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Tag: Forson sisters

  • Destiny shaped my path to Finance Minister – Ato Forson

    Destiny shaped my path to Finance Minister – Ato Forson

    Finance Minister Dr. Cassiel Ato Forson reflected on his public service journey during the presentation of the 2025 Budget Statement in Parliament.

    He described his path as one guided by destiny and enriched with meaningful experiences.

    Looking back on his career, Dr. Forson shared how his journey from a young parliamentarian in 2009 to his current position as Finance Minister had shaped his perspective.

    “Standing here evokes a deep sense of nostalgia as I reflect on my journey in public service. From my early days as a young parliamentarian in this House in 2009, destiny has guided my path—from a backbencher to a member of the Finance Committee, then to Deputy Minister for Finance, Ranking Member on the Finance Committee, Minority Leader, briefly Majority Leader, and now Minister for Finance,” he stated.

    He recalled his progression from a backbencher to a member of the Finance Committee, then to Deputy Minister for Finance, Ranking Member on the Finance Committee, Minority Leader, and briefly, Majority Leader.

    He went on to explain how his extensive experience within the House has prepared him for the challenge of leading the country’s economic recovery, and he reaffirmed his commitment to supporting the President in stabilizing Ghana’s economy.

    “The invaluable experience I gained in this chamber has shaped my perspective, sharpened my focus, and prepared me for the task at hand. I am fully committed to supporting the President in restoring Ghana’s economy,” he added.

  • 2025 budget to be presented today

    2025 budget to be presented today

    The 2025 Budget Statement and Economic Policy, the first major financial blueprint of the Mahama administration, will be presented to Parliament today by Finance Minister Dr. Cassiel Ato Forson.

    This highly anticipated budget is expected to introduce key economic strategies aimed at stabilizing the economy, promoting growth, and addressing fiscal challenges.

    One of the major policy shifts in the budget is the proposed elimination of several controversial taxes, including the Electronic Transfer Levy (E-Levy), the COVID-19 Health Levy, and the Betting Tax. These taxes, implemented by the previous administration, have faced widespread criticism for increasing the financial burden on Ghanaians.

    By scrapping these levies, the Mahama administration seeks to ease the tax load on individuals and businesses while supporting economic recovery. Mobile money users, businesses, and those involved in online betting are among those expected to benefit from this tax relief.

    Beyond tax reforms, the budget will also focus on job creation, infrastructure development, and social interventions aimed at improving the quality of life for Ghanaians.

  • Nearly all State-Owned Enterprises operating at a loss – Ato Forson

    Nearly all State-Owned Enterprises operating at a loss – Ato Forson

    The Finance Minister, Dr. Cassiel Ato Forson, has sounded the alarm over the mounting operational and financial challenges faced by state-owned enterprises (SOEs) and joint venture companies.

    Speaking at the National Economic Dialogue on March 3, Dr. Forson expressed concern about the worsening financial health of these entities, stressing the immediate need for comprehensive restructuring.

    “SOEs and joint venture company showing mountain operational and financial risk. Almost all state-owned enterprises are in the red. From ECG to the ADB, almost all of them are in the red.

    “This profit is because they failed to service their debt because of the debt suspension…This debt still exists and so we will need to take action to restructure most of the SOEs,” Dr. Forson explained.

    He also pointed out that while COCOBOD reported a GHS2.2 billion profit in 2023, this figure is misleading. Dr. Forson explained that the profit was a result of a debt suspension, allowing COCOBOD to avoid debt servicing.

    He emphasized that the underlying debt remains unresolved and must be addressed.

    “In fact, beginning from the year 2021, 2022, and 2023, you will see that COCOBOD polled some profit of GHS2.2 billion in the year 2023. This is artificial profit.

  • Net borrowing under Mahama govt stands at GHS7.1bn – Ato Forson

    Net borrowing under Mahama govt stands at GHS7.1bn – Ato Forson

    Finance Minister Dr. Cassiel Ato Forson has responded to concerns about the government’s financial obligations, stating that the Mahama administration’s total net liability stands at GHS7.1 billion.

    Sharing details in a recent post on X, Dr. Forson revealed that since January 10, 2025, the government has received Treasury Bill (T-Bill) offers amounting to GHS89.7 billion.

