Ghana’s economy was worse than we thought

Finance Minister Dr Cassiel Ato Forson has delivered a scathing assessment of the economic legacy left by the previous New Patriotic Party (NPP) administration, revealing shocking details about the state of Ghana’s economy upon taking office.

Speaking in an interview on the Citi Breakfast Show on Friday, July 25, following his presentation of the 2025 Mid-Year Budget Review in Parliament on Thursday, Dr. Forson said he had anticipated challenges but was stunned by the extent of the mismanagement he encountered.

“Clearly, I had some understanding of what the situation was,” he said, “but I was amazed to see the details. Things were worse than we thought. First of all, I had always had the impression that the IMF programme, for example, was actually on track—only for us to go to the Ministry and realise that the programme was not on track.”

The Finance Minister’s remarks build on earlier criticisms he made on the floor of Parliament, where he accused the NPP of mishandling key economic reforms and failing to meet targets under the IMF agreement.

Citing an assessment by IMF Deputy Managing Director Mr. Bo Li, Dr. Forson reminded lawmakers that “the programme had deviated substantially from its targets by the close of 2024,” casting doubt on the NPP’s economic stewardship.

In an earlier interview, Dr. Forson said the former government’s approach to IMF reforms was superficial at best.

“They may have started [the programme] but never yielded results,” he said. “In fact, I don’t know one that they meant well by starting. They did it because they had to—not because they believed in it. It was a wishy-washy implementation.”

Now leading Ghana’s economic recovery under President John Mahama’s administration, Dr. Forson noted that the IMF programme has been realigned and is firmly back on track. He confirmed that the Fund’s Executive Board recently completed its fourth review of Ghana’s performance, resulting in the immediate disbursement of $367 million.

Dr. Forson emphasised that restoring credibility to Ghana’s fiscal management remains a top priority for the new administration. “We have brought back confidence. We are building a stable path forward after inheriting a programme that was nearly derailed,” he said.

Read also…