Finance Minister, Dr. Cassiel Ato Forson, is currently leading the country’s delegation to the 2025 Spring Meetings of the International Monetary Fund (IMF) and World Bank in Washington D.C., marking the first major international economic engagement under the newly installed National Democratic Congress (NDC) administration led by President John Dramani Mahama.
The high-stakes meetings come just one week after Ghana reached a staff-level agreement with the IMF on the fourth review of its ongoing IMF-supported programme. The agreement, despite prior missed structural benchmarks and quantitative targets under the previous administration, is expected to unlock approximately $370 million to support the country’s economic recovery plan.
“This agreement reflects a renewed international confidence in Ghana’s direction,” a senior official at the Ministry of Finance remarked, crediting the swift, targeted reforms introduced by the Mahama-led government since taking office.
BOLD STEPS IN RESTORING STABILITY
The new administration has launched an aggressive reform agenda aimed at reversing Ghana’s fiscal challenges and restoring macroeconomic stability. One of the most pressing concerns has been the buildup of unpaid obligations in 2024, which created a substantial primary deficit—far exceeding initial forecasts.
In response, the government has enacted a series of strategic measures, including:
- Commissioning an audit of all outstanding payables and commitments, with recommendations due within eight weeks.
- Amending the Procurement Act to require Finance Ministerial authorisation for all central government procurements.
- Reforming the Public Financial Management (PFM) Act, introducing a binding debt rule targeting a 45% debt-to-GDP ratio by 2035 and mandating a minimum annual primary surplus of 1.5% of GDP.
- Establishing an Independent Fiscal Council to oversee compliance.
- Launching a Compliance Desk at the Ministry of Finance.
- Introducing a Compliance League Table, which will rank Ministries, Departments, and Agencies (MDAs) based on their adherence to financial discipline.
“These are not just policy changes—they are bold structural shifts that show we mean business,” Dr. Forson told reporters. “We’re not just reacting to a crisis; we’re resetting the economy for long-term resilience and inclusive growth.”
STRATEGIC ENGAGEMENTS AT SPRING MEETINGS
Dr. Forson is also scheduled to meet with key global stakeholders, including IMF Managing Director Kristalina Georgieva, to discuss Ghana’s progress and reform outlook. Further engagements will involve the Paris Club, rating agencies, the U.S. Treasury, and various development partners, as Ghana seeks to strengthen cooperation and bolster investor confidence.
Central to Dr. Forson’s message is what he calls “Ghana’s Reset Story”—a vision focused on restoring macroeconomic stability, ensuring debt sustainability, and laying the groundwork for a stronger, more inclusive economy.
“This reset is not just about numbers,” Dr. Forson emphasized. “It’s about protecting the poor, building resilience, and steering Ghana toward the broader goal of achieving The Ghana We Want.”
