News Guide Africa

Tag: Minister for Finance.

  • Ghana signals post-restructuring recovery as historic GH¢10.8bn coupon payment disbursed

    Ghana signals post-restructuring recovery as historic GH¢10.8bn coupon payment disbursed

    By Adnan Adams Mohammed

     

    Ghana’s economic recovery marked a major milestone as the government fully disbursed GH¢10.8 billion in Domestic Debt Exchange Programme (DDEP) coupon payments on schedule, delivering a powerful signal of stability to local financial institutions and international credit markets.

    The timely cash settlement, the largest single payout since the 2023 debt restructuring, brings total returns delivered to domestic bondholders over the past 18 months to GH¢41.36 billion.

    The disbursement fulfills an explicit promise made by Minister for Finance, Dr. Cassiel Ato Forson, during the 2026 Mid-Year Budget Review in Parliament, where he assured lawmakers and the public that the government would honor its obligations to bondholders without delay.

    Speaking during his mid-year address to Parliament, Dr. Ato Forson underscored that consistent cash settlements remain central to rebuilding trust among domestic creditors and international market participants.

    “There was a time when the world doubted us. Today, every payment made on time answers that doubt, assuring bondholders in London, pension funds in New York, and investors at home that our word is our bond,” Dr. Ato Forson told Parliament. “Payment after payment, coupon after coupon, Ghana has proven one thing: We now keep our word. That is how market confidence is rebuilt—not through speeches, but through repayment.”

     

    Following the transaction, the Ministry of Finance released an official statement confirming the disbursement and highlighting its macroeconomic significance for Ghana’s sovereign risk profile.

    “In line with government’s commitment to the continued success and credibility of Ghana’s domestic debt operations, the payment was settled in full and on schedule,” the Ministry stated. “This timely settlement underscores the government’s fiscal discipline, reduces sovereign default risk, and reinforces the country’s financial credibility. All future DDEP obligations will also be paid in full and on schedule.”

     

    Market analysts expect the GH¢10.8 billion liquidity injection into financial institutions, pension funds, and asset managers to improve local market liquidity while cementing Ghana’s broader economic recovery efforts following the completion of its domestic and external debt restructuring exercises.

     

  • Foundation of the economy is “SOLID” — Ato Forson tells Parliament

    Foundation of the economy is “SOLID” — Ato Forson tells Parliament

    By Adnan Adams Mohammed

     

    Ghana’s economic foundations are now firmly in place, with key performance indicators outperforming full-year targets as the nation prepares to officially wrap up its IMF Extended Credit Facility (ECF) program, Minister for Finance Dr Cassiel Ato Forson has informed Parliament.

    Delivering the Mid-Year Fiscal Policy Review on the floor of the House, Dr Forson declared that the macroeconomic stability achieved over the past 18 months proves the foundation of the economy is “solid,” paving the way for sustainable, long-term growth under the leadership of President John Dramani Mahama.

    Speaking directly to the nation, the Finance Minister highlighted how fiscal discipline has begun translating into real relief for everyday Ghanaians.

    “Mr. Speaker, I now wish to speak directly to every Ghanaian listening to me this afternoon,” Dr Forson stated. “To the market trader whose purchasing power has improved because inflation has fallen. To the entrepreneur who can now borrow at lower interest rates to expand their businesses, and to the worker whose income now stretches further because the cedi has stabilized. These improvements are not abstract statistics; they are the dividend of sound and competent economic management.”

     

    Acknowledging the hardships endured throughout the stabilization process, Dr Forson expressed appreciation for the sacrifices made by citizens while assuring the House of a brighter economic trajectory.

    “We recognize that the sacrifices required to restore the economy were significant, and that many households continue to face challenges,” he noted. “But we also know that the foundations of Ghana’s economy are now firmly in place… Under the leadership of His Excellency President John Dramani Mahama, Ghana is not going back; Ghana is moving forward.”

     

    Exit from Bailout Program and Transition to PCI

    A major focus of the Minister’s address was the impending conclusion of Ghana’s IMF bailout program and the strategic move toward a non-financing arrangement.

    “My Honorable Speaker, next week the Executive Board of the IMF is expected to approve the final review of Ghana’s extended credit facility program, bringing to a successful conclusion the financial bailout program,” Dr Forson announced.

     

    To anchor upcoming structural reforms without relying on fund debt, the government will transition to a 36-month Policy Coordination Instrument (PCI).

    “The Executive Board is also expected to approve a 36-month policy coordination instrument, a non-financing arrangement designed for countries that no longer have and are not expected to face balance-of-payment needs,” the Minister explained. “The PCI will anchor our next phase of reforms: strengthening macroeconomic resilience, supporting broad-based growth, and signaling our unwavering commitment to sound and disciplined macroeconomic policy.”

     

    The PCI framework focuses on six key pillars: fiscal consolidation, debt sustainability, governance, monetary and exchange rate frameworks, financial sector stability, and economic diversification. The program includes quantitative goals and 26 reform targets evaluated through semiannual reviews.

