Hands Off The Public Purse – Ato Forson Vows Fiscal Discipline

Finance Minister Dr Cassiel Ato Forson has declared that every cedi collected in taxes, borrowed, or spent by the government carries a “sacred obligation” to be used wisely and honestly, and has accordingly pledged to stick to this principle

In the 2026 Mid-Year Budget Review to Parliament, Dr Forson stressed that public funds do not belong to government officials but to the Ghanaian people.

“Mr. Speaker, the true measure of a Finance Minister is not how much he spends, but how faithfully he protects the resources entrusted to him.  The money we manage does not belong to those entrusted to manage it. It belongs to the people of Ghana – it belongs to you!

“Every cedi collected in taxes, every cedi borrowed and every cedi spent carries with it a sacred obligation to use it wisely, honestly and always in the national interest.  My assurance to this House and to every Ghanaian is simple: your money is safe,” Dr. Forson stated as the fundamental principle underpinning his administration’s approach to public financial management.

Dr Forson sought to reassure both Parliament and the wider public about the security of the country’s finances under the Mahama administration.

“My assurance to this House and to every Ghanaian is simple: your money is safe,” he stated. “Under the leadership of President Mahama, your economy is in safe hands. And as long as I have the honour to serve as Minister for Finance, it will remain so”.

Commitment to transparency

The Minister pledged to maintain an honest dialogue with the public regarding the state of the nation’s finances, regardless of whether the news was favourable or challenging.

“I pledge to level with you always. We will tell you the truth about the state of our public finances, whether the news is welcome or difficult,” Dr Forson said. “We will neither conceal our challenges nor exaggerate our successes”.

He emphasised that trust between government and citizens must be built on truth, describing it as the foundation of sound economic management.

“Trust is built on truth, and truth must remain the foundation of sound economic management,” he told Parliament.

‘Economic stability is a duty renewed every day’

Dr. Forson cautioned against complacency, arguing that economic stability requires constant vigilance and discipline rather than short-term achievements.

“Our responsibility now is not merely to celebrate these gains but to preserve them for future generations,” he said.

“Economic stability is not an event. It is a duty, renewed every day through prudent stewardship, fiscal discipline and unwavering accountability”.

The Minister concluded his address with a declaration of confidence in Ghana’s economic trajectory under President John Dramani Mahama’s leadership.

“Ghana is not going back,” he said. “Under the leadership of President Mahama, and with the determination of the Ghanaian people, Ghana is moving forward, steadily, honestly and together”.

Fiscal performance and IMF programme

The mid-year review comes as Ghana makes significant progress towards exiting its International Monetary Fund (IMF) programme, with the government having outperformed key fiscal targets.

Dr Forson noted that Ghana had achieved a primary surplus of 0.9% of GDP by mid-year, putting the country on course to exceed the 1.5% target agreed under the $3 billion IMF bailout programme negotiated by the previous administration.

“The IMF does not deal with political parties; it deals with governments and countries. I have a responsibility to achieve 1.5 per cent of GDP. Are you telling me that I should default on the promises of which government of Ghana has taken a loan from the IMF? Certainly no,” he said.

The Minister warned that abandoning fiscal discipline would risk plunging Ghana back into economic turmoil.

“Spend as if there’s no tomorrow, crash the economy again, and go back to economic crisis with a haircut,” he cautioned, dismissing suggestions that the government should adopt looser spending policies.

Institutional reforms

The Mahama administration has implemented a series of institutional reforms aimed at strengthening fiscal discipline and accountability, including the establishment of an independent Fiscal Council and an Office of Value for Money.

The Value for Money Office Bill, currently before Parliament, seeks to institutionalise a comprehensive framework to ensure every cedi spent delivers maximum benefit to citizens.

Dr Forson has previously described the legislation as a “decisive step to tackle chronic inefficiencies” in Ghana’s public financial management system, including inflated contracts and wasteful expenditure.