Finance Minister Dr Cassiel Ato Forson has said Ghanaians can now breathe a sigh of relief following improvements in the country’s economic conditions, urging the nation to use the opportunity to build a stronger economy that creates jobs and delivers lasting prosperity.
Speaking during the presentation of the 2027 Budget Statement and Economic Policy to Parliament on Thursday, November 12, Dr Forson described the return of economic stability and investor confidence as a major turning point in Ghana’s recovery.
He, however, warned that the country must not waste the gains made by returning to the cycle of economic growth followed by instability, which has repeatedly affected businesses, households and livelihoods.
Ghana has made significant gains. Stability has returned. Confidence is back. And Ghanaians can breathe again. Now, Mr Speaker, Ghana must decide what to do with that breathing space. That decision will shape the lives of millions of Ghanaians and improve their circumstances,” he said.
According to the Finance Minister, the next stage of the country’s economic recovery must focus on improving the lives of ordinary Ghanaians, particularly young graduates seeking jobs, farmers looking for reliable markets, traders whose capital has been affected by inflation and pensioners impacted by the debt restructuring programme.
He also highlighted the challenges facing entrepreneurs who continue to struggle to access affordable, long-term financing, stressing that the gains from economic recovery must translate into better living conditions for citizens.
Dr Forson noted that Ghana had experienced repeated periods of economic progress followed by instability, with the resulting challenges often reversing earlier gains.
“Our people have experienced repeated episodes of hope, followed by hardships, growth, followed by instability, fiscal expansion, followed by painful correction, a stable currency, followed by sharp depreciation, and now new opportunities, followed by job losses. These boom and bust cycles must cease, Mr Speaker,” he stated.
He described the 2027 Budget as a critical step towards moving Ghana beyond economic stabilisation into a phase of increased production, industrialisation, private-sector expansion and job creation.
Drawing on Ghana’s history, Dr Forson also referenced the vision of the country’s first President, Dr Kwame Nkrumah, who believed that political independence must be accompanied by economic emancipation.
He recalled that at independence, Ghana had enormous natural and human resources and was positioned to become a leading industrial force in Africa.
Dr Forson said Nkrumah and his generation envisioned an industrialised nation supported by reliable electricity, strong infrastructure, quality education and effective state institutions.
