“Don’t Forget Where We Were”😱Ato Forson BLASTS NPP Over Economic Collapse in 2022–reveal masterplan🔥

Added: 2026-05-31

[00:00:00][music] >> For us minister Dr. Cassiel Ato Forson for a circle strike BM our parliament was in Ghana for you're better big mistake pass real fear in a war NPP time especially 2022. Now I will show you for or see NPP grossly mismanaged the economy.

[00:00:23]I'm an economy I don't maybe need to try haircut rough rough.

[00:00:27]I forgot only my job with the comma IMF.

[00:00:29]Now I will show you for Nina a abandon we buy it. And near my waiting my ready to the sustain and not to sustain the economy. And then a finance minister Dr. Cassiel Ato Forson the B Mama my real fear maybe I need a war CD dollar conversation petrol boom Mhm economy INFLATION MAYBE BE OUT SAY 2022 WAS MAYBE BE OUT CRASHING.

[00:00:50]I'M will buy it Kakak promote to the policies you will come. You will wait to me I revive the economy to the extent that as you speak Ghana I exit IMF bailout and I say IMF in go just go to home. Now Dr. Cassiel Ato Forson no see in a failure um leaders of both sides I also will not speak Kakak I will not speak in terms of way financial statement statement from speaker of parliament and of course ministers there I am not in your opinion for debate. Nina Nina Mama Maya I got say or percent or maybe I will not know what make you more statement here in tomorrow from court Tuesday. Now what do you almost suggest to say size Nina will be out to raise in 90 members. Now you don't have my area got only you will say NPP NPP no no no 90 2020 car 90 and in the now for your marketing parliament empty or Kakak central member of parliament or number party Boma and I can say I will show you for number party Boma say I didn't do it yet.

[00:01:42]Finance minister presentation the bring in a new rule my own query tomorrow expose you more next week Tuesday. Let me say my contest Nina Boma but some writing on Twitter told me I think you will enjoy it so time will tell number four video Nina Mama Mama subscribe Nina Mama turn your bell notification icon on video you drop in your own say other comment so >> [snorts] >> or share never like or leave a comment in the comment flower green clean solution center hospital office war solution center flower green clean solution center to say who friend first insect 15 minutes >> I come before this house to provide an update on the substantial progress we have made in restoring macroeconomic stability and debt sustainability ahead of the original timeline.

[00:02:59]Right honorable speaker, this house address will also announce a new chapter in Ghana's engagement with the International Monetary Fund.

[00:03:09]Mr. Speaker, it is consequential moment in President Muhammad's reset agenda and indeed in the life of our nation.

[00:03:19]It signifies Ghana's passage from crisis management to stability from dependence on financial bailout to partnership in reform and from uncertainty to renewed confidence in our economic future.

[00:03:33]Right honorable speaker, to appreciate the magnitude of this moment we must briefly recall the gravity of crisis that Ghana faced in the year 2022.

[00:03:44]Mr. Speaker, on the 1st of July 2022 the previous administration turned to the IMF for a a bailout after their gross mismanagement of the economy had driven the country into fiscal and balance of payment crisis.

[00:03:59]Mr. Speaker, the then NDC flag bearer acknowledged the decision as necessary, though a belated intervention to arrest the decline and to ease the severe hardship being borne by the people of Ghana to no fault of theirs.

[00:04:14]The scale of that crisis was profound.

[00:04:17]It was traumatic, if not distressing and devast ating.

[00:04:21]The city came under intense pressure.

[00:04:23]Inflation rose to painful levels.

[00:04:25]Investor confidence deteriorated sharply. External reserves were strained and Ghana lost access to the international capital market.

[00:04:33]As a result, credit rating agencies responded by downgrading Ghana's sovereign credit rating repeatedly in 2022 to levels never seen in our country's history.

[00:04:44]Right honorable speaker, in February 2023 2022, Moody's downgraded Ghana to CAA1 from B-.

[00:04:52]In August 2022, S&P downgraded Ghana to triple C+.

[00:04:57]Again in August 2022, Fitch downgraded Ghana to triple C.

[00:05:02]Mr. Speaker, in the same year, September 2022, Fitch again downgraded Ghana from triple C to double C, signifying the severe ness of the situation.

[00:05:13]Finally in 2022 October, Ghana lost access to the international capital market with Ghana's Eurobond spread widening to all-time high of 3,400 basis points. Right honorable speaker, this further deepened the economic crisis and the financial crisis to the point that the Ghana Cocoa Board was unable to secure a syndicated loan for the first time in many years, after 33 years in fact.

