Finance Minister Dr Cassiel Ato Forson has called on businesses to support government’s domestic revenue mobilisation efforts as part of measures to reduce reliance on borrowing.
He said stronger collaboration between government and the private sector would be critical to sustaining Ghana’s recent macroeconomic gains and creating the fiscal space needed to finance development.
Dr Forson made the appeal during a meeting with the leadership of the Association of Ghana Industries (AGI) and leading business executives.
“We need your support to raise the necessary revenue so that the Government does not borrow beyond its means, as we saw in 2022,” he said.
The Finance Minister said government was determined to protect the improvements recorded in the economy while creating conditions that would allow businesses to expand and invest.
He urged businesses to invest with confidence, assuring them that government would sustain the gains made in stabilising the economy.
“Feel free to invest because we will sustain the gains. The golden era for Ghana is beginning, and our new blueprint will be announced in the 2027 Budget,” Dr Forson said.
According to him, the 2027 Budget will mark a shift from economic stability towards a broader transformation agenda.
“That is why the 2027 Budget will move Ghana from stability to transformation,” he stated.
Dr Forson said President John Dramani Mahama had already outlined plans to invest US$10 billion in strategic sectors over the next four years, with the objective of expanding production, adding value to Ghanaian goods and creating jobs.
“We want to produce more, add value and create more jobs for the Ghanaian economy. This means addressing the fundamental challenges we face as a country,” he said.
He further disclosed that government had deliberately taken steps to reduce the cost of capital and would continue pursuing measures to make financing more accessible to businesses.
The Finance Minister maintained that a stronger domestic revenue base would be essential to financing government programmes without returning to excessive borrowing.
He therefore urged the private sector to work with government to expand the revenue base while taking advantage of the improving economic environment to increase investment and production.
