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Minister-designate, Dr. Cassiel Ato Forson, has unveiled an ambitious plan to bring Ghana’s inflation rate down to a single-digit target of 8%, signaling a decisive approach to economic stability under President John Dramani Mahama’s administration.
Speaking during his vetting on Monday, January 13, 2025, Dr. Forson highlighted the importance of bold fiscal reforms and disciplined expenditure management to curb inflation and restore confidence in Ghana’s economy.
“I believe if we introduce strong measures, particularly on the expenditure side, we will be able to bring inflation down to 8%, plus or minus two,” he stated.
He underscored the urgency of reopening the domestic bond market, which has been overshadowed by over-reliance on treasury bills, and stressed the need for prudent financial strategies.
Ghana’s economic challenges, marked by rising inflation and diminished purchasing power, have been exacerbated by excessive government spending and limited access to sustainable financing. Dr. Forson pointed to these issues as a call to action for adopting a more disciplined approach to fiscal management.
“If you are confronted with a situation where you do not have financing, then there is a need for you to look within,” he said. “Let’s deal with expenditure, let’s cut costs, and let us not pretend there is money where there isn’t. Just as it has been done successfully elsewhere, we can also achieve it here.”
Dr. Forson’s vision promises a disciplined financial strategy aimed at reducing inflation, stabilizing the economy, and alleviating the economic burden on Ghanaians.
Source:NKONKONSA.com
