanbic Bank Ghana. He commended the Minister for a well-received budget and pledged the banking sector’s support in deepening financial inclusion and strengthening capital markets. He also called for continued dialogue between the government and financial institutions as the country works toward economic recovery.
Stability Through Discipline
Dr. Forson’s message was clear: Ghana is committed to responsible fiscal management. The government is focused on stability, collaboration, and prudent financial decisions to avoid repeating past economic challenges.
“We need each other,” he told the bank CEOs. “We want you as partners in our development. We will not be reckless.”
