Ato Forson Vows to Slash Inflation to Single Digits with Bold Fiscal Reforms
Dr. Cassiel Ato Forson outlines a robust plan to tackle inflation, reduce wasteful government spending, and restore economic confidence through fiscal discipline and strategic partnerships
- Dr. Forson plans to reduce Ghana's inflation to 8% through strict fiscal measures
- He emphasizes the need to eliminate unnecessary spending within the government to live within financial means
- Forson aims to collaborate with international development partners to access affordable financing
President John Mahama’s nominee for Finance Minister, Dr. Cassiel Ato Forson, has pledged to bring Ghana’s inflation down to single digits, targeting 8%, by implementing decisive fiscal measures focused on controlling government expenditure.
During his vetting on January 13, Dr. Forson outlined a comprehensive strategy to stabilize the economy, emphasizing the need to cut unnecessary spending, reduce reliance on borrowing, and restore confidence in Ghana’s fiscal management.
“If we introduce strong measures, particularly from the expenditure side, we can bring inflation down to 8% plus or minus two. This will allow us to reopen the domestic bond market and reduce over-reliance on the treasury bill market,” he said.
He stressed the importance of tackling wasteful government spending and living within the country’s financial means.
“It’s time to cut the waste. I will lead the charge and seek the support of honorable members to stay within an expenditure envelope we can afford,” Dr. Forson added.
To further address fiscal challenges, the Finance Minister-designate promised to collaborate with development partners, including the African Development Bank, the World Bank, and the IMF, to access more affordable financing options.
“We must ensure expenditures are targeted toward inclusive growth and economic recovery,” he concluded.