[00:05:38]Also, some domestic commercial banks could not could no longer obtain external funding or establish letters of credit as international banks declined to confirm these instruments. Mr. Speaker, on the 5th of December 2022, following the announcement that Ghana could no longer meet its maturing domestic obligation debt obligation. The MP administration then introduced the domestic debt exchange program DDEP imposing significant haircut on domestic bond holders. Right honorable speaker, on the 13th of December 2022, Ghana formally requested debt treatment under the G20 common framework in order to restructure its bilateral debt portfolio of more than 5 billion United States dollars. Mr. Speaker, on the 19th of December 2022, the MP administration again defaulted on the servicing of Ghana's external commercial debt obligation.

[00:06:32]Mr. Speaker, the far-reaching haircut affected the Bank of Ghana, commercial banks, non-bank financial institutions, pension funds, insurance companies, individual bond holders, and even pensioners were not paid.

[00:06:46]Right honorable speaker, ordinary Ghanaians bore the heaviest burden of that crisis. The consequences were felt across households, businesses, and institutions through rapid depreciation of the currency, runaway inflation of more than 50% massive erosion of disposable incomes and savings, painful haircut on domestic bond holders including pensioners, punitive interest rate that constrained private sector activity, the imposition of nuisance taxes including E-Levy, betting tax, COVID-19 levy, and emission tax.

[00:07:20]Mr. Speaker, we witnessed job losses, business distress, and weakened investor confidence, and a sharp rise in poverty and economic insecurity. Right honorable speaker, in the midst of all these hardships imposed on the people of Ghana, the government of the day then remained bloated, purposefully inefficient, and riddled with waste. Mr. Speaker, by December 2024, those responsible proceeded to undermine the very IMF program they themselves had signed to correct the mess that was imposed on the people of Ghana. Missing targets and commitment under the IMF program.

[00:07:56]These that was the debt of the crisis that we inherited. Mr. Speaker, it is important to recount this, to dwell on the past, not to dwell on the past, but to remind ourselves of the heavy price of fiscal indiscipline and economic recklessness, and to affirm our collective resolve that Ghana must never again return to that path. Mr. Speaker, let me take that again.

[00:08:21]It is important to recount that this is important for us to recount, not to dwell on the past, but to remind ourselves of the heavy price of fiscal indiscipline and economic recklessness, and to affirm our collective resolve that Ghana must never return to that path. Good.

[00:08:39]But once experienced, never again should they be repeated. Mr. Speaker, never again should the people of Ghana be made to go through such horrible experiences.

[00:08:53]Right, honorable Speaker, upon assuming office, President Muhammad administration moved with clarity and purpose to reset the Ghanaian economy and bring the IMF supported program back on track.

[00:09:06]Mr. Speaker, we recalibrated the IMF program to ensure fairer burden sharing and deeper structural reforms. Among the several measures we undertook in 2025 are as follows. Mr. Speaker, first, we we introduced the Public Financial Management Act and introduced commitment authorization to control government expenditure. Mr. Speaker, we audited government arrears and payables to eliminate recycled IPCs and overpayment. We stopped the misuse of tax refund account to finance schemes such as SML. Mr. Speaker, we amended the PFM Act to institutionalize a 1.5% of GDP primary surplus and 45% debt to GDP by 2034.

[00:09:48]Right, honorable speaker, we introduced the gold board to enhance FX stability and reserve accumulation. We operationalize the sinking fund with dedicated CD and US dollar buffer to manage future debt maturities. Mr. Speaker, we removed nuisance taxes such as e-levy, betting tax, emission tax, and VAT on motor insurance to support private sector activity.

[00:10:12]We also established the office for value for money to improve public expenditure efficiency. We established the independent fiscal council to check compliance with fiscal rules. Mr. Speaker, not all. We introduced IPP renegotiate We concluded IPP renegotiation, saving over 250 million United States dollars and cleared over 1 billion United States dollars in legacy arrears in the energy sector.

[00:10:35]We also reduced ministers of state from 123, later to 88, to now 60. Mr. Speaker, we reduced government ministries from 30 to 23.

[00:10:47]Right, honorable speaker, I'm pleased to report that these measures have produced clear and measurable results.

[00:10:55]Mr. Speaker, real GDP growth reached 6% in 2025.

[00:10:59]Most importantly, non-oil GDP growth reached 7.6% the highest in 14 years.

