The Minister for Finance, Dr. Cassiel Ato Forson, has countered arguments from sections of the opposition that Ghana’s recent credit rating upgrades are simply the result of favourable global commodity prices.
Speaking during the final debate on the 2026 Budget, he clarified that cocoa and gold prices did not surge suddenly in 2025 and were equally strong in 2023.
Despite those similar conditions, he noted, the economy deteriorated sharply in 2023: the cedi weakened, reserves declined, inflation soared, and debt levels worsened. The contrasting outcomes, he stressed, had little to do with global market swings and everything to do with the quality of economic management.
Dr. Forson cited global rating agency Standard & Poor’s, which attributed Ghana’s upgrade to improved fiscal discipline, stronger buffers, and a credible consolidation path. These, he said, were deliberate policy choices under the Mahama-led administration.
A Home-Grown Stability Strategy
He further addressed suggestions that economic stability only returned due to the International Monetary Fund programme. Dr. Forson explained that Government had pursued a home-grown fiscal path anchored in expenditure discipline and protection of citizens from additional tax burdens.
He outlined measures taken to stabilize the macroeconomic environment, including resetting expenditure to 2023 levels, tightening commitment controls, auditing arrears, aligning cash releases to priority spending, and coordinating fiscal and monetary actions.
Dr. Forson said these actions rebuilt credibility, restored investor confidence, and anchored the stability now reflected in the exchange rate, inflation, and financial markets.
He concluded that Ghana’s economic turnaround was the product of purposeful, disciplined economic management , not favourable commodity prices or external luck.
