By Celestine Avi and Seth Eyiah
London, UK – Finance Minister Dr. Cassiel Ato Baah Forson has assured Ghanaians in the diaspora that the country’s economy has been stabilised following a severe downturn, attributing the recovery to tough but necessary policy decisions under the current administration.
Speaking at a diaspora town hall meeting with the Ghanaian community in the United Kingdom, Dr. Forson said the government inherited what he described as a “terrible economy” that had suffered one of its worst crises in recent history.
He recalled that in 2022, Ghana faced severe macroeconomic instability, with the cedi under intense pressure, inflation rising sharply, investor confidence declining, and the country losing access to international capital markets.
“The scale of the crisis was profound… it was extremely traumatic,” he said, noting that the situation led to multiple credit rating downgrades and a tightening of external financing conditions.
According to him, agencies including Moody’s, S&P, and Fitch downgraded Ghana’s sovereign rating to unprecedented levels in 2022, contributing to a freeze in international bond market access and worsening financial conditions for both government and businesses.
Dr. Forson said the situation escalated to the point where Ghana could no longer access the international capital market, with eurobond spreads widening significantly and key financial institutions struggling to secure external credit facilities.
However, he said the economy has now stabilised, crediting fiscal reforms and policy discipline for the turnaround.
“Today, I am pleased to report that Ghana is back,” he said, adding that GDP growth has rebounded to 6% in 2025, with non-oil growth reaching 7.6%—the highest in 14 years.
He further stated that Ghana’s economy has crossed the $100 billion mark, ranking as the eighth-largest economy in Africa, while GDP per capita has risen to $3,385.
On debt sustainability, the Finance Minister said Ghana has moved from a high-risk of distress to moderate risk, with debt-to-GDP now at 44.7%, ahead of IMF projections.
He also cited a sharp decline in inflation from 23.8% in December 2024 to 3.4% in April 2026, alongside falling Treasury bill rates, which he said reflects improved investor confidence.
According to him, the 91-day Treasury bill rate has dropped from 28.4% to 4.8%, while policy rates have also fallen significantly, easing borrowing conditions for businesses and government.
Dr. Forson added that Ghana recorded a current account surplus of 8.3% of GDP in 2025, describing it as a major reversal from previous persistent deficits.
He stressed that these improvements demonstrate the impact of fiscal discipline and prudent economic management.
“Our results affirm that fiscal prudence and discipline always deliver results,” he said.
Dr. Forson further assured the diaspora community that the government sees them as key partners in national development, urging them to invest and contribute to the country’s economic transformation.
He also revealed plans for closer collaboration between the Bank of Ghana and the Ministry of Finance to better harness diaspora remittances, which he said exceeded $7 billion last year.
“Ghana is open for business. Come home and contribute,” he said, adding that diaspora participation remains critical to sustaining economic gains.
