Deputy Minister Credits Mahama-Ato Forson Alliance for Economic Stabilisation

Ghana’s economic recovery is being driven by an uncommon blend of fiscal discipline and political cohesion, with Deputy Finance Minister Thomas Nyarko Ampem arguing that President John Dramani Mahama’s steadfast backing has provided Finance Minister Dr Cassiel Ato Forson with the latitude to execute difficult but necessary reforms.

Speaking on TV3’s Key Points programme on Saturday, Nyarko Ampem said the administration’s improving macroeconomic performance reflects a leadership model in which political support has reinforced economic decision-making, enabling the Finance Ministry to pursue prudent fiscal policies without distraction.

According to him, the Finance Minister’s resolve has been matched by a President committed to restoring economic credibility and leaving behind a legacy of sound governance.

“Ato Forson is a disciplined man who cannot be pushed around, but he also has a disciplined President who understands the economy. We are achieving this because we have the backbone of the President,” Nyarko Ampem said.

The deputy minister said the government’s recovery strategy has focused on eliminating wasteful expenditure, strengthening domestic revenue mobilisation and reducing dependence on borrowing instead of introducing additional taxes.

He maintained that fiscal restraint has become the cornerstone of the administration’s economic agenda, insisting that sustainable growth can only be achieved by living within the country’s means.

“We cannot spend what we do not have. Our objective is to aggressively pursue revenue without imposing new taxes while avoiding excessive borrowing,” he said.

Nyarko Ampem also defended the Finance Minister’s comparisons between the current administration and its predecessor, saying the references are intended to place Ghana’s economic progress in perspective.

He argued that the Mahama administration inherited an economy weakened by high debt, currency instability and deteriorating fiscal conditions, making the recent gains more significant.

The comments reinforce the message delivered by Dr Cassiel Ato Forson during the presentation of the 2026 Mid-Year Budget Review, where he pointed to falling inflation, a stronger cedi and renewed business confidence as evidence that Ghana’s economy is regaining stability.

The Finance Minister attributed the recovery to what he described as disciplined economic management, cautioning against any return to the excessive borrowing and fiscal indiscipline that contributed to the 2022 economic crisis.

For markets, the government’s emphasis on policy consistency and executive backing sends a clear signal that fiscal consolidation remains central to Ghana’s post-crisis strategy. Analysts say sustained political commitment to expenditure control and macroeconomic stability will be critical in preserving investor confidence and supporting long-term economic growth.