The Minister of Finance, Dr Cassiel Ato Forson, has said that the government remains fully committed to implementing the International Monetary Fund (IMF) programme, including its structural benchmarks and key performance criteria.
Speaking in Parliament during the ongoing debate on the 2025 budget, he assured that the measures outlined would provide a stable business environment, innovative solutions to economic challenges, and protection for vulnerable Ghanaians.
“We have a job to do, we have started fixing the problems. We will do everything to improve the living standards of Ghanaians and take note of all constructive criticisms,” the minister said.
Dr Forson outlined key targets, including reducing inflation to 11.9 per cent, stabilising the exchange rate, and accumulating international reserves to cover at least three months of imports.
The Majority in parliament, led by Mahama Ayariga, MP for Bawku Central, strongly supported the budget, describing it as realistic.
He said “Our indigenous banks collapsed because of the NPP’s bad decisions in the name of a financial sector cleanup.”
Mr Ayariga said: “The new Bank of Ghana building, which cost $261 million, was constructed while indigenous banks were being collapsed, and Ghana Water Company has gone from making GH¢1.1 million profit in 2016 to a GH¢5.9 billion loss in 2023. These are clear signs of reckless economic management,” Mr Ayariga argued.
He said that President John Dramani Mahama had fulfilled his campaign promises, particularly in cutting wasteful government expenditure and removing nuisance levies.
Dr Forson noted that GETFund would receive its full allocation to revamp education, and emphasised that infrastructure development remained a priority for the new administration.
The debate also touched on the GH¢51 million seed money allocated for the Women’s Development Bank.
The MP for Ofoase-Ayirebi, Kojo Oppong Nkrumah, described the amount as insufficient, arguing that it was not even close to the initial capital needed to start a development bank.
The Afadjato South MP, Frank Afriyie, stated that the allocation was only a seed capital and that more resources would be injected into the initiative as the economy stabilises.
Meanwhile, the Minority Leader, Alexander Afenyo-Markin, dismissed the budget as hollow, claiming it failed to acknowledge the economic gains made by the previous administration.
He accused the government of creating an unfair system where appointments were based on party affiliation rather than competence.
“Less than three months in office, and all we hear is sack them, sack them. Public servants are losing their jobs simply because they do not have NDC party cards,” Mr Afenyo-Markin alleged.
BY RAISSA SAMBOU