[00:11:05]For the first time, Ghana's economy crossed 100 billion United States dollar threshold in 2025, making it fully fledged emerging market economy. Mr. Speaker, Ghana's economy is now ranked the eighth largest in Africa. Ghana's per capita income increased to 3,385 dollars for the first time. Again, Mr. Speaker, the primary balance recorded a surplus of 2.5% of GDP in 2025. Our public debt to GDP reduced to 44.7% at the end of 2025 ahead of the schedule 2034.

[00:11:41]Mr. Speaker, Ghana's Ghana achieved the debt to GDP target of 45% well ahead of the IMF program of debt rule target of by 2034.

[00:11:52]Our debt service to domestic revenue improved considerably from 55.7% in 2022 to 28.8% in 2025 even with the resumption of full Eurobond applications in 2025. Right honorable speaker, Ghana achieved a moderate risk of debt distress from high risk of debt distress under our debt sustainability analysis the first time in 12 years. Mr. Speaker, inflation declined now to 3.4% in April 2020 26.

[00:12:25]91-day Treasury bill has declined by over 2300 basis points from 28.4% in January 2025 to 4.8% in April 2026. Mr. Speaker, the 2-year, 3-year, and 5-year bonds are now trading in the range of 11% 12.6% compared to 20% in the previous year at the secondary market. Mr. Speaker, monetary policy rate has declined by 1300 basis points from 27% in January 2025 to 14% in April 2026.

[00:12:59]Mr. Speaker, the current account recorded a surplus of 8.7% of GDP as at December 2025. And most importantly, Mr. Speaker, our currency appreciated by 40.7% against the US dollar in one single year in the year 2025. Mr. Speaker, this result affirm a simple but enduring truth. Mr. Speaker, fiscal prudence and discipline always delivers results.

[00:13:27]Fiscal prudence and discipline always delivers results. Right honorable speaker, macroeconomic stability is not an abstract policy objectives. It is the foundation for jobs, income, investor confidence, and national prosperity.

[00:13:41]It is also the lesson we must carry forward if we are to ensure that the people of Ghana never relieves the hardships of 2022. Prudence does not mean we are failing to spend, Mr. Speaker. We can only spend what we have.

[00:13:54]Prudence is the difficult road for wealth creation. Mr. Speaker, prudence does not mean we are failing to spend. We can only spend what we have. Prudence is the difficult road to wealth creation. Right honorable speaker, on the 77th annual New Year School on the 6th of January 2025, President Mahama stated that "It is my hope that this will be the very last time we we ever go for an IMF bailout program. It must be the 17th and the last time that Ghana goes for a bailout from the IMF."

[00:14:29]The president further noted that we will continue our collaboration with the IMF under Article 4 and other instruments. I repeat, no further IMF financial bailout is currently required in the foreseeable future. Right honorable speaker, we have evolved from the position of supplicant to one of a partner with the International Monetary Fund. Mr. Speaker, it is therefore my singular honor to announce to the house that Ghana has successfully concluded the final review of the current financial bailout program pending approval by the IMF Executive Board.

[00:15:06]Mr. Speaker, Mr. Speaker, as Ghana moves beyond the Extended Credit Facility, our engagement with International Monetary Fund will transition to a reform-focused non-financing policy coordination instrument. Mr. Speaker, the policy coordination instrument is a non-financing IMF instrument designed for countries that do not require IMF financing but seek a credible framework for reform.

[00:15:33]and development partners. For Ghana, this marks an important shift from seeking financial bailout to engaging as a credible reform partner while and continuing to benefit from policy discipline, external validation, and strengthened investor confidence. Mr. Speaker, the PCI will enable us to continue leveraging the IMF's regular policy assessment and expertise as a signal to investors, thereby certifying the credibility of our of our stewardship and further strengthening our credit rating. In other words, Mr. Speaker, Ghana has moved from the intensive care unit to the wellness center. Mr. Speaker, that's simple. We have moved from ICU to wellness center. Wellness center.

[00:16:19]From from ICU to where you are well. Mr. Mr. Speaker.

[00:16:23]Mr. Speaker.

[00:16:24]To build on this hard-won foundation of stability, President Mahama's administration has designed a new economic program, the new economy, to be unveiled as part of the 2027 budget. Mr. Speaker, the new economy will move Ghana from stabilization to transformation with a clear focus on sustainable job, higher productivity, greater resilience, and broad-based prosperity.

[00:16:52]Right honorable speaker, President Mahama is grateful to the to the people of Ghana for their sacrifice, patience, and steadfast forbearance.

[00:17:02]We do not take this support to their support for granted. Mr. Speaker, our solemn pledge is that we will not be complacent.

[00:17:10]We will continue the hard work of building the Ghana we want. May God bless our homeland, Ghana. Thank you, Mr. Speaker.

