Dr. Cassiel Ato Forson
Finance Minister, Dr. Cassiel Ato Forson, says Ghana’s economic recovery has been driven by a deliberate programme of reforms implemented by the Mahama administration since assuming office in January 2025.
Presenting the 2026 Mid-Year Budget Review in Parliament today, he said the reforms have strengthened public financial management, restored fiscal credibility, improved revenue mobilization, reduced fiscal risks, and reinforced macroeconomic stability.
“These reforms – fiscal correction, tax modernisation and complementary fiscal policies – have enabled government to achieve its targets,” he told Parliament.
Focus on Fiscal Discipline and Debt
Dr. Forson explained that the objective was to take control of public finances, introduce new expenditure discipline and place public debt on a sustainable path.
He added that the reforms helped eliminate wasteful spending that had weakened fiscal management over the years.
Key Results
According to the Minister, key achievements include a 5.5% reduction in primary expenditure, a 2.5% primary balance surplus and a debt-to-GDP ratio target of 4.45% achieved ahead of schedule.
On revenue, he said tax modernisation led to the abolishment of nuisance taxes and improved compliance, resulting in a 0.5% increase in non-oil tax revenue.
Macroeconomic Gains
Dr. Forson also noted that fiscal policy has helped stabilize inflation at 5.4% and improved GDP growth to 6.0% in 2025.
He assured Parliament that government remains committed to sustaining the reform agenda to protect gains made and support growth, jobs and economic transformation.
By Florence Adom Asamoah