Dalex Finance Chief Executive Officer Joe Jackson has urged Finance Minister Dr Cassiel Ato Forson to protect fiscal discipline in Ghana, warning that renewed spending beyond the country’s means could undermine the economic stability recorded so far.
Speaking on TV3’s The Key Points, Mr Jackson said the Finance Minister must resist pressure from both the governing National Democratic Congress and the main opposition New Patriotic Party.
“Keep the stability and discipline, resist the pressure. It is the discipline that will deliver the growth. Don’t spend what you don’t have,” he said.
His remarks followed the presentation of the 2026 Mid-Year Budget Review, in which the government pointed to easing inflation, a relatively stable cedi and stronger macroeconomic indicators as evidence that its policies were working.
Government Defends Spending Restraint
Deputy Finance Minister Thomas Nyarko Ampem, who also appeared on the programme, said the Mahama administration had deliberately chosen to reduce waste rather than introduce additional taxes.
“We have deliberately decided to cut waste; we cannot spend what we don’t have. Let us aggressively pursue revenue without introducing new taxes,” he stated.
He added that the government was also avoiding excessive borrowing, a practice it has repeatedly blamed for Ghana’s recent debt and economic difficulties.
Mr Nyarko Ampem defended Dr Forson’s comparison of the current economy with conditions under the previous NPP administration. He argued that the comparison was necessary for citizens to understand the path Ghana had travelled.
“For you to appreciate where we are, it is critical that you appreciate where we came from,” he said.
Ato Forson Credits Policy Choices
Presenting the Mid-Year Budget Review in Parliament on Thursday, July 23, Dr Forson said improvements in inflation, exchange rate stability and business confidence were the product of deliberate economic management.
“To every trader, every entrepreneur, every worker who has persevered through difficult times, this recovery belongs to you,” he told Parliament.
The Finance Minister maintained that the administration inherited an economy weakened by high spending, heavy borrowing and poor accountability.
“President Mahama took over an economy with reckless spending, excessive borrowing and lack of accountability. President Mahama took over an economy that was on its knees,” he said.
He described the progress recorded since then as the result of “superior economic management,” rather than chance.
Discipline Faces Political Test
Mr Jackson’s warning shifts attention from the recovery figures to whether the government can preserve them when demands for projects, public-sector spending and political concessions intensify.
He believes economic growth will not be secured by quickly opening the spending taps. The gains will hold only if expenditure remains tied to available revenue.
That may prove harder than announcing discipline in Parliament. Political pressure grows when indicators improve, and expectations rise with it.
Mr Jackson’s message to the Finance Minister was plain: stability can disappear quickly when government begins spending money it does not have.
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