Finance Minister Dr. Cassiel Ato Forson says Ghana’s current economic managers have a unique opportunity to reshape the nation’s recent economic narrative in a more positive and sustainable direction.

Speaking in reference to the 2024 Annual Budget Performance Report (BPR)—prepared under the Public Financial Management Act, 2016 (Act 921), as amended—Dr. Forson emphasized that the report will not only provide accountability but also serve as a vital guide for shaping the country’s economic policies beyond 2024.

“We must, and we will, build a new culture that promotes and sustains fiscal discipline,” the Minister said in a statement accompanying the release of the 2024 Consolidated MDAs Annual Budget Performance Report.

Reflecting on recent years, Dr. Forson acknowledged that the period leading up to 2024 had been turbulent, both globally and domestically.

“In Ghana, we witnessed a sharp deterioration of the economy and broader societal well-being. Inflation surged, the cedi depreciated significantly, interest rates rose, and credit became inaccessible,” he noted.

He recalled how Ghana was eventually compelled to seek support from the International Monetary Fund (IMF) under the Extended Credit Facility (ECF) program, following a comprehensive domestic and external debt restructuring that came with far-reaching consequences.

Against this backdrop, the Minister described 2024—an election year—as a particularly important moment in Ghana’s economic journey.

Dr. Forson explained that although the government had set ambitious macroeconomic targets to restore fiscal and debt sustainability, results in 2024 showed mixed outcomes.

“Despite progress made under the IMF programme, the macroeconomic environment remained fragile. Fiscal slippages occurred, with the year ending in the accumulation of GH¢67.5 billion in central government arrears—equivalent to 5.7 percent of GDP,” he stated.

This, he stressed, highlighted the costly and far-reaching impact of undisciplined fiscal practices.

Dr. Forson said the preparation of the BPR, as required by law, is not merely a bureaucratic formality but a vital tool for assessing policy effectiveness and informing corrective measures.

“Beyond fulfilling legal requirements, the BPR allows us to evaluate the impact of our policy decisions and adjust our course where necessary,” he explained.

In compliance with Section 27 of the PFM Act, the report also includes updates on actions taken to implement Parliament’s recommendations from the Auditor-General’s report and provides transparency on multi-year expenditures undertaken in 2024.

Dr. Forson affirmed that lessons from the 2024 fiscal year will serve as a foundation for better economic governance in the years ahead.

“These lessons will guide our decisions as we reset the economy towards the Ghana we want. A new era is upon us, and we have a great opportunity to rewrite our most recent economic history in a positive light,” he said.

He also expressed gratitude to all Ministries, Departments, and Agencies (MDAs) for their input in compiling the BPR, and commended the professionalism and dedication of Ministry of Finance staff involved in the report’s preparation.

“As a Ministry, we remain available to provide clarifications through established channels, including the Right to Information platform,” he assured.

In conclusion, Dr. Forson issued a rallying call: “Let us join forces and work together to build the Ghana we want. It is our promise and our duty.”