Vice President urges Finance Ministry to sustain economic gains

Ghana's Vice President, Professor Naana Jane Opoku-Agyemang, has called on the Ministry of Finance to diligently sustain the nation's hard-won economic gains and guard against any complacency. Speaking during a visit to the ministry in Accra, she emphasized the importance of maintaining economic stability to preserve public confidence.

Professor Opoku-Agyemang commended the ministry's officials for navigating the economy through a difficult period following the government's assumption of power in January 2025. She noted that the administration inherited a challenging economic landscape and had to implement tough measures to achieve macroeconomic stability and rebuild trust.

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We look forward to sustaining the gains. That’s very important so we don’t slack. It’s only when we slack that we continue slacking and then before you know we are back to where we don’t want to be.

"We look forward to sustaining the gains. That’s very important so we don’t slack. It’s only when we slack that we continue slacking and then before you know we are back to where we don’t want to be," she stated, underscoring the need for continued vigilance.

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If all this money were not paid out, imagine the schools we’ll have, imagine the hospitals we’ll have, the quality of roads and the quality of care.

Touching on the nation's debt burden, the Vice President highlighted how substantial debt servicing obligations divert critical resources that could otherwise fund essential services like education, healthcare, and infrastructure development. "If all this money were not paid out, imagine the schools we’ll have, imagine the hospitals we’ll have, the quality of roads and the quality of care," she remarked.

Meanwhile, Finance Minister Dr. Cassiel Ato Baah Forson announced a significant step towards establishing the Women's Development Bank. He confirmed that GH¢400 million, the required capital, has been deposited into an escrow account at the Bank of Ghana. This action allows the central bank to begin its regulatory assessment for the bank's operational approval, with the government committed to making it functional by year-end. The minister also noted Ghana's successful payment of US$1.4 billion in Eurobond debt this year and preparations for another GH¢10 billion debt service obligation in August.

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We have paid GH¢400 million as the capitalisation amount into an escrow account at the Bank of Ghana. The Bank of Ghana is now beginning the assessment process required before granting approval for the bank to commence operations.