Buffers needed to cushion us against fiscal and external shocks were depleted – Ato Forson

Finance Minister Dr Cassiel Ato Forson has revealed that Ghana’s ability to withstand recent fiscal and external shocks was severely compromised due to the depletion of vital financial buffers in preceding years.

He made this known during the presentation of the 2025 Mid-Year Budget Statement to Parliament on Thursday, 24 July.

According to Dr Forson, these buffers—designed to protect the economy against unforeseen disturbances—were either “depleted, drawn down, or collateralised” prior to the current administration’s tenure.

“At the time we took over, the buffers needed to cushion us against fiscal and external shocks had been depleted,” he stated.

“Some had been drawn down completely, others collateralised, and others simply non-existent.”

He further explained that this lack of a financial safety net meant that the country had little room to manoeuvre in the face of mounting debt obligations, global economic volatility, and domestic revenue shortfalls.

“This government was literally handed an economy with no airbag,” Dr Forson remarked. “The situation we inherited made the early months of this administration exceptionally difficult.”

The Finance Minister assured Parliament and Ghanaians that the current government is taking deliberate steps to rebuild those lost buffers, improve fiscal discipline, and restore credibility to Ghana’s public financial management systems.

He called for collective effort and responsible governance to ensure long-term stability and resilience against future shocks.

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