Ghana’s Finance Minister, Dr Cassiel Ato Forson, has told global investors that the country’s economic rebound is driven by deep structural reforms rather than surface-level improvements.
Addressing participants on the sidelines of the IMF/World Bank Spring Meetings in Washington, DC, he explained that recent macroeconomic gains are the result of deliberate policy design and legal reforms, not temporary fixes.
He emphasised: “These are not cosmetic gains. They are outcomes of well-thought-through reforms, backed by laws and disciplined implementation.”
Dr Forson detailed a range of fiscal and structural measures introduced to stabilise the economy and restore investor confidence. A major step has been a strict expenditure rationalisation programme that reduced the number of government ministers from 123 to 60.
He also pointed to the introduction of a mandatory commitment authorisation system designed to strengthen spending controls across ministries, departments, and agencies.
Further reforms to the Public Financial Management (PFM) Act now include fiscal rules such as a 1.5% primary surplus target and a debt-to-GDP ceiling of 45%.
To further reinforce fiscal discipline, he noted that government has set up an independent Fiscal Council alongside an Office of Value for Money to minimise waste and improve public sector efficiency.
Additional changes include the removal of caps on statutory funds to better align spending with national development priorities, revisions to the Petroleum Revenue Management Act to prioritise infrastructure spending, and tax administration reforms aimed at improving revenue collection through VAT and customs adjustments.
In the extractive industry, adjustments to mining and petroleum royalties have redirected funds toward large-scale infrastructure projects. The energy sector has also introduced a cash waterfall system to enhance revenue flow and improve financial sustainability.
He further indicated that payroll audits, verification exercises, and restructuring of government programmes have helped eliminate inefficiencies, while reforms at COCOBOD have improved operational efficiency in the cocoa sector. Social protection schemes have also been expanded to support vulnerable citizens.
On the economic outlook, the minister said growth has surpassed expectations, supported by strong performance in services and agriculture.
He added that inflation is steadily declining, driven by tight monetary policy, fiscal consolidation measures, and a stronger cedi.
Ghana’s external position, he noted, has also improved, backed by strong gold and cocoa exports and reserve accumulation that has exceeded targets under the IMF-supported programme.
“These reforms have translated into tangible market outcomes,” he said, pointing to falling domestic and Eurobond yields as well as recent credit rating upgrades signalling improved investor sentiment.
He also stated that public debt indicators have strengthened, with restructuring efforts nearing completion and Ghana continuing to meet its debt servicing obligations.
Investors attending the discussions reportedly expressed confidence in Ghana’s economic reset agenda, praising the depth of reforms and progress in stabilising the economy.
Looking ahead, Dr Forson assured stakeholders that government will maintain reform momentum by strengthening fiscal discipline and prioritising productive investment.
He concluded that the progress achieved in 2025 provides a strong foundation for sustained recovery, improved confidence, and a more resilient and inclusive economy.