    Of this figure, GHS59.5 billion was approved to refinance outstanding commitments inherited from the NPP/Akufo-Addo/Bawumia administration, while GHS30.2 billion was declined.


    “For the record, total T-Bill bids received by the Mahama government since January 10, 2025, stand at GHS89.7 billion,” Dr Forson stated in a recent X post.

    He clarified that these transactions are primarily focused on settling due payments rather than accumulating fresh liabilities. Consequently, he asserted, the Mahama government has effectively maintained a neutral debt position.

    Dr. Forson attributed the sharp reduction in the 91-day T-Bill interest rate—from 28.34% to 20.79% within 50 days—to effective financial stewardship, adding that this shift reflects growing trust from investors in the nation’s fiscal direction.

    He encouraged the public to dismiss negative narratives and instead recognize the tangible benefits of the government’s economic policies.

  • I have issued no payments to Kennedy Agyapong or any contractor – Ato Forson

    I have issued no payments to Kennedy Agyapong or any contractor – Ato Forson

    Finance Minister, Dr. Cassiel Ato Forson, has denied allegations that he approved a government contract payment to former Assin Central MP, Kennedy Agyapong.

    Posting on X on February 23, 2025, he clarified that since assuming office, no contractor has been paid.

    He further explained that his ministry is currently assessing all payment requests tied to contracts awarded under the Nana Addo Dankwa Akufo-Addo administration.

    The finance minister urged the public to dismiss any reports suggesting he had authorized payments to Kennedy Agyapong or any contractor.

    “Since I took office, no contractor—including Kennedy Agyapong—has been paid a pesewa.

    “We are currently conducting a comprehensive review of all contracts and payment requests to verify their legitimacy,” part of his post reads.

    He concluded, “Please disregard any claims suggesting that I have authorized payment to Kennedy Ohene Agyapong or any other contractor.”

    Amid growing rumors and unfounded claims about financial dealings with contractors under the new government, Dr. Forson has addressed the issue, highlighting the administration’s careful handling of public finances.

    He stressed the importance of thoroughly examining agreements before honoring any commitments, ensuring accountability, and safeguarding state resources.

  • Balance $156m financing gap caused by withdrawal of USAID – Mahama to Finance Minister

    Balance $156m financing gap caused by withdrawal of USAID – Mahama to Finance Minister

    President John Dramani Mahama has directed the Minister for Finance, Dr. Cassiel Ato Forson, to take immediate steps to address the $156 million funding shortfall following the suspension of United States Agency for International Development’s (USAID) international support program.

    A statement dated February 11, issued by the President’s Spokesperson and Minister for Government Communications, Felix Kwakye Ofosu, outlined this directive, emphasizing the urgent need to mitigate the impact of the funding cut on essential public health programs.

    According to the release, “Of particular concern to the President, is the impact of the projected $78.2 million shortfall that will adversely impact such critical interventions as malaria prevention, maternal and child health, family planning, reproductive health, nutrition and the fight against HIV/AIDS under which the availability of antiretroviral drugs, testing, and prevention programs are threatened”.

    The funding shortfall places at risk the availability of antiretroviral drugs, testing services, and prevention programs, which are crucial to Ghana’s public health efforts.

    The statement further highlighted USAID’s longstanding contribution to Ghana’s development, spanning over six decades, with support in economic growth, democratic governance, education, healthcare, and agriculture.

    USAID, the main agency responsible for US foreign aid, is facing growing uncertainty. President Donald Trump and his advisor, billionaire Elon Musk, have been vocal in their criticism of the organization.

    Reports indicate they may push for its dismantling or a major overhaul, potentially disrupting global humanitarian programs.

    However, the suspension of funds has already begun to impact healthcare services, as evidenced by a formal advisory issued by the Ghana Health Service. Regional Directors in the three northern regions have been cautioned about potential disruptions in the supply chain for essential medical provisions.

    The Trump administration has instructed most USAID employees to go on leave as part of a wider initiative to drastically reduce the size of the government. On February 4, USAID noted that all direct-hire staff would be put on leave, except those vital for core mission duties, leadership, and designated initiatives.

    Furthermore, USAID employees stationed internationally are scheduled to return within 30 days.

