“A Broken System”: Ghana’s Finance Minister Exposes Deep Economic Crisis Inherited from NPP

Ghana’s Economy in Crisis: Finance Minister Unpacks the Harsh Economic Reality Left Behind

When Dr. Cassiel Ato Forson assumed the role of Finance Minister, he expected economic hurdles—but what he found was far worse than anticipated.

Speaking on the Citi Breakfast Show on Friday, July 25, a day after presenting the 2025 Mid-Year Budget Review to Parliament, Dr. Forson described his shock upon reviewing the true state of Ghana’s economy.

“I had an idea of what we were walking into,” he said, “but the actual details were staggering. Things were far worse than we had imagined.”

One of the biggest revelations was the status of Ghana’s IMF programme. Contrary to earlier assumptions, the programme was not on track.

“I always believed that the IMF reforms were progressing,” he added, “but once we took office and reviewed the situation at the Ministry, it became clear that wasn’t the case.”

The Finance Minister didn’t mince words. On the floor of Parliament and during multiple interviews, he accused the previous New Patriotic Party (NPP) administration of mishandling critical economic policies and neglecting key reforms tied to the IMF deal.

Quoting IMF Deputy Managing Director Bo Li, Dr. Forson pointed out that Ghana’s IMF programme had significantly deviated from its intended path by the end of 2024—a sign, he argued, of failed economic stewardship.

In a prior interview, he was even more blunt:

“They may have started the IMF programme, but there was no commitment behind it. It was half-hearted—more about optics than real reform. Nothing meaningful came out of it.”

Now, under the leadership of President John Mahama, the new government is making course corrections. According to Dr. Forson, the IMF programme has been reset and is now back on a sustainable track.

The recent fourth review by the IMF’s Executive Board approved an immediate disbursement of $367 million, offering a much-needed boost to Ghana’s recovery efforts.

“We’ve worked hard to bring credibility back to fiscal management,” Forson said. “Confidence is returning, and we’re laying the groundwork for a more stable and resilient economy.”

A New Chapter for Ghana’s Economy

As Ghana navigates its economic rebuilding process, the Finance Minister’s revelations underscore the importance of accountability, transparency, and committed leadership. The road ahead may still be long, but for the first time in a while, there’s a renewed sense of direction.