Ghana’s Finance Minister, Cassiel Ato Baah Forson, has touted what he described as a remarkable economic turnaround under the administration of John Dramani Mahama, while urging Ghanaians living abroad to return home and contribute to national development.
Addressing a town hall meeting with members of the Ghanaian community in the United Kingdom, Dr. Forson emphasized his personal connection to the diaspora, revealing that he and Roads and Highways Minister Kwame Governs Agbodza were once active members of the Ghanaian community in London before returning home to serve their country.
“Let me first use this opportunity to inform you that I’m one of you. London is a home to some of us. Some of us had the privilege to grow up here,” he said. “Myself and Honourable Kwame Agbodza, not long ago, used to be members of this chapter until we had the privilege to go back home to serve our country. And so, you can also be one of us if you decide to come home and take part in nation-building.”
The Finance Minister painted a grim picture of the economic conditions inherited by the Mahama administration, describing the 2022 economic crisis as one of the worst in Ghana’s history.
“Ghana went through a very difficult economic crisis in a lifetime. I do not recall that our country had ever gone through such a level of economic crisis,” he stated. “The scale of the crisis was profound. It was extremely traumatic, if not distressful.”
According to him, the crisis was marked by a sharp depreciation of the cedi, soaring inflation, declining investor confidence, dwindling foreign reserves, and the country’s loss of access to international capital markets.
“Our currency, the Ghana cedi, came under intense pressure. It nearly lost its value. Inflation rose to painful levels. Investor confidence deteriorated very sharply, Ghana’s external reserves were strained, and Ghana lost access to the international capital market,” he noted.
Dr. Forson recalled a series of sovereign credit rating downgrades by international agencies, which further compounded the country’s economic challenges.
“In February 2022, Moody’s downgraded Ghana to CAA1. In August, S&P also downgraded us to CCC+. Again, in the same year, Fitch downgraded Ghana to CCC and later to double C,” he said.
Despite the challenges, the Finance Minister said the country had made significant progress under President Mahama’s leadership.
“But the good news is that today our country is back. We are back,” he declared. “President Mahama, upon assuming office, took steps difficult decisions, some extremely bitter. But in the end, we all recognise that prudence works.”
He reported that Ghana recorded a GDP growth rate of 6 percent in 2025, with non-oil GDP growth reaching 7.6 percent, the highest in 14 years.
“For the first time, Ghana’s economy has crossed the $100 billion threshold, making it a fully-fledged emerging economy,” he said. “Ghana’s economy is now ranked the eighth largest in Africa, and our GDP per capita is today $3,385 for the first time.”
Dr. Forson further highlighted improvements in the country’s debt position, noting that Ghana had moved from an unsustainable debt situation to a moderate risk of debt distress.
“Our debt-to-GDP ratio has declined to 44.7 percent, ahead of the target originally projected for 2034. What was expected to take eight years, we achieved in just one year,” he stated.
The Minister also pointed to a sharp decline in inflation, from 23.8 percent in December 2024 to 3.4 percent in April 2026, alongside lower borrowing costs and improved fiscal conditions.
“Inflation has declined significantly, and the country is now borrowing much cheaper,” he said.
“The 91-day Treasury bill rate has fallen by 2,300 basis points, from 28.4 percent to 4.8 percent.”
He added that Ghana recorded a current account surplus of 8.3 percent of GDP in 2025 and is projected to achieve a double-digit surplus this year.
“This result affirms that fiscal prudence and discipline always deliver results,” Dr. Forson stressed.
Reaffirming the government’s commitment to maintaining economic stability, he assured the diaspora that the gains made so far would be protected.
“To you, fellow Ghanaians, I want to assure you that President Mahama’s administration is determined to ensure that the gains we have made so far are maintained and sustained into the future,” he said.
Dr. Forson also underscored the importance of remittances from Ghanaians abroad, revealing that remittance inflows exceeded $7 billion last year.
“We see you as an important partner. We see you as our brothers and sisters in the diaspora, and you still have a role to play in nation-building,” he said. “Ghana is open for business. We welcome you. Come home and contribute.”
Story: Patrick Asford Boadu