  • GoldBod will attract investment, foster growth in Ghana’s gold sector – Ato Forson

    GoldBod will attract investment, foster growth in Ghana’s gold sector – Ato Forson

    Finance Minister, Dr. Cassiel Ato Forson, has underlined the vital role of the newly launched Ghana GoldBod in fully capitalizing on the nation’s vast gold resources to boost economic growth.

    Addressing the inauguration of the technical committee responsible for developing a legal structure for the Ghana GoldBod on Monday, January 27, 2024, Dr. Forson explained that the board’s primary objective is to ensure the country extracts maximum value from its rich gold reserves.

    This strategic initiative seeks to enhance the value derived from the gold sector, positioning Ghana more competitively in the global marketplace.

    The creation of Ghana GoldBod marks a pivotal moment in improving the management and utilization of the country’s gold resources.

    The organization will supervise mining, refining, and exporting activities, with a focus on fostering local value addition and reinforcing Ghana’s influence in the global gold market.

    Dr. Forson also pointed out that the Ghana GoldBod initiative is poised to generate significant economic growth, draw in investment, and increase the country’s gold production levels.

    “Historically, Ghana’s revenue from gold is either from traditional sources such as royalties and taxes. The Ghanaian economy has not realised the full benefit of resources. The time has come for Ghana to expand beyond royalties and taxes by harnessing the entire value chain of gold.

    “As a nation, we must aspire to maximise the full benefit of our gold resources. This involves optimising every stage of the value chain from extraction to refinery, and value addition both locally and internationally. The Ghana GoldBod will serve as a specialised agency to ensure the marketing of Ghana’s gold resources.

    “This will involve the implementation of a deliberate programme to formalise gold trading from a small-scale trading industry and promote traceability to enhance international acceptability,” he said.

    The membership of the technical committee includes;

    • Sammy Gyamfi – Acting Managing Director, PMMC
    • Marietta Agyeiwaa Brew – Legal Counsel to the President
    • Dr. Abdul Baasit Aziz Bamba – Legal Practitioner
    • Dr. Johnson Asiamah – Former Deputy Governor, Bank of Ghana
    • Dr. Tony Aubyn – Former CEO, Minerals Commission
    • Joojo Kakra Bannerman – Head of Financial Markets, Standard Chartered Bank
    • Martin Kwaku Ayisi – CEO, Minerals Commission
    • Joseph Iroko – Legal, Minerals Commission
    • Eric Bukari – Manager, Small Scale Mining, Minerals Commission
    • Paul Elikplim Bleboo – Deputy Manager, Gold Desk, Bank of Ghana
    • Kwabena Agyemang Barning – Chief Technical Officer, MIIF
    • Mr. Ernest Asiedu Odami – Director, Corporate Planning, PMMC
    • Sharon Quaye – Head of Business Development, PMMC
    • Mohammed Abubakar – Director of Finance, PMMC
    • Bernard Samuel Annan – Head of Field Operations, PMMC
    • Richard Kofi Afenu Esq. – Geologist, Mineral Economist, Finance, Private Legal Practitioner
    • Mr. Kwaku Effah Asuahene – Chairman, Chamber of Bullion Traders, Ghana
    • Godwin Nichelsen Armah – General Secretary, National Association of Small-Scale Miners
    • Roger Kwakye – Gold Trading Consultant
    • A Representative from the Ministry of Finance
    • A Representative from the Office of the Attorney-General
  • I’m proud to have safeguarded public funds as Minority leader – Ato Forson

    I’m proud to have safeguarded public funds as Minority leader – Ato Forson

    The former Minority Leader, Dr. Cassiel Ato Forson, has looked back on his notable achievements during his tenure.

    After his promotion to Finance Minister, Dr. Forson handed over the leadership to Mahama Ayariga, the MP for Bawku Central.

    Reflecting on his time in Parliament on January 23, Dr. Forson pointed out how the caucus contributed valuable alternative solutions to government policies, leading to significant national savings.

    He also highlighted their efforts in driving key legislative changes, particularly their advocacy for the Private Members’ Bill.

    In his parting advice, Ato Forson encouraged his colleagues to always prioritize the nation’s welfare.

    “Our actions must always be guided by good faith and the overarching interest of our dear country. Two years ago, I was entrusted with the responsibility of the minority leader and within this short period, we have collectively achieved remarkable milestones, together with my NDC colleagues.

    “We provided constructive alternatives to government’s policies. We safeguarded millions of cedis in public funds. We championed groundbreaking legislation including the Private Members’ Bill. These efforts shaped national policies and efforts.”

  • Mahama tasks Ato Forson to ease cost of living

    Mahama tasks Ato Forson to ease cost of living

    President Mahama has assigned Dr. Cassiel Ato Forson, the recently inaugurated Minister of Finance, the crucial mandate of addressing Ghana’s pressing economic issues.

    These include curbing inflation, stabilizing the national currency, and promoting macroeconomic stability.

    During the swearing-in ceremony for six newly confirmed ministers at the Jubilee House on Wednesday, January 22, President Mahama emphasized the critical role economic stability plays in improving the livelihoods of Ghanaians.

    He called on Dr. Forson to deliver measurable outcomes that would help mitigate the economic hardships citizens are currently enduring, remarking:

    “The people of Ghana are looking up to you to reduce inflation, make life affordable, reduce the cost of living. Ghanaians are looking up to you to bring our national debt to sustainable levels and they are looking to you to stabilise our currency so that we can achieve macroeconomic stability.”

    The president stressed the necessity of rebuilding public trust in Ghana’s economy through effective fiscal policies and strategic planning. He acknowledged the hardships faced by citizens and underscored the urgency of addressing the nation’s economic hurdles.

    As Finance Minister, Dr. Ato Forson faces an uphill task, starting with the imperative to rein in inflation.

    The current high inflation rate has significantly diminished the purchasing power of Ghanaians, driving up the cost of essentials and putting immense strain on household finances.

    Another critical priority is stabilizing the cedi, which has suffered sharp depreciation against major foreign currencies in recent months. This devaluation has exacerbated inflation and inflated import costs. Addressing this challenge will involve strengthening foreign reserves, enhancing export capacity, and reducing the economy’s reliance on imports.

    Ghana’s escalating national debt adds another layer of complexity. The debt-to-GDP ratio has reached precarious levels, sparking concerns over the country’s ability to meet its debt obligations. Dr. Forson must chart a course of fiscal discipline, explore creative funding solutions, and negotiate favorable debt restructuring to mitigate this issue.

    The soaring cost of living remains a pressing concern, with skyrocketing prices for food, utilities, and transportation taking a heavy toll on the populace. Alleviating these pressures will be pivotal to improving the standard of living for Ghanaians.

    With these formidable challenges at hand, Dr. Forson’s leadership will be instrumental in achieving economic recovery and fostering sustainable growth for the nation.

  • Two of Ghana’s best swimmers to miss 2023 African Games over academic issues

    Two of Ghana’s best swimmers to miss 2023 African Games over academic issues

    As Ghana’s swimming team prepares for the 2023 African Games, they face the absence of two key swimmers, Kaya and Zaira Forson, whose participation could have greatly bolstered the country’s medal prospects.

    Unfortunately, the Forson sisters will not be taking part in the 13th African Games, which Ghana is hosting. According to a report by 3News, Kaya and Zaira made the difficult decision to opt out of the competition due to clashes with their academic commitments in France.

    Farida Alhassan, the Treasurer of the Ghana Swimming Association, confirmed this news, expressing concern over the impact of their absence on the team’s chances of securing medals.

    She explained that although the sisters initially intended to participate in the African Games, a sudden change in their academic schedule forced them to prioritise their studies over the sport.

    “Zaira Forson and Kaya Forson are the only major long-distance swimmers that we have—those who have done it consistently. Certainly, it is going to affect the team, but what can we say… They are still students aside from being swimmers, so education is really paramount and they need to focus on their education.”

    Alhassan further stated, “They were supposed to come until a new schedule came out for her examination (Zaira). Unfortunately, that is what has happened, so we just need to adjust to her absence and see how to manage the situation.”

    Despite the setback of the Forson sisters’ absence, Ghana finds some optimism in the inclusion of the Jackson brothers, Abeiku and Kow, in the final squad for the swimming competition.

    They will be joined by Unilez Takyi and Christian Nii Nortey Duah.

    The swimming events for the 2023 African Games commence on March 9, 2024.