Finance Minister refutes claims that government missed half of fiscal targets

The Minister for Finance, Dr. Cassiel Ato Forson, has strongly dismissed assertions by MP Gideon Boako that the government missed “at least 50 percent” of its fiscal targets, describing the claim as inaccurate, unsupported, and contradicted by all available macroeconomic indicators.

Speaking during the closing debate on the 2026 Budget, Dr. Forson said the actual data tells a very different story — one of economic recovery, fiscal discipline, and restored investor confidence.

Key Indicators of Performance in 2025

To illustrate Ghana’s economic trajectory, the Finance Minister highlighted five major indicators:

• Economic growth: 6.3% in the first half of 2025, surpassing the 4.0% annual target.




• Inflation: dropped from 23.8% at the end of 2024 to 8% by October 2025, outperforming the 11.9% target.




• Primary balance: improved from a deficit of 3% of GDP to a surplus of 1.6% by September 2025, nearly triple the target.




• Public debt: fell from 61.8% of GDP in 2024 to an estimated 45% by end-October 2025 — the strongest correction in over a decade.




• Gross international reserves: increased from 4 months to 4.8 months of import cover, bolstering currency stability and investor confidence.

“These are verified facts, acknowledged by rating agencies, the IMF, and the World Bank,” Dr. Forson emphasised. “This is not the profile of a government missing half its targets; it is a government restoring credibility through discipline.”

Defending Growth Projections

Addressing criticism of the 4.8% growth forecast for 2026, Dr. Forson insisted that the projection is realistic, evidence-based, and not politically motivated. “We prefer realism to wishful forecasting,” he said, countering claims that the budget is “growthless” and “jobless.”

Inflation Reduction Driven by Policy

Dr. Forson explained that Ghana’s declining inflation results from targeted supply-side interventions in agriculture, including:

• Feed Ghana input expansion and vegetable value-chain support




• Over 10,000 hectares of new irrigation coverage




• More than 4,000 mechanisation units via Farmer Service Centres




• 1,000 km of agricultural enclave roads, GH¢200 million for buffer stock, warehousing support, aquaculture facilities, and expanded market logistics

“These measures demonstrate how data-driven policy translates into tangible results,” he said.

Job Creation and Economic Recovery

Contrary to opposition claims, the Minister stated that GH¢74 billion in government programmes is expected to generate approximately 800,000 jobs nationwide.

With stabilising growth, falling inflation, declining debt, and rising reserves, Dr. Forson concluded that Ghana is rebuilding credibility through discipline, data, and deliberate policy choices. “The facts disagree with the narrative. Ghana deserves a debate anchored in evidence — not assumption.” he said.