Ghana's economy remains fragile despite recent efforts, according to Finance Minister Dr. Cassiel Ato Forson. Speaking at a youth engagement session on X Spaces hosted by KalyJay, Dr. Forson stressed the crucial role of the upcoming 2025 Budget and Policy Statement in stabilizing the nation's finances.
He cautioned against complacency, stating that the country is "still in distress" and requires decisive action to restore economic stability. The minister outlined a plan focusing on three key areas: controlling inflation, maintaining a stable exchange rate, and creating a more predictable economic environment. This framework, he explained, aims to establish a stable and reliable economic foundation.
A key component of this plan involves reducing government borrowing. Dr. Forson emphasized the importance of cutting government expenditure to free up resources for the private sector, thereby stimulating business growth and broader economic expansion. He highlighted the need to shift the focus from government reliance on domestic borrowing towards empowering private sector initiatives.
Further emphasizing the government's commitment to inclusive policy-making, Dr. Forson cited his recent consultations with traders in Accra's Central Business District. He dismissed claims that these engagements were merely for show, asserting that public input, particularly from the youth, will directly influence the final budget presentation scheduled for March 11th. He directly addressed concerns about public engagement, assuring citizens that their voices are valued and will be incorporated into the budget's development. His commitment to active listening and incorporating public feedback underscores the government's dedication to a more participatory approach to economic policy.
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