Finance Minister, Dr. Cassiel Ato Forson, has reported a significant turnaround in the country’s economic indicators, citing improved gross international reserves and a soaring trade surplus.
Presenting the Mid-Year Budget Review to Parliament on Thursday, Dr. Forson said the gains were achieved without external borrowing, marking a shift toward resilience and renewed investor confidence under President John Dramani Mahama’s administration.
“In just six months, even before IMF and World Bank disbursements, we added $2.14 billion to our gross international reserves without a single dollar of external borrowing. Our reserves now stand at $11.12 billion, covering 4.8 months of imports,” Dr. Forson announced.
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According to the Minister, Ghana’s trade surplus jumped from $1.37 billion in June 2024 to $5.57 billion by June 2025, representing a massive 306.6% increase. This was primarily driven by a surge in gold and cocoa exports alongside controlled imports.
“The current account surplus improved significantly to a provisional $3.44 billion by June 2025. These numbers reflect renewed investor confidence and prudent management of our external sector,” he said.
Dr. Forson also reported signs of stability and growth within the monetary sector with credit to the private sector increasing by 31.3%, supported by robust deposit mobilization and improved net foreign asset positions.
“Monetary indicators point to sustained expansion, with a positive shift in liquidity drivers toward external inflows,” he noted.
Turning to the troubled National Investment Bank (NIB), Dr. Forson said the Mahama administration had inherited a severely distressed institution with a capital adequacy ratio of -53.13% as of June 2024—despite the previous government spending over GH¢30.3 billion on a financial sector cleanup.
“The NPP’s cleanup failed to save NIB. We found the bank in dire straits,” he lamented.
Dr. Forson outlined an ambitious recapitalization plan that included:
- GH¢450 million cash injection
- GH¢1.5 billion in government-backed bonds
- Transfer of GH¢500 million worth of government shares in Nestlé Ghana to the bank
He stated, “These actions have turned the capital adequacy ratio from -53.13% to a positive 23% as of May 2025. We have preserved deposits worth GH¢6.4 billion and saved over 900 direct jobs at NIB.”
He emphasized that the effort was not only a financial success but also a strategic national move.
“We have preserved an indigenous Ghanaian bank and restored hope in the financial sector,” he declared.
The Finance Minister credited the recovery to the policy direction of President Mahama and the National Democratic Congress (NDC), which, he said, had chosen bold reforms over excuses.
This, he said, is evidence of leadership that resets, reforms, and rebuilds and the Ghanaian people are already seeing the difference.