Finance Minister Dr. Cassiel Ato Forson has delivered a sobering assessment of Ghana’s economy, describing it as being in a state of “deep crisis.”
Presenting the highly anticipated 2025 Budget Statement to Parliament on Tuesday, March 11, Dr. Forson acknowledged the severe economic challenges inherited from the previous administration.
“We inherited an economy in deep crisis,” he stated, pointing to critical issues such as soaring inflation, mounting debt, and a depreciating currency.
Addressing lawmakers, he further highlighted the significant fiscal burdens weighing on the government.
“Mr. Speaker, our economy has been severely impacted by debt accumulation and other fiscal challenges, including a massive buildup of arrears owed by Ministries, Departments, and Agencies (MDAs), as well as outstanding payments in the energy and financial sectors,” he explained.
Dr. Forson attributed the crisis to reckless public spending by the previous administration, expressing grave concern over the state of the nation’s finances. He acknowledged that the government faces considerable obstacles in restoring economic stability.
Despite these challenges, he assured Ghanaians that his administration is committed to implementing corrective measures to revive the economy and set it on a sustainable growth path.
