Finance Minister Dr Cassiel Ato Forson has confidently declared that the Ghana cedi is firmly on a path to recovery, boldly stating in local parlance: “Cedi no apicki” — to mean the cedi has “picked up” or is regaining strength.
Delivering the 2025 Mid-Year Budget Review to Parliament on Thursday, July 24, Dr Forson attributed the cedi’s recent appreciation to a mix of strong fiscal and monetary policies, improved gold and cocoa export earnings, and consistent inflows from remittances.
“This performance reflects the positive impact of sound fiscal and monetary policies, growth in gold and cocoa exports, and steady remittance flows,” he told lawmakers.
He assured Ghanaians that the government is committed to preserving the value of the currency and improving economic stability.
“We will continue to implement prudent policies to preserve the value of our currency, reduce inflation, and ensure economic stability for all,” he added.
However, Dr Forson did not hold back in blaming the previous administration for economic mismanagement, particularly referencing the Domestic Debt Exchange Programme (DDEP), which he said brought untold hardship to many citizens.
“Mismanagement of our public finances by the previous administration led to devastating haircuts through the Domestic Debt Exchange Programme, which denied pensioners and the middle class their lifetime savings, livelihoods, and dignity,” he asserted.
In a striking revelation, Dr Forson also disclosed that a nationwide payroll audit has uncovered over 14,000 ghost names and 53,307 separated staff still receiving salaries.
The Ghana Audit Service, commissioned by the Ministry of Finance to carry out the audit across all 16 regions, has so far completed 91% of the exercise. According to the minister, these anomalies could have cost the state at least GHS150.4 million in unearned salaries between 2023 and 2024 alone.
“The Audit Service has not been able to identify or verify more than 14,000 workers,” he revealed, noting that recovery efforts are already underway.
As part of reforms to prevent future payroll abuse, Dr Forson announced the enforcement of a monthly payroll validation system and stern sanctions for violations.
“Going forward, we will enforce the monthly payroll validation system and strictly apply sanctions to anyone who violates the process of paying salaries,” he concluded.
