Deputy Finance Minister Thomas Nyarko Ampem has assured Parliament that the government is actively protecting the economic gains achieved since 2025. He confirmed a commitment to strong economic performance through prudent fiscal management and disciplined spending.
The Minister spoke before Parliament’s Committee on Economy and Development during a public hearing on the 2024 National Annual Progress Report. He detailed deliberate measures the Ministry of Finance is implementing. These measures aim to prevent a return to the economic difficulties experienced between 2022 and 2024. This period saw Ghana grapple with high inflation and fiscal pressures.
Ghana’s economy faced significant headwinds then, including rising public debt and a depreciating cedi. The government entered a GHS 4.2 billion International Monetary Fund (IMF) Extended Credit Facility in 2023 to stabilize its finances. The current emphasis on fiscal discipline reflects lessons learned from this challenging period. It aligns with broader national efforts to build economic resilience.
Mr. Nyarko Ampem stated that the government has consistently reinforced monetary policy with responsible fiscal measures since 2025. This approach follows recommendations from the National Development Planning Commission (NDPC). The goal is to control inflation and strengthen the country's economic stability. Inflation, which soared in 2022 and 2023, has since shown signs of easing due to these coordinated policies.
The Deputy Minister confirmed that expenditure has been tightly managed. At the same time, efforts to mobilize revenue have been intensified. Such strategies are crucial for maintaining a healthy fiscal balance. They also help reduce reliance on external borrowing, a key vulnerability for many developing economies.
Mr. Nyarko Ampem stressed the administration's determination to protect the progress made so far. He highlighted President John Dramani Mahama’s personal commitment. The President intends to leave a strong economic legacy by the end of his tenure in 2028. This long-term vision underpins the current fiscal conservatism.
The government's focus on fiscal discipline and revenue generation directly impacts public finance stability. Continued effective implementation will influence investor confidence and the cedi’s stability. Businesses and citizens will also see benefits from lower inflation and a predictable economic environment. Decision-makers will closely monitor revenue collection data and expenditure controls in the coming months. These indicators will confirm the sustainability of current economic policies.