By: Jennifer Nerkie Kenney
Ghana’s Finance Minister, Dr. Cassiel Ato Baah Forson, has declared that the government’s commitment to fiscal discipline and reform has paid off, leading to improved revenue, lower debt, and restored investor confidence. He made the statement while presenting the 2026 Budget Statement to Parliament in Accra on Thursday November 13, 2025.
Dr. Forson said the economy had shown significant recovery following extensive reforms in revenue mobilisation and spending controls, which he described as the backbone of Ghana’s current fiscal stability.
“Discipline delivers results,” he said, adding that the removal of nuisance taxes such as the E-Levy had not weakened government revenue.
According to him, broader tax reforms and efficiency measures lifted non-oil tax revenue to 8.7% of GDP, up from 7.8% in 2024. He explained that government tightened non-priority spending while safeguarding investment in key sectors to sustain growth.
“Treasury bill rates have fallen, saving GH₵8.8 billion in interest from January to September,” he added.
The minister revealed that Ghana’s public debt had fallen to its lowest in a decade, with the country’s debt risk now reclassified from “high” to “moderate.” He said the government’s homegrown fiscal model had restored investor confidence and opened room for social and capital investment.
“Ghana’s fiscal consolidation is now credible, sustainable, and homegrown, ensuring every cedi works for the Ghanaian,” Dr. Forson stated.
Turning to social protection, the minister said allocations to social spending programmes had increased from 0.6% to 0.9% of GDP, cushioning vulnerable households across the country.
“Economic stability must translate into social progress,” he said, emphasizing that fiscal responsibility must reflect in the welfare of citizens.
Addressing developments in the energy sector, Dr. Forson announced that all power purchase agreements (PPAs) had been renegotiated at no cost to the state, saving US$250 million and restructuring GH₵1.1 billion in obligations over four years.
“For the first time, we are not accruing new arrears in the energy sector,” he told the House, noting that ECG’s revenue had improved by almost 90%, from GH₵900 million to GH₵1.7 billion per month.
The finance minister also detailed a special audit of arrears and payables totalling GH₵68.8 billion, which uncovered numerous irregularities. Out of the total, GH₵47.8 billion was validated, while GH₵10.4 billion in claims were rejected due to duplications, falsified receipts, and payments for unexecuted projects.
“Without this audit, these claims would have been paid, underscoring the importance of vigilance and verification,” he warned.
Dr. Forson described the findings as “troubling” and “damning,” but said the audit had saved Ghana from billions in potential losses and strengthened public accountability.
“This exercise reaffirms our unwavering commitment to fiscal discipline and transparency,” he added.
He further disclosed a staggering abuse of the Import Declaration Form (IDF) system, which was used to transfer US$83 billion abroad between April 2020 and August 2025, with only 10,440 transactions linked to actual imports.
“An equivalent of US$31 billion left Ghana with no goods imported. This bleeds our reserves and deprives us of resources to build schools, roads, and hospitals,” he lamented.
Dr. Forson futher stated that government would continue to enforce financial discipline, enhance oversight, and ensure value for money in all expenditures.
“Our commitment is clear accountability, transparency, and efficiency will guide every cedi spent,” he assured Parliament.
