Minister of Finance, Dr. Cassiel Ato Forson, has disclosed that the economy remains in distress despite gains made under the IMF-supported programme.
Presenting the 2025 Budget Statement and Economic Policy to Parliament in Accra on Tuesday, March 11, Dr. Ato Forson said the gains were achieved through “painful sacrifices” by domestic bondholders, external creditors, and taxpayers.
“It’s unfair to say that we have made progress when the economy remains in distress,” he noted.
Ato Forson warned that key performance indicators, including primary balance, inflation, and social protection spending, were likely to be missed.
He disclosed that inflation worsened in 2024, reaching 23.8 per cent from 23.2 per cent in 2023, exceeding both the budget target of 15 per cent and the IMF central target of 18 per cent.
The primary balance on commitment basis also deteriorated, from a deficit of 0.2 per cent of GDP in 2023 to a deficit of 3.9 per cent in 2024, missing the target surplus of 0.5 per cent of GDP.
Ato Forson attributed the poor performance to the Akufo-Addo government’s handling of the economy.
Meanwhile, Ghana is set to undergo its 4th review of the IMF-supported programme in April 2025.
