Ghana: 950,000 people lifted out of poverty in one year, says Finance Minister
via GhanaWeb1 min read
Ghana's Finance Minister, Dr. Cassiel Ato Forson, announced that approximately 950,000 Ghanaians were lifted out of multidimensional poverty within a year. Presenting the 2026 Mid-Year Fiscal Policy Review in Parliament, Dr. Forson stated that multidimensional poverty decreased from 24.9 percent in the third quarter of 2024 to 21.9 percent in the same period of 2025. This indicates improved living conditions and increased hope for many families. Additionally, the Finance Minister reported a decline in unemployment, from 13.7 percent in the first three quarters of 2024 to 12.8 percent during the corresponding period in 2025.
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This summary was AI-generated from a story originally published by GhanaWeb.
Finance Minister Dr. Cassiel Ato Forson announced that the government is reallocating GH垄400 million to acquire high-occupancy buses. This initiative aims to improve public transportation and ease commuting challenges across Ghana. The investment, detailed during the 2026 Mid-Year Budget Review in Parliament, is part of the government's commitment to enhancing urban mobility by providing safe, reliable, and affordable public transport services. The funds will be used to strengthen the fleets of state-owned transport operators, including Metro Mass Transit and the State Transport Company STC. This intervention is expected to increase public transport capacity, especially on busy urban and intercity routes, reduce long queues during peak periods, and offer a more reliable and efficient alternative to private vehicle use for commuters.
Ghana's Finance Minister, Dr. Cassiel Ato Forson, announced that the country has gained credibility in international financial markets due to its timely debt repayments. During the 2026 Mid-Year Budget Review in Parliament on Thursday, July 23, Dr. Forson stated that the government's commitment to making scheduled payments to bondholders has boosted its global standing. He emphasized that consistent, on-time payments are rebuilding investor confidence in Ghana's economy after a period of financial distress. Since January 2025, the government has paid US$2.1 billion in principal and interest to Eurobond holders without straining foreign exchange reserves. This renewed confidence has led to improved market conditions, with Ghana's borrowing costs decreasing and Eurobond yields declining by approximately 300 basis points this year. Dr. Forson attributed these improvements to the financial markets' recognition of the government's fiscal discipline and prudent debt management, indicating that Ghana is regaining the trust of both international and domestic investors through consistent actions. The budget review provides an update on the economy, government revenue and expenditure, debt servicing, and the fiscal outlook for the remainder of 2026.
Ghana's Finance Minister, Dr. Cassiel Ato Forson, presented the 2026 Mid-Year Budget Review to Parliament on Thursday, July 23, 2026, attributing the nation's recent economic crisis to a combination of fiscal decisions, governance challenges, and a lack of transparency. He stated that President John Dramani Mahama inherited an economy facing severe challenges when his administration took office in January 2025. Dr. Forson identified four key causes for the economic downturn: reckless spending, excessive and binge borrowing, lack of accountability, and the previous government's failure to inform Ghanaians about the true state of the economy. He detailed the severe consequences, including unprecedented cedi depreciation, inflation exceeding 50 percent, a sharp decline in disposable incomes, high interest rates, collapsed investor confidence, and critically low international reserves. Ghana also lost access to international capital markets, and a debt restructuring program imposed significant losses on bondholders and financial institutions. The economic difficulties led to business closures, job losses, and increased hardship for households. Dr. Forson emphasized the need for Ghana to learn from the crisis and avoid policies that undermine economic stability, stating that the government's focus is on implementing reforms to restore confidence, protect macroeconomic stability, and prevent future economic difficulties.