Ghana has launched the sixth assessment of its programme with the International Monetary Fund, with Finance Minister Cassiel Ato Forson describing the reform agenda as a “transformational” process that has delivered clear results.
He noted that collaboration between the government and the International Monetary Fund has produced tangible and measurable outcomes.
According to him, although the process has been challenging and prolonged, it has ultimately reshaped the economy, improved confidence, and restored optimism among citizens.
The minister also expressed gratitude to the International Monetary Fund, emphasising that the gains achieved were built on strict discipline and tough policy measures implemented in the national interest.
He stressed that authorities remain committed to maintaining progress and deepening the recovery, cautioning that achievements so far should not lead to complacency.
These remarks were made after he received an IMF delegation in Accra.
Private sector focus
Cassiel Ato Forson indicated that the next stage of the programme will concentrate on policies that drive large-scale private sector growth, ensuring that macroeconomic stability translates into real benefits for citizens.
He emphasised the need to convert stability into increased investment, job creation, and broader economic opportunities, noting that true recovery goes beyond headline indicators.
While acknowledging improvements in key economic metrics, he said the government is focused on the future path of reforms and sustaining gains achieved so far.
He added that important policy decisions would be taken before the IMF mission concludes to shape the next phase of the reform programme, with attention on credibility, discipline, and investor confidence.
The IMF delegation, led by Ruben Atoyan, praised Ghana for the progress made, recognising the strength of its reform efforts.
Officials present at the meeting included Deputy Finance Minister Thomas Ampem Nyarko, Chief Director Patrick Nomo, Bank of Ghana Governor Johnson Asiama, and First Deputy Governor Zakari Mumuni.
Background
In December, the International Monetary Fund Executive Board completed the fifth review of Ghana’s $3 billion Extended Credit Facility programme, releasing about $385 million.
This brought total disbursements under the arrangement to roughly $2.8 billion, according to a statement issued by the Fund.
The 39-month Extended Credit Facility programme for Ghana was originally approved in May 2023.
The programme has delivered several gains, including stronger-than-expected economic growth driven by the services and agriculture sectors.
Inflation has eased to around 3.2%, remaining within the target range of the Bank of Ghana, while the external sector has improved on the back of solid gold and cocoa exports.
Foreign reserves have exceeded programme targets, the cedi has strengthened, and the country’s debt outlook has shown notable improvement.
Structural reforms
Despite these gains, the International Monetary Fund has called for deeper structural reforms to create a more attractive environment for private investment and to strengthen governance and transparency.
The Fund noted that while fiscal performance has improved, maintaining disciplined policies and expanding support for social programmes will be essential to ensure long-term sustainability, reduce financing pressures, and protect vulnerable groups from the impact of ongoing adjustments.