    H1 2026 Macroeconomic Highlights

    Presenting the performance metrics for the first half of 2026, Dr Forson presented figures indicating that major macroeconomic targets had been comfortably surpassed:

     

    Macroeconomic Indicator Target (Full Year 2026) Performance (H1 2026)

    Overall GDP Growth 4.8% 6.4% (Q1)

    Non-Oil GDP Growth 4.9% 6.3% (Q1)

    Headline Inflation 8.0% (±1%) 5.3% (June)

    Primary Surplus 1.5% of GDP 0.9% of GDP (On track)

     

    “Mr. Speaker, Ghana has not merely met its first-half year targets; it has exceeded them,” Dr Forson declared. “Overall GDP growth was 6.4% in the first quarter of 2026, well ahead of the 4.8% full-year target… Inflation has more than halved, falling from 13.7% in June 2025 to 5.3% by end of June 2026.”

     

    Concluding his presentation, Dr Forson reiterated that government reforms under the PCI will help restore Ghana’s investment-grade rating and unlock concessional financing for essential public infrastructure.

     

  • Growing Beyond Stabilisation: Ghana’s new economic agenda as expected in mid-year budget

    Growing Beyond Stabilisation: Ghana’s new economic agenda as expected in mid-year budget

    By Adnan Adams Mohammed

     

    In what is being positioned as a decisive turning point for Ghana’s economy, the Minister for Finance, Dr. Cassiel Ato Forson, is scheduled to present the 2026 Mid-Year Budget Review to Parliament on Thursday, July 23, 2026.

    The presentation will mark a major shift in the economic management of the Mahama administration. Following months of strict fiscal consolidation, the government is ready to transition from defensive stabilisation measures to an aggressive, productivity-driven growth strategy designed to directly impact jobs and standard of living.

    Locking in the Gains of the Economic “Reset”

    The mid-year review is presented in accordance with Section 28 of the Public Financial Management Act, 2016 (Act 921), comes on the heels of better-than-expected macroeconomic performance in the first half of the year. Inflation has continued a steady downward trajectory, food inflation has plunged significantly, and the standard VAT rate reduction from 21.9% to a flat 20% has provided breathing room for local markets.

    Speaking ahead of the presentation, a senior economic analyst at the Ministry of Finance explained that the initial stabilization groundwork has been fully laid:

    “The era of stopping the economic bleeding is behind us. Having achieved a highly predictable macroeconomic environment in the first half of the year, Dr. Ato Forson’s presentation on July 23 will focus on unlocking the country’s productive capacity. This is about pivoting from basic stability to visible, tangible expansion.”

     

    What Is on the Horizon?

    The mid-year review is expected to offer crucial updates on several key policy initiatives, including:

    ● The IMF Transition: The planned transition from the IMF’s Extended Credit Facility (ECF) to the Policy Coordination Instrument (PCI).

    ● Debt Restructuring: Progress on external debt negotiations and updated debt sustainability metrics.

    ● Strategic Investments: Funding updates for major pillars like the “24-Hour Economy” and “Big Push” infrastructure projects.

    Lawmakers in Parliament are anticipating a highly detailed presentation. Reflecting on the significance of the July 23 sitting, a member of the parliamentary Finance Committee observed:

    “The business community is looking for policy predictability. We want to see how the fiscal discipline of the last six months translates into structural support for local industries and small enterprises. The Minister has been very disciplined with public spending, and now we want to see the blueprint for accelerated growth.”

     

    A Discipline-First Growth Framework

    Despite the shift toward expansion, Ministry officials maintain that the transition will not trigger reckless public spending. The government remains legally anchored to a strict target of a 1.5% primary surplus, a cap reinforced by the newly established independent Value for Money Office.

    Dr. Ato Forson has previously defended this dual approach of holding the line on discipline while pursuing development, stating:

    “Macroeconomic stability is not an end in itself; it is the foundation upon which we build jobs, attract investments, and drive industrialisation. But as we pivot to growth, our commitment to keeping the integrity of public finances sacred remains absolute.”

     

    With consultations with Cabinet concluding this week, all eyes will be on the floor of Parliament next Thursday as Dr. Ato Forson outlines the financial roadmap for the rest of the fiscal year.

     

  • Goosie Tanoh Rules Out Bid for NDC National Chairmanship

    Goosie Tanoh Rules Out Bid for NDC National Chairmanship

    Hon. Augustus “Goosie” Obuadum Tanoh has dismissed reports linking him to a possible bid for the National Chairmanship of the governing National Democratic Congress (NDC), describing calls for him to contest as inconsistent with his intentions.

    In a statement issued by a group calling itself the Concerned Supporters of Hon. Augustus “Goosie” Obuadum Tanoh, the supporters said a campaign circulating in the media and across social media platforms does not have Mr. Tanoh’s backing.

     

    “Our attention has been drawn to a statement circulating in the media and on social media purporting to represent a coalition of NDC grassroots members calling on Hon. Augustus “Goosie” Obuadum Tanoh to contest for the position of National Chairman of the National Democratic Congress (NDC).”

    The statement urged party members and the public to disregard the reports, alleging that the campaign is being driven by persons with undisclosed motives.

