Speech Delivered by Dr. Cassiel Ato Forson, MP and Minister Responsible for Finance, at the National Economic Dialogue
Source: ministry_of_finance_ghana
Date: 2025-03-03

Courtesies Your Excellency, President John Dramani Mahama, Dr. Ishmael Yamson, Chairman of the Organising Committee, and Other Members of the Organising Committee, Members of the Diplomatic Corps, Nananom, Niimei, Naamei and Religious Leaders present, Fellow countrymen and women, Distinguished Guests, Ladies and gentlemen. Introduction It gives me great pleasure to welcome you all to this august gathering. Your presence here is aß testament to your love for country and the resilience of our collective unity of purpose. It is ample demonstration of our ability to put aside our differences when the national duty calls, and bind together in search of answers to the problems that confront us. Today’s gathering, and the subsequent consensus that will be forged from the stimulating discussions to follow, lends proof to the good-old saying that “adwen nyi baako fo tiri mu”, to wit knowledge does not reside in the head of one person. I wish to acknowledge the chairman of the Organising Committee, elderly statesman, Dr. Ishmael Yamson and the distinguished members of the committee for working tirelessly to put together this dialogue. It is with great anticipation that we embark on the first National Economic Dialogue in over a decade – a pivotal moment in our nation's history. This dialogue is not only a significant defining moment, but an important re-enactment of history, when the nation assembled at a similar forum at Senchi some ten years ago. Today, we set out to attempt to resolve economic puzzles of far greater magnitude and scale than those that confronted us some ten years ago. This dialogue is therefore an opportunity to reflect on our economic reality, address pressing challenges, and chart a course towards a more prosperous future for all our citizens. It is my hope and prayer that the lessons that will emerge from these conversations will guide our steps, that we may not repeat the mistakes of recent years. The panel discussions, workshops and breakout sessions have been carefully designed to confront the pressing economic challenges of our time. The resultant prescriptions and critical policy initiatives will drive structural reforms and our transformation agenda to reset our economy and secure prosperity for our citizen. Mr. Chairman, as we embark on the development of our medium-term plans, commencing with the forthcoming budget on March 11, the insights, expertise, and experiences that will be garnered from these deliberations will prove to be invaluable assets that will shape our collective path forward. In this time of crisis, it is imperative that we acknowledge the significant toll borne by every single Ghanaian, old or young. From severe currency depreciation to hyperinflation, from haircuts to steep tax increases, from rising fuel and electricity prices to soaring interest rates. Fellow countrymen and women, the economic crisis is not over. Indeed, the full length of our recent crisis is still unravelling by the day. This situation will require significant sacrifice from all of us to stem the bleeding and place our economy back on the right trajectory. I am pleased to note that His Excellency President John Dramani Mahama has taken the lead and has given the strongest signal of our commitment to sacrifice. In furtherance of this commitment to shared sacrifice, we have streamlined and realigned the size of government, evidenced by the reduction of the number of ministers in his government to sixty (60), from an initial 123 and later 88 ministers. This, we have followed with significant budget cuts for the Office of the President and further prohibition of first-class travel by all government officials. These actions represent merely the initial steps in our ongoing journey towards fiscal discipline and good governance. Mr. Chairman, let me seize this opportunity to express my heartfelt gratitude to Organised Labour and the Ghana Employers Association for their understanding and collaboration in reaching an agreement concerning the minimum wage and base pay. I wish to at this point reaffirm our unwavering commitment to transparency, accountability and good governance. Mr. Chairman, distinguished ladies and gentlemen, I would now crave your indulgence to engage your attention on the State of the Ghanaian Economy.