The Minister for Education, Hon. Haruna Iddrisu, has commended Finance Minister Dr. Cassiel Ato Forson for his economic management, calling on both Parliament and citizens to offer their full support as the nation embarks on its latest partnership with the IMF.
Reflecting on Dr. Forson’s presentation regarding Ghana’s Programme Monitoring with Board Involvement (PCI), Iddrisu informed lawmakers that data provided by the IMF and World Bank continue to serve as the globally recognized standards for evaluating economic health.
“The Minister for Finance has mounted a strong defence of this economy,” Iddrisu said. “I urge all of us to support him. The economy was recovering when we took over, and the data proves it.”
He went on to dare opponents to disprove the progress made toward stabilizing the nation’s finances. “Let anybody challenge me and challenge this House that Ghana has not achieved economic stability under Minister Ato Forson. Let anybody, including the IMF,” he said.
To support his argument, Iddrisu highlighted the dramatic drop in inflation, which plummeted from over 54 percent during 2022 and 2023 down to 23 percent, and has now reached 3.8 percent.
He also noted that GDP growth climbed from 4.7 percent to 5.7 percent, with future projections reaching 6.2 percent. Furthermore, he emphasised that foreign exchange reserves expanded from an initial $4 billion to $10 billion, and have now accumulated to $14 billion.
When addressing the country’s jobless rate, the Education Minister maintained that a steady economy is a prerequisite for creating sustainable employment.
“How can an economy respond to addressing unemployment when that economy has not been stabilised?” he asked. He explained that the administration is actively implementing import substitution initiatives via the 24-hour economy strategy and the Accelerated Export Development Programme to combat unemployment.
Turning to fiscal milestones, Iddrisu pointed out that the previous government consistently failed to hit the 18 percent revenue-to-GDP benchmark established in 2018, 2019, and 2022. “I agree that it can be an aspiration that we can work towards,” he said.
He further protected the central bank against criticism over its financial deficits, acknowledging that while the losses are genuine and significant, they must be viewed contextually.
“But show me a central bank with a balance sheet worth it when the balance sheet does not contribute to managing economic distress of that country,” he said.
He explained that the upcoming PCI ensures Ghana remains under IMF oversight without taking on additional debt, and he implored members of parliament to endorse the framework to lock in these economic advancements.
By: Rainbowradioonline.com/Ghana