[00:17:18]>> Now, Finance Minister, we have paid leaders of both sides.

[00:17:32]>> Mr. Speaker, the statement has just been read, and this is a statement with far-reaching economic implications.

[00:17:45]And there are many members who have not yet obtained copies of the statement.

[00:17:51]And so, my plea, and I've conferred with colleagues on the other side, is that we defer comments to Tuesday, so that members can study and digest the statement in its entirety, and then we can have a full-blown commentary on the statement. Mr. Speaker, we also are agreeing that we'll have 90 90 on both sides.

[00:18:34]90 speakers on both sides.

[00:18:40]>> [laughter] >> So, we expect we expect the minority to raise 90 90 90 members to comment to speak to comment on on Tuesday.

[00:19:01]This side will be ready with its 90 members.

[00:19:05]Mr. Speaker, I think we are at Eden with our colleagues on the minority side on this matter. If they have difficulty with the 90, they can engage and then we can we can reduce the numbers to numbers that fit the fit the sizes of our respective >> [laughter] >> Yes, minority from bench. Um Yes, honorable member.

[00:19:34]>> Mr. Speaker, thank you very much. We just listened to a very provocative statement.

[00:19:42]Provocative statement from the Finance Minister. Mr. Speaker, we don't know if the Finance Minister was rehearsing his 2026 budget or he he was giving us a prelude to his mid-term review. Mr. Speaker, we agree with the call by the majority leader that that we suspend commentary on the statement made by the Finance Minister to next Tuesday.

[00:20:11]So that we'll have ample time to rebut the propaganda in the statement by the Finance Skillfully, he refused to talk about the losses of the gold board in the statement.

[00:20:25]Skillfully, he refused to talk about the public debt asset made this year.

[00:20:32]Next Tuesday, we are going to expose you big time.

[00:20:37]AS AT TODAY, YOU HAVEN'T even settled the cocoa farmers and you are here to to launch to to launch your to launch your presidential campaign. Yeah.

[00:20:47]We'll expose you. Thank you, Mr. Speaker.

[00:20:58]>> Speak Speaker, thank you very much for Speaker, the majority leader is asking for us to do 90/90.

[00:21:07]Speaker, we we believe in quality rather than quantity.

[00:21:12]We We have observed them do do submissions on this floor.

[00:21:20]And speaker, unfortunately, it doesn't match the substance from this side. Speaker, we are willing to do 90/90.

[00:21:32]Because we know that they won't even be able to do 10.

[00:21:36]Speaker, we are in your hands, but we we are willing to do maybe 15/15.

[00:21:51]>> Honorable members, I agree with leadership that we need to defer the commentary on the statement just delivered by the Minister of Finance because of the nature and importance of the statement.

[00:22:13]Our rules, however, require that the comments from members should not be more than 5 minutes.

[00:22:25]But I've been given an exception.

[00:22:28]It says, "Except otherwise permitted by the speaker."

[00:22:33]That is why I want before that day, I agree with leaders as to the timelines.

[00:22:43]And I raised it initially.

[00:22:45]And so that we may give some ample time for members not to debate.

[00:22:53]We say comments.

[00:22:55]But comments definitely, you know, will be dealing with facts.

[00:23:01]No debatable issues.

[00:23:04]And will You [clears throat] may you may Before you bring your facts, tell me which one is not factual.

[00:23:15]And then we'll take that on board.

[00:23:17]Because what he just said was not on the areas that he mentioned. But he said that there are some areas that he ran away from.

[00:23:28]>> [clears throat] >> And then he mentioned those things.

[00:23:30]That's different. That's not debating.

[00:23:33]The issues that he has raised, that's commenting.

[00:23:36]And that's permitted. So, we want to know the timelines.

[00:23:41]And I'll give time for leaders to engage.

[00:23:45]And then agree on the timelines, then we can apply it on that day. I don't know when you want it done, tomorrow or I'm told that the house is thinking about sitting on Monday.

[00:23:58]You want it to be taken on Monday or Tuesday?

[00:24:02]Whichever you prefer, but if it's Monday, I will not be on the chair.

[00:24:09]But from Tuesday, I'll be available.

[00:24:15]>> Mr. Speaker, the the proposal to sit on Monday is so that we can deal with backlog of questions and statements and referrals to committees for which we have reports.

[00:24:30]So, we will rather have the commentary on Tuesday when you will be in the house and preside.

[00:24:41]So, that's the proposal, so that the backlog of the backlog of questions and then statements by members can be accommodated on the Mondays. So, that Tuesdays we do regular >> [music]