This review forms the foundation for the Mahama administration’s efforts to reset the national economy towards achieving what officials term “the Ghana we want.” Dr. Forson presented the consolidated report’s findings, stressing the imperative to cultivate a national culture committed to sustaining fiscal discipline.

Reflecting on the pre-2024 period, the Minister characterized the global and national economic situation as suffering “ignoble deterioration.” He cited specific challenges including surging inflation, sharp and volatile exchange rate depreciation, rising interest rates, and unaffordable credit. These severe conditions ultimately compelled Ghana to seek an International Monetary Fund (IMF) Extended Credit Facility program, following a difficult debt restructuring exercise.

Despite 2024 being an election year, the government set macroeconomic targets focused on restoring fiscal discipline and debt sustainability. The BPR, however, revealed significant fiscal slippages during the year. Dr. Forson stated the primary deficit worsened, culminating in the accumulation of substantial central government arrears totaling GH¢67.5 billion, equivalent to 5.7% of GDP. He warned that such slippages carry costly and far-reaching consequences.

Dr. Forson emphasized that the experiences documented in the report vividly justify the relevance of the BPR itself, a requirement under the Public Financial Management Act, 2016 (Act 921). Beyond statutory compliance, he explained, the review enables the government to assess policy performance and impact, facilitating necessary corrective actions. The documented fiscal challenges provide clear lessons for informing future economic choices, according to the Minister.

In line with Section 27 of the PFM Act, stakeholders will receive updates on actions taken regarding Parliament’s recommendations on the Auditor-General’s report and on multi-year expenditures from 2024. Dr. Forson acknowledged the BPR’s preparation as a collaborative national effort, thanking contributing Ministries, Departments, and Agencies and the dedicated staff of the Ministry of Finance. The Ministry stands ready to provide clarifications via established channels, including the Right to Information platform.