Ghanaians are looking to you to reduce cost of living – Mahama to Ato Forson

President John Dramani Mahama has tasked the newly sworn-in Minister of Finance, Dr. Cassiel Ato Forson, with the critical responsibility of tackling Ghana’s economic challenges, including reducing inflation, stabilising the currency and ensuring macroeconomic sustainability.

Speaking at the swearing-in ceremony for six newly approved ministers at the Jubilee House on Wednesday, January 22, President Mahama underscored the significance of economic stability to the well-being of Ghanaians.

He urged Dr. Forson to deliver tangible results that would alleviate the hardships faced by citizens, stating:

The people of Ghana are looking up to you to reduce inflation, make life affordable, reduce the cost of living. Ghanaians are looking up to you to bring our national debt to sustainable levels and they are looking to you to stabilise our currency so that we can achieve macroeconomic stability.”

The president emphasised the importance of restoring confidence in Ghana’s economy through sound financial management and strategic planning, while acknowledging the struggles of ordinary Ghanaians and the urgency of the task ahead.

As Finance Minister, Dr. Ato Forson faces formidable challenges, chief among them being the urgent need to curb inflation.

The current double-digit inflation rate has eroded the purchasing power of Ghanaians, driving up the cost of goods and services and placing immense pressure on household incomes.

Another pressing issue is the stabilisation of the Ghanaian cedi, which has experienced significant depreciation against major foreign currencies over the past year.

This depreciation has worsened inflation and increased the cost of imports. Addressing this will require measures to boost foreign exchange reserves, improve export performance, and reduce dependence on imports.

Ghana’s ballooning national debt also demands immediate attention.

The country’s debt-to-GDP ratio has reached unsustainable levels, raising alarms about its ability to meet debt obligations.

Dr. Forson must implement fiscal consolidation measures, renegotiate debt terms where necessary, and explore innovative financing options to address this challenge.

Finally, the high cost of living remains a critical concern. Rising utility bills, transportation costs, and food prices have placed significant strain on the average Ghanaian.

Reducing these burdens will be central to Dr. Forson’s mandate as he navigates the complexities of Ghana’s economic recovery.

With these pressing issues at the forefront, the Finance Minister’s role will be pivotal in steering the nation toward economic stability and growth.