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Ghana’s Finance Minister, Dr. Cassiel Ato Forson, says the country has transitioned from relying on International Monetary Fund (IMF) bailouts to engaging the institution as a strategic partner, insisting that Ghana is unlikely to require another financial rescue package in the foreseeable future.
Speaking before Parliament on Thursday, May 28, 2026, Dr. Forson said the administration of President John Dramani Mahama inherited an economy under significant strain but moved swiftly to stabilise macroeconomic conditions, restore fiscal discipline, and reposition Ghana’s IMF-supported programme toward long-term sustainability.
“Upon assuming office, President Mahama’s administration moved with clarity and purpose to reset the Ghanaian economy,” the Finance Minister said, noting that the government recalibrated the IMF programme to ensure more equitable burden-sharing and deeper structural reforms.
Dr. Forson outlined a series of fiscal and institutional reforms introduced over the past year to strengthen public financial management, improve transparency, and rebuild investor confidence.
Among the measures implemented were tighter Public Financial Management (PFM) commitment controls to curb excessive government spending, an audit of arrears aimed at eliminating duplicate claims and overpayments, and amendments to the PFM Act to institutionalise a 1.5 percent primary surplus target and a 45 percent debt-to-GDP threshold by 2034.
The government also operationalised Ghana’s Sinking Fund, creating dedicated cedi and dollar reserves to support future debt obligations, while establishing an Office of Value for Money and an Independent Fiscal Council to strengthen expenditure oversight and fiscal accountability.
On the external sector, the Finance Minister highlighted the creation of GOLDBOD as a strategic intervention to improve foreign exchange stability and strengthen reserve accumulation. He also pointed to the removal of several taxes, including the Electronic Transfer Levy (E-Levy), Betting Tax, Emissions Levy, and VAT on motor insurance, as part of broader efforts to stimulate economic activity.
Dr. Forson said the administration had pursued expenditure rationalisation by reducing the size of government, cutting the number of ministries from 30 to 23 and lowering ministerial appointments to 60.
In the energy sector, he disclosed that renegotiations with Independent Power Producers generated savings exceeding $250 million, while more than $1 billion in legacy arrears had been cleared.
According to the Minister, these reforms have begun to yield measurable outcomes across key economic indicators.
Ghana’s real Gross Domestic Product (GDP) growth reached 6.0 percent in 2025, marking the country’s strongest post-pandemic performance, while non-oil GDP expanded by 7.6 percent, its highest level in 14 years.
“For the first time, Ghana’s economy crossed the $100 billion threshold in 2025,” he said, adding that the country is now ranked among Africa’s eight largest economies, with per capita income rising to $3,385.
On fiscal performance, Dr. Forson revealed that Ghana recorded a primary surplus of 2.5 percent of GDP in 2025, while public debt declined significantly from 61.8 percent of GDP in 2024 to 44.7 percent by the end of 2025.
He noted that the country had achieved its debt sustainability target years ahead of schedule, reaching the 45 percent debt-to-GDP benchmark well before both the IMF programme timeline and the statutory 2034 target.
Debt sustainability indicators have also improved considerably, with debt servicing costs falling from 55.7 percent of domestic revenue in 2022 to 28.8 percent in 2025, despite the resumption of Eurobond repayment obligations.
Inflation has moderated sharply, declining from 23.8 percent in December 2024 to 3.4 percent as of April 2026, while treasury bill yields and bond rates have fallen substantially. The 91-day Treasury bill rate, for example, dropped from 28.4 percent in January 2025 to 4.8 percent by April 2026, while the monetary policy rate declined from 27 percent to 14 percent during the same period.
Dr. Forson also highlighted strong external sector performance, revealing that Ghana recorded a current account surplus equivalent to 8.3 percent of GDP in 2025, while the cedi appreciated by 40.7 percent against the U.S. dollar.
“These results affirm a simple but enduring truth: fiscal prudence and discipline always deliver results,” he stated, adding that macroeconomic stability remains essential to job creation, investment attraction, and sustainable economic growth.
Reiterating President Mahama’s earlier position on ending Ghana’s reliance on external rescue programmes, the Finance Minister delivered the administration’s clearest signal yet on future IMF engagement.
“Consequently, no further IMF financial bailout will be required in the foreseeable future,” he declared.
“I repeat, no further IMF financial bailout will be required in the foreseeable future.”
Summing up what he described as Ghana’s economic repositioning, Dr. Forson concluded: “We have evolved from a