The Minister for Finance, Dr. Cassiel Ato Forson, has held a crucial meeting with over 22 Managing Directors of commercial banks to discuss the future of Ghana’s economy today.
The discussion focused on the necessary measures to restore macroeconomic stability and foster sustainable growth.
The Minister emphasized the government’s commitment to reducing expenditures, with massive investment cuts and a reset of goods and services spending to 2023 levels.
The goal is to achieve a primary surplus of 1.5%, consolidate economic gains, and rebuild investor confidence, the Minster noted after the meeting.
As part of efforts to enhance fiscal discipline, the Minister announced plans to submit a fiscal responsibility rule to Parliament, which will include a debt ceiling to limit excessive borrowing.
Addressing concerns over the Domestic Debt Exchange Programme (DDEP), the Minister assured that there will be no default.
All holdouts have been settled, and sufficient buffers have been built to meet DDEP obligations this year, Dr Ato Forson assured.
Additionally, he said steps were being taken to reduce reliance on Treasury bills while strengthening policy coordination between fiscal and monetary authorities to prevent a return to the economic turbulence of 2022.
The Minister reaffirmed the crucial role of the banking sector in driving economic transformation, pledging closer collaboration to build a resilient financial system.
Key among the industry players at the meeting was Dr. Johnson Asiama, Governor of the Bank of Ghana.
Dr Asiama is expected to hold his first Monetary Policy Committee (MPC) meeting next week, signaling a renewed synergy between fiscal and monetary policies.
Mr. Kwamina Asomaning, President of the Ghana Association of Banks (GAB) and CEO of Stanbic Bank Ghana, also acknowledged the positive reception of the 2025 budget and expressed commitment to financial inclusion and capital market growth.
The meeting concluded on a note of shared responsibility, with all stakeholders agreeing to work together to rebuild trust, reinforce fiscal discipline, and strengthen Ghana’s economic resilience.
By: K. Piesie