    “We wish to state, in the strongest possible terms, that this call does not reflect the position, aspirations, or intentions of Hon. Goosie Tanoh. We believe this campaign is being orchestrated by interests known to us for reasons best known to them. We therefore urge party members and the general public to treat such publications with the caution they deserve.”

    According to the supporters, Mr. Tanoh has no interest in contesting for the party’s highest executive position and remains focused on his responsibilities as head of the 24-Hour Economy Authority.

    “For the avoidance of doubt, Hon. Augustus “Goosie” Obuadum Tanoh has no intention whatsoever of contesting for the National Chairmanship of the NDC. His current focus is on the enormous responsibility entrusted to him in ensuring the successful implementation of the Government’s 24-Hour Economy agenda through the 24-Hour Economy Authority. This national assignment requires his full attention, commitment, and expertise.”

    They maintained that his priority is the successful implementation of the government’s flagship 24-Hour Economy programme, which is expected to drive employment, boost productivity and accelerate industrialisation.

    “At this crucial stage of Ghana’s economic transformation, Hon. Goosie Tanoh remains fully dedicated to delivering on the mandate of the Authority to create sustainable jobs, promote productivity, stimulate industrial growth, and contribute meaningfully to national development. His priority is to ensure that the vision of the 24-Hour Economy becomes a practical reality for the benefit of all Ghanaians.”

    The statement also appealed to the Minister for Finance, Dr. Cassiel Ato Forson, to facilitate the release of funds allocated to the Authority, arguing that the resources are needed to support its operations.

    “We also wish to take this opportunity to respectfully appeal to the Minister for Finance, Hon. Dr. Cassiel Ato Forson, to facilitate the release of the budgetary allocation of GH¢1.4 million earmarked for the operational activities of the 24-Hour Economy Authority. The timely release of these funds will enable the Authority to function effectively and efficiently in executing this important national mandate.”

    The supporters further called on members of the NDC to concentrate on promoting party cohesion and supporting the government’s development agenda rather than speculating about individuals who have not declared any intention to seek party office.

    “Finally, we call on all members of the National Democratic Congress to remain focused on strengthening the unity of the party and supporting the government’s development agenda rather than engaging in unnecessary speculation about individuals who have neither declared nor expressed any interest in party positions.”

    Reaffirming Mr. Tanoh’s commitment to his current role, the statement concluded:

    “Hon. Goosie Tanoh remains committed to serving Ghana and the NDC with dedication, integrity, and loyalty in the role currently assigned to him.”

    The statement was signed by IBM Phoyon on behalf of the Concerned Supporters of Hon. Augustus “Goosie” Obuadum Tanoh.

  • Fin Minister directs port-only entry for key goods to plug revenue leakages

    Fin Minister directs port-only entry for key goods to plug revenue leakages

    In a major move to safeguard national coffers, the Minister for Finance, Dr. Cassiel Ato Forson, has issued a directive to the Ghana Revenue Authority (GRA) banning the land transit of nine categories of high-demand goods.

    The directive follows a strategic review meeting between the Minister, the Acting Commissioner of Customs, Mr. Aaron Akanor, and the senior management of the Customs Division. The new policy mandates that these selected products must now be routed exclusively through Ghana’s seaports, effectively ending their entry or transit via land borders.

    The “Land Ban” List

    The Ministry identified nine specific product categories prone to smuggling and under-declaration at land frontiers. These items are now restricted to sea entry only:

    1. Cooking oil

    2. Rice

    3. Sugar

    4. Frozen products

    5. Textiles

    6. Flour

    7. Canned tomatoes

    8. Pasta / Spaghetti

    9. Pharmaceutical products

    Tightening the Noose on Smuggling

    According to Dr. Forson, the decision is a direct response to recurring revenue leakages associated with land transit. By funneling these goods through the highly monitored environments of the Tema and Takoradi ports, the government aims to ensure 100% compliance with import duties.

    In tandem with the ban, the Minister ordered the recentralization of the Customs Technical Services Bureau (CTSB). This move creates a “one-stop shop” for valuation, eliminating the discrepancies often found when multiple border posts handle valuation independently.

    AI-Driven Enforcement

    A key component of this enforcement drive is the enhanced use of the Publican AI system. The Ministry intends to leverage AI-generated data and insights to:

    ● Detect irregularities in real-time.

    ● Improve intelligence sharing within the Customs Division.

    ● Strengthen the overall ability of Customs to flag high-risk shipments before they enter the local market.

    “These measures are intended to strengthen enforcement at our borders, close revenue leakages, and safeguard government revenue,” Dr. Forson emphasized, instructing all relevant GRA units to ensure strict, immediate compliance.

    Customs Pledges Full Support

    The newly appointed Acting Commissioner of Customs, Mr. Aaron Akanor, welcomed the directive, noting that his team is prepared for the shift in operations.

    “We will do our possible best to not let down the Minister and the nation,” Mr. Akanor stated, assuring the public that the Customs Division would prioritize the security of the nation’s borders while facilitating legitimate trade through the designated sea routes.