Nat’l Tymes News Desk
FINANCE Minister Dr. Cassiel Ato Forson has announced that Ghana’s economy has crossed the 100-billion-dollar mark for the first time in the country’s history, describing the achievement as a major sign of economic recovery and renewed stability.
Addressing Parliament on Thursday, Dr. Forson said the current administration had successfully steered the country away from the economic crisis it inherited through fiscal discipline, structural reforms, and the implementation of the International Monetary Fund (IMF)-supported programme.
According to him, the country has learnt difficult lessons from the recent economic hardships the Akufo-Addo/Bawumia led NPP administration bestowed to the NDC, and must avoid returning to what he described as an era of reckless spending and poor economic management.
“It is important not to dwell on the past, but to remind ourselves of the heavy price of fiscal indiscipline and economic recklessness. Ghana must never again return to that path (NPP),” Dr. Forson told Parliament.
The Finance Minister explained that government introduced several key reforms in 2025 to stabilize the economy and restore investor confidence.
These reforms included amendments to the Public Financial Management Act to strengthen expenditure controls and ensure responsible borrowing.
Government also carried out audits into arrears and outstanding payments to eliminate irregularities such as recycled invoices and overpayments.
Dr. Forson further stated that government abolished some taxes described as “nuisance taxes,” including the Electronic Levy (E-Levy), betting tax, and VAT on motor insurance to reduce pressure on businesses and ordinary Ghanaians.
He disclosed that an Independent Fiscal Council and an Office for Borrowing had also been established to improve transparency, expenditure management, and compliance with fiscal rules.
On the energy sector, the Minister revealed that the renegotiation of Independent Power Producer (IPP) agreements saved the country more than 250 million dollars, while over one billion dollars in legacy energy sector debts had been cleared.
As part of efforts to reduce government expenditure, Dr. Forson said the number of ministries had been reduced from 30 to 23, while the number of Ministers of State was cut from 123 to 60.
Touching on the country’s economic performance, the Finance Minister said Ghana recorded a real Gross Domestic Product (GDP) growth rate of six percent in 2025, while non-oil GDP growth reached 7.6 percent — the highest recorded in 14 years.
“Ghana’s economy crossed the 100 billion dollar threshold for the first time, making it a full-fledged middle-income economy and the eighth (8th) largest economy in Africa,” he disclosed. Dr. Forson also told Parliament that Ghana’s Gross National Income (GNI) per capita rose to 3,385 dollars.
According to him, the country recorded a primary budget surplus of 2.5 percent of GDP in 2025, while public debt-to-GDP reduced significantly to 44.7 percent by the end of the year, ahead of the government’s 2034 target.
The Finance Minister concluded by urging Ghanaians and future leaders to avoid repeating the mistakes of the NPP that led to the country’s economic crisis.
“Some painful experiences cannot be taught; they must be lived to be understood. But once experienced, never again should they be repeated,” Dr. Forson stated.
He stressed that no Ghanaian should ever again be made to endure the severe economic hardships experienced in the last 8 years of the NPP.
Source: Nationaltymes.com
