Traders at the Makola market have lamented to Ato Forson the Finance Minister over the increasing changes in prices in Ghana due to the dollar.
According to the traders, they are always told that the dollar is on the rise but here in Ghana they do not spend dollars.
Accompanied by his deputy, Thomas Nyarko Ampem, they stormed the Makola Market to engage the traders with their discussion focusing on key economic challenges affecting small-scale traders, including inflation, taxation, and access to credit.
Some of the traders who spoke to Ato Forson stated, “They are always saying the dollar is on the rise, and we don’t spend dollars in Ghana, we spend cedi, if you see Mahama tell him for 30 years I never voted, but this year I voted for him”.
Another trader stated, “In Ghana, our prices are not stable because of the dollar, so if things can be stable, it will aid our prices to come down for consumers to also be able to buy them”.
“The problem is that the price has increased, it was 1,300 cedis, but now it is 1,750 in just three weeks”, a trader also added.
Dr. Cassiel Ato Forson has already presented the 2025 Budget to Cabinet for scrutiny, ahead of its presentation to Parliament on March 11.
The Cabinet meeting, chaired by President John Mahama, unanimously approved the budget.
Dr. Forson emphasized the need for expenditure cuts due to the current economic challenges.
While the specific areas for cuts remain undisclosed, the Finance Minister stressed the importance of fiscal discipline.
He also proposed rationalizing the current tax structure, including the Value Added Tax.
Meanwhile, Dr Cassiel Ato Forson says the 2025 Budget and Policy Statement, scheduled for March 11 is key in bringing stability to Ghana’s ailing economy.
He made this known during an X-Space conversation with social media influencer KalyJay.
“Let me make this point: let’s not deceive ourselves that the country is out of the woods yet. Our economy is still in distress, and the first thing we will need to do is to take measures to bring us back to the stability that we deserve,” he stated.
He shared that John Dramani Mahama’s administration is committed to implementing policies that will foster economic stability, including efforts to control inflation, maintain a stable exchange rate, and create a more predictable economic environment.
“What we can do is to put together a framework where there will be a stable exchange rate, stable inflation, and a stable economy,” he added.
Dr Forson also reiterated the government’s plan to reduce domestic borrowing, ensuring that more financial resources are available to the private sector to drive business growth and economic expansion.
“It is very critical for the government to cut expenditure and reduce its appetite for borrowing. In doing so, there will be a lot more resources for the private sector to benefit from,” he stressed.
Watch the video below:
Finance Minister Dr. Cassiel Ato Baah Forson recently engaged with traders at the Makola market, listening to their concerns ahead of the #Budget2025 presentation on Tuesday, March 11th.
This move is likely part of his efforts to gather insights from various stakeholders,… pic.twitter.com/emgwBGEKpk
— 𝕏 Ghana 🇬🇭 (@xghana_) March 9, 2025
