Ghana’s President-elect John Mahama is considering Cassiel Ato Forson, an accountant and seasoned lawmaker, to serve as the country’s finance minister, according to sources familiar with the matter.
The move comes as Ghana grapples with high inflation and a debt crisis that has tested its economic resilience.
Why it matters
- The finance minister’s role will be pivotal as Mahama prepares to tackle inflation—hovering above 20% for over two years—and reduce Ghana’s crippling debt burden.
- The incoming administration has pledged to cut spending and boost revenue to stabilize the economy.
- Ghana, once a favorite of international investors, had to seek a $3 billion IMF bailout in 2022 after debt repayments consumed more than half of government revenues.
The details
Forson, 46, brings extensive experience to the role:
- He holds a doctorate in finance from Kwame Nkrumah University of Science and Technology and a degree in taxation from the University of Oxford.
- A former deputy finance minister under Mahama’s previous administration, Forson has spent eight years on parliament’s finance committee, advocating for fiscal transparency.
What’s next
Mahama will announce his cabinet after his inauguration on Jan. 7. Forson’s nomination would signal the incoming administration’s focus on restoring fiscal discipline and investor confidence.
Between the lines
Forson was recently named to Mahama’s transition team, tasked with engaging the outgoing administration to assess the country’s current financial position.
Source: Bloomberg
