Ghana’s economic crisis is far from over, Finance Minister Dr Cassiel Ato Forson has cautioned, as he painted a stark picture of the country’s financial state at the National Economic Dialogue in Accra.
Addressing government officials, business leaders, and civil society representatives, Dr. Forson emphasised the urgent need for decisive action to restore stability.
Dr. Forson detailed the severe economic challenges facing Ghanaians, including severe currency depreciation, weakening consumer purchasing power, hyperinflation, driving up the cost of goods and services and steep tax increases, placing a heavy burden on businesses and individuals.
He also mentioned rising fuel and electricity prices, worsening the cost-of-living crisis and soaring interest rates, making borrowing costly for businesses and households.
“The full length of our recent crisis is still unraveling by the day,” Dr Forson warned, stressing that the country must take bold steps to prevent further economic decline.
While acknowledging the hardship, the Finance Minister expressed hope that the dialogue would generate solutions to reset the economy.
He highlighted the government’s cost-cutting measures and commitment to fiscal discipline, transparency, and accountability as critical steps toward recovery.
Dr. Forson urged all stakeholders to contribute to the discussions, emphasizing that national unity and shared sacrifice are necessary to overcome the crisis.
The National Economic Dialogue continues with policy discussions aimed at finding long-term solutions to Ghana’s economic challenges.
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