The Minister for Finance, Cassiel Ato Forson, held a crucial meeting yesterday with over 22 bank Managing Directors to discuss the future of Ghana’s economy.
The engagement, focused on restoring macroeconomic stability and fostering sustainable growth amidst ongoing financial challenges.
Dr Forson, described the conversation as candid and constructive, highlighting the government’s commitment to fiscal discipline. He announced significant investment cuts and a reset of goods and services expenditure to 2023 levels. The government aims to achieve a primary surplus of 1.5% as part of its strategy to consolidate economic gains and rebuild confidence in the financial system.
“As part of our commitment to fiscal discipline, we will submit to Parliament a fiscal responsibility rule—a debt ceiling that the Ministry of Finance cannot exceed,” Dr Forson stated.
Addressing concerns about the Domestic Debt Exchange Programme (DDEP), he reassured stakeholders that Ghana does not intend to default on its debt obligations.
He confirmed that all outstanding holdouts had been settled and that adequate financial buffers had been built to meet obligations under the programme for the year.
Dr Forson, also stressed the government’s intention to reduce reliance on the Treasury bill market while enhancing coordination between fiscal and monetary authorities. He assured stakeholders that the government remains committed to financial stability and will not allow a return to the economic turbulence experienced in 2022.
“The banking sector is a crucial partner in our development agenda, and we want to work with you to build a resilient financial system that fuels economic transformation,” he added.
The meeting was also attended by Dr Johnson Asiama, Governor of the Bank of Ghana, ahead of his first Monetary Policy Committee (MPC) meeting next week. His presence, alongside his deputy, was seen as a signal of renewed collaboration between fiscal and monetary authorities.
Furthermore, Mr Kwamina Asomaning, President of the Ghana Association of Banks (GAB) and CEO of Stanbic Bank Ghana, commended the government’s budget initiatives and reaffirmed the banking sector’s commitment to enhancing financial inclusion and supporting capital markets.
Dr Forson, concluded by emphasising the importance of collaboration in ensuring a stronger and more resilient economy. “This morning’s meeting reaffirmed a simple truth: We are in this together. We are rebuilding trust, reinforcing fiscal discipline, and forging a path toward a stronger Ghana,” he stated.