Dr Cassiel Ato Forson, the Finance Minister, has said Ghana’s golden era is just beginning.
According to Ato Forson, Government’s new blueprint for Ghana’s economic transformation would be announced in the 2027 Budget.
The Finance Minister urged businesses to invest with confidence, assuring them that the government will sustain the gains made in stabilising the economy.
Speaking during a meeting with the leadership of the Association of Ghana Industries and leading captains of industry, Dr Forson stated, “Feel free to invest because we will sustain the gains. The golden era for Ghana is beginning, and our new blueprint will be announced in the 2027 Budget”.
Ato Forson stressed that the substantial improvements in the macroeconomic environment would be protected and strengthened.
“That is why the 2027 Budget will move Ghana from stability to transformation,” he stated.
He further cited that President John Dramani Mahama had already announced plans to invest US$10 billion in strategic sectors over the next four years.
“We want to produce more, add value and create more jobs for the Ghanaian economy. This means addressing the fundamental challenges we face as a country,” Ato Forson stated.
According to Ato Forson, the Government had deliberately reduced the cost of capital and would continue working to drive it down to support business expansion and investment.
He further called on industry to support domestic revenue mobilisation to reduce the Government’s reliance on excessive borrowing.
“We need your support to raise the necessary revenue so that the government does not borrow beyond its means, as we saw in 2022,” he said.
Meanwhile, Economist Professor Peter Quartey has told President John Dramani Mahama and his government that Ghana is still highly vulnerable to external economic shocks.
The economist warned that due to Ghana’s dependence on imported fuel and gold exports, the country is still highly vulnerable to external economic shocks.
According to him, Ghana has limited buffers to cushion the economy from major global disruptions, adding that continued importation of processed fuel leaves the economy exposed to changes in international conditions.
Speaking on Joy News’ PM Express Business Edition, Prof Quartey stated, “Yes, you will notice that, I mean, for these countries that are even fighting, Iran, the U.S., and the rest, they have a buffer. They have oil reserves that they can fall on.”
He stressed that Ghana does not have the same level of protection.
“I mean, we basically have very little buffer to fall on, and therefore, when they sneeze, we catch a cold,” Prof Quartey said.
Professor Peter Quartey identified Ghana’s continued dependence on imported processed fuel as a major concern.
He stated, “And I think we are not processing enough of the oil. We are an oil producer, but we are not processing quite a good chunk of the oil. We continue to import processed fuel, and that is a big problem for us”.
“Secondly, we’re relying too much on fuel, petrol and, you know, crude, for instance, whereas in other countries, other forms of fuel, green energy, green transition is happening rapidly,” he said.
He noted that the slow pace of the transition to other energy sources further increases Ghana’s vulnerability.
“That is not happening so much with us, and I think that makes us very vulnerable to external shocks,” Prof Quartey said.
He further raised concerns about the structure of Ghana’s export earnings, noting that gold currently accounts for about 60% of the country’s export earnings.
“And if you even look at our exports, for instance, at the moment, gold accounts for almost 60% or 61% of our export earnings,” he said.
“That puts you in a very vulnerable situation,” he said.
“Should gold prices tumble, or should anything happen to the international market, we are likely to suffer the consequences.”
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