Finance Minister Dr. Cassiel Forson has argued that despite claims of economic recovery under the previous administration, the policies in place did not align with the realities on the ground.
He accused the previous NPP administration of not painting the true picture of the economy to Ghanaians.
“We felt that at a point things were improving, only for us to get in and notice the magnitude. But I had always maintained that the government of the day at the time had failed to paint the true state of the economy,” he said.
“If you look at the transmissions, some of the economic policies, it doesn’t reflect an economy that has turned the corner. We were not getting the right prescriptions to take us out,” he told Citi FM on Wednesday.
On Tuesday, February 11, Dr Ato Forson presented the 2025 budget statement to the Parliament.
He announced in the budget, among other things that government will allocate an amount of $279 million to the Ghana Gold Board (GOLDBOD) as a revolving fund.
Presenting the 2025 Fiscal policy to Parliament on Tuesday, March 11, the Minister said the fund will enable GOLDBOD to purchase and export at least 3 tonnes of gold per week from small-scale miners.
Dr. Ato Forson also explained that the government is establishing the Ghana Gold Board (GOLDBOD) to support foreign exchange inflows and gold reserve accumulation for the benefit of our dear country.
To achieve this, he said, the GOLDBOD shall regulate, oversee, monitor and undertake the purchasing, assaying, refining, exporting, selling and other related activities concerning the gold resources of Ghana.
He further said that the government is stabilising the Ghana Cedi and macroeconomy through an urgent economic recovery programme to shore up our foreign reserves.
“In addition, develop a deliberate policy to build economic buffers through external reserves to cushion the Ghana Cedi,” he said.
Earlier before the presentation of the budget, the Acting Managing Director of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi said the 2025 budget statement to be presented to Parliament by the Finance Minister will provide clarity on the creation of the Gold Board (Goldbod).
Speaking in an interview with TV3 ahead of the budget presentation, he said “I am very optimistic that by the time the Finance Minister finishes presenting the budget many Ghanaians will find hope in his words. we are going to have a budget that represents our needs and aspirations as a people, a budget that will ease hardships, and create jobs.
“Today, a lot more clarity will be provided by the Finance Minister regarding the move to establish a GoldBoard,” he added.
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