The Minister of Finance, Cassiel Ato Forson, has stated that the signs of Ghana’s economic progress is not only visible, but measurable.
Presenting the 2025 Mid-Year Fiscal Policy Review in parliament, the sector minister listed examples of such milestones including the debt-to-GDP ratio being at a five-year low, and inflation having declined to a four-year low.
“The signs of economic progress are visible and measurable. First quarter economic growth is at a 5-year high, our debt-to-GDP ratio is at a 5-year low, inflation has declined to a 4-year low, our credit rating has improved from junk to B-, with stable outlook, a two-notch upgrade and a 4-year high, we have almost reversed all the Cedi depreciation in the years 2022, 2023 and 2024,” he explained.
He further added that this level of appreciation of the cedi has never happened in the country’s history, with prices of petrol and diesel having reduced significantly along with other commodities.
“This level of appreciation of the Ghana Cedi has never happened in the history of our nation. Prices of petrol and diesel at the pump have reduced significantly to the benefit of consumers, and prices of sugar, rice and cooking oil at a 4-year low,” he said.
Mr. Forson also mentioned that, US$700 million has been paid as Eurobond payment, alongside GH¢10 billion for domestic bondholders.
“An amount of US$700 million as Eurobond payment has been paid, an amount of GH¢10 billion to domestic bondholders has been paid, an amount of GH¢2.9 billion to the District Assemblies Common Fund (DACF) has been paid, an amount of GH¢9.1 billion to the energy sector for stable power supply has been paid, an amount of GH¢5 billion of arrears has been paid.
“An amount of GH¢2.9 billion to the Ghana Education Trust Fund (GETFund) has been paid, an amount of GH¢1 billion to the free secondary education programme has been paid, an amount of GH¢2.7 billion to the National Health Insurance Scheme has been paid, an amount of GH¢1.4 billion for National Health Insurance claims has been paid, an amount of GH¢252 million for vaccines and essential medicines has been paid, an amount of GH¢72.8 million as Capitation Grant has been paid, an amount of GH¢477 million to LEAP beneficiaries has been paid, an amount of GH¢895 million to the School Feeding Programme has been paid, an amount of GH¢122.8 million for BECE registration has been paid, an amount of GH¢300 million to the No Fee Stress Policy has been paid, an amount of GH¢52 million as Teacher Training Allowance has been paid,” he highlighted.
He asserted that a host of other payments, including GH¢369.9 million as Nursing Training Allowance and GH¢25 million as Assembly Members’ allowance, have been made.
“An amount of GH¢21 million for the National Apprenticeship Programme has been paid, an amount of GH¢34.5 million to the Adwumawura Programme has been paid, an amount of about GH¢2 billion as Goods and Services to run an effective and efficient government machinery has been paid, and an amount of about GH¢2 billion to save the National Investment Bank (NIB) has been paid,” he added.
By Vera Owusu Sarpong