The Minister for Finance, Dr. Cassiel Ato Forson, says Ghana’s economic crisis in 2022 was not an accident, but the direct result of a series of wrong policy choices by the previous government.
Presenting the Mid-Year Fiscal Policy Review of the 2026 Budget in Parliament on Thursday, July 23, 2026, Dr. Forson said the crisis stemmed from reckless spending, excessive and bench borrowing, lack of accountability, and a failure to be truthful with Ghanaians about the true state of the economy.
“Mr Speaker, the economic crisis of twenty twenty-two was not merely an accident. It was the consequences of a series of wrong policy choices,” he stated.
The Finance Minister outlined the severe impact on Ghanaians:
- The cedi depreciated at levels never seen before, eroding savings, business capital, and purchasing power
- Inflation exceeded 50 percent, dramatically increasing the cost of living and placing basic necessities beyond the reach of many
- Disposable incomes declined sharply while interest rates surged, making credit expensive for the private sector
- Investor confidence collapsed and international reserves fell to extremely low levels
Dr. Forson said international credit rating agencies downgraded Ghana’s sovereign debt to levels never seen in the country’s history, and Ghana lost access to the international capital market.
As a result, he noted, the previous government implemented the most painful debt restructuring program in the country’s history, which imposed “crude and painful haircuts on domestic and external bond holders.”
Source:Mybrytfmonlines.com/Emmanuel Anyigba
