Ato Forson Unveils Plan to Reduce Government Spending and Debt

Finance Minister Dr. Cassiel Ato Forson has announced that the government will prioritize reducing the fiscal deficit and public debt by cutting spending, rather than relying solely on tax measures.

Presenting the 2025 Budget Statement to Parliament, Dr. Forson emphasized that this approach aligns with the concerns raised by Ghanaians during the recent National Economic Dialogue.

Ghanaians have expressed a clear desire for the fiscal deficit and public debt to be reduced through cuts in government spending rather than through only tax measures. We wholeheartedly agree!” Dr. Forson stated.

He added, “Whoever pays off their debt gets rich.” To achieve this goal, Dr. Forson announced a three-pronged approach, starting with the 2025 budget. The strategy includes recalibrating fiscal adjustments and implementing economic reforms described as “shock therapy” to restore stability and growth.

This move is seen as a positive step towards addressing Ghana’s fiscal challenges and promoting economic growth. As Dr. Forson noted, the government is committed to aligning its expenditures with the country’s fiscal realities.