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Finance Minister Ato Forson defends government's spending restraint amid IMF commitments
via GhanaWeb3 min read
Ghana's Finance Minister, Dr. Cassiel Ato Forson, has defended the government's decision to maintain tight public spending, attributing it to commitments under the International Monetary Fund IMF program. His remarks address criticism from the Minority, which claims the government is not spending despite improved economic indicators. Dr. Forson explained that the current administration inherited obligations from the previous New Patriotic Party NPP government's US$3 billion IMF bailout, which included a commitment to achieve a primary fiscal surplus of 1.5 percent of Gross Domestic Product GDP. He emphasized that IMF agreements are with the government, not political parties, and his administration is responsible for honoring these commitments to ensure Ghana successfully completes the program. The Minister also stated that government spending alone cannot resolve all economic challenges, particularly inflation driven by food prices and global fuel shocks. He noted that fiscal policy must work with monetary policy, highlighting an amendment to the Bank of Ghana Act to make inflation targeting a shared responsibility between the Ministry of Finance and the central bank. Dr. Forson expressed confidence that the government's disciplined fiscal approach would keep inflation within the target range, hoping to end the year with inflation at 5 percent.
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This summary was AI-generated from a story originally published by GhanaWeb.
Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board GoldBod, has defended the GH垄4.5 billion allocation to the institution in 2025, refuting claims of public fund siphoning. Speaking on Joy FM's Super Morning Show, Gyamfi stated that Parliament lawfully approved the funds as revolving seed capital for GoldBod's operations, explicitly captured in the 2025 Budget Statement. He explained that the Ministry of Finance released the funds at the end of December 2025 after receiving necessary resources. Gyamfi questioned suggestions that the release constituted siphoning, arguing it followed due process and Ghana's public financial management framework. He criticized Abena Osei-Asare, Chairperson of Parliament's Public Accounts Committee PAC, for her comments, given her role. Gyamfi noted that GoldBod's 2025 financial statements were audited by the Auditor-General with no adverse findings and reported an operational surplus of GH垄909 million in 2025 from internally generated funds, as the government's seed capital was received at the financial year's end. He challenged the PAC Chairperson to find evidence of misappropriation in GoldBod's audited financials. Gyamfi also clarified that losses incurred by the Bank of Ghana under its Domestic Gold Purchase Programme should not be conflated with GoldBod's operations, as they are distinct entities with separate mandates.
A Ghanaian mother has gained widespread attention for her passionate coaching of her daughter, Gakye Nicky, during a Brazilian Jiu-Jitsu BJJ championship. In a video that has circulated widely, the mother is heard shouting instructions in a Ghanaian language from the sidelines as her daughter competed. Her energetic encouragement included urging her daughter not to give up and to "break her hand" and "make sure she cries." The video was shared with a caption stating that the mother's coaching helped her daughter secure a gold medal in the martial art.
The Gbese District Court has ordered the extradition of Daniel Yusif, an alleged accomplice of suspected romance fraud kingpin Abu Trica, to the United States. Yusif is to stand trial over an alleged US$8 million romance fraud scheme. The court granted the extradition request on Friday, July 24, 2026, and has given Yusif 15 days to challenge the committal order. This extradition follows ongoing cooperation between Ghanaian and US authorities investigating an alleged international romance fraud network accused of targeting elderly Americans. Earlier this month, Ghanaian socialite and businessman Frederick Kumi, known as Abu Trica, was also extradited to the United States after the High Court in Accra approved his surrender. US prosecutors allege that Abu Trica was part of a criminal network that used artificial intelligence tools to create fake online identities, establish romantic relationships with victims, and fraudulently obtain millions of dollars.