Dr Cassiel Ato Forson, the finance minister, has boldly declared that the Ghanaian cedi has picked and is no longer depreciating.
According to Ato Forson, in the Ghanaian local language, he stated “cedi no apicki”.
The finance minister noted that the cedi’s appreciation is already contributing to price stability.
Speaking during the presentation of the 2025 Mid-Year Budget Review in Parliament on Thursday, July 24, 2025, Dr Ato Forson stated, “This performance reflects the positive impact of sound fiscal and monetary policies, growth in gold and cocoa exports, and steady remittance flows,” he told Parliament.
Ato Forson further assured Ghanaians that the gains made will be sustained.
“We will continue to implement prudent policies to preserve the value of our currency, reduce inflation, and ensure economic stability for all,” Dr Forson added.
He, however, blamed the former Akufo-Addo administration for causing economic hardship with the Domestic Debt Exchange Programme (DDEP).
“Mismanagement of our public finances by the previous administration led to devastating haircuts through the Domestic Debt Exchange Programme (DDEP), which denied pensioners and the middle class their lifetime savings, livelihoods and dignity,” he told the House.
Also, Dr Cassiel Ato Forson revealed that a nationwide payroll audit has uncovered 14,000 ghost workers.
According to Ato Forson, the audit also revealed 53,307 separated staff still on payroll.
Ato Forson emphasised that the Ghana Audit Service was commissioned by his Ministry to conduct the payroll audit across all 16 regions, and they have completed 91 per cent of the audit.
Dr Ato Forson added, “So far, the Audit Service has not been able to identify or verify more than 14,000 workers,” the minister told Parliament.
“The Audit Service expects to recover a minimum of GHS150.4 million in unearned salaries from these separated staff over the 2023 and 2024 period alone,” he stated.
The Finance Minister added that the audit findings are alarming and revealed a monthly payroll validation system.
“Going forward, we will enforce the monthly payroll validation system and strictly apply sanctions to anyone who violates the process of paying salaries,” he added.
