Minister of Finance, Dr. Cassiel Ato Forson
The Minister of Finance, Dr. Cassiel Ato Forson, has identified the unstable exchange rate and fluctuating prices of goods and services as the primary concerns of traders and the business community.
According to him, these instabilities are impacting their capital and, in some cases, eroding profits from their sales.
During the presentation of the 2025 Budget in Parliament on Tuesday, March 11, 2025, the finance minister assured that his team would collaborate with the Bank of Ghana (BoG) to address the soaring exchange rate and curb inflation.
He explained, “As part of our broad consultation ahead of the budget, we recently engaged traders at major trading centers, including the Makola Market, to listen to their concerns, gauge their expectations, and incorporate their inputs.
“Mr. Speaker, the extensive consultation revealed that the overriding concern among Ghanaian traders and the business community remains price and exchange rate stability. Apart from eroding their working capital, exchange rate volatility makes effective business planning impossible and increases the cost of doing business.”
Background
The Minister of Finance, Dr Cassiel Ato Forson, presents the first Budget and Economic Policy of the John Dramani Mahama administration in Parliament on Tuesday, March 11, 2025.
The minister will be presenting the 2025 Budget and Economic Policy on behalf of President John Dramani Mahama, in accordance with Article 179 of the 1992 Constitution and Section 21 of the Public Financial Management Act, 2016 (Act 921).
Dr Ato Forson is expected to touch on the real state of Ghana’s economy and the policy objectives of the Mahama administration to tackle the country’s current economic challenges.
Finance minister Dr Ato Forson is expected to update Ghanaians on the state of the economy that the Mahama administration inherited from the Nana Addo Dankwa Akufo-Addo government.
President Mahama, during his State of the Nation Address on February 27, 2025, indicated that the finance minister will be telling Ghanaians about the “criminally-handled economy” he inherited from Akufo-Addo, which, according to him, is worse than he thought.
He is also expected to touch on the country’s debt stance, which currently stands at around GH¢720 billion. The country’s national debt before the Akufo-Addo government took over was less than GH¢100 billion. Available data show that Ghana’s debt grew by more than 80% under the Akufo-Addo government.
The finance minister is also expected to touch on social intervention policies like the Free SHS, the No-Academic-Fee policy, and trainee allowance, among others.
SA/AE
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