Dr Cassiel Ato Forson
Finance Minister-Designate, Dr. Cassiel Ato Forson, has pledged to reduce the country’s inflation rate from 23.4% to 8% within a target band of plus or minus two.
Speaking during his vetting in Parliament, Dr. Forson emphasised that achieving this goal requires a collaborative effort between the Ministry of Finance and the Bank of Ghana.
“In the shortest possible time, we will reduce inflation to 8% through a strong, front-loaded fiscal consolidation agenda that focuses on expenditure-based measures,” he stated.
Dr. Forson explained that this approach would enable the Bank of Ghana to conserve reserves and intervene in the foreign exchange market when necessary.
To ensure the long-term stability of the Ghana Cedi, he outlined plans to establish a Ghana Gold Board to use the country’s gold reserves for foreign exchange.
He also stressed the importance of revitalizing the palm and cocoa industries, adding that discussions with the World Bank are underway to support these initiatives.
Dr. Forson further underscored the need to address the hydrocarbons sector, pointing out that no new oil fields have been developed in the last eight years despite the country’s oil resources.
He called for urgent action to generate more foreign exchange from this sector.
“Our priority is to ensure a stable Cedi, lower inflation, and create jobs. These policies, which align with our manifesto, will ensure sustainable economic growth,” Dr. Forson intimated.
According to him, his plans reflect the broader economic vision of the National Democratic Congress (NDC) to achieve stability and development in the country.
By Ernest Kofi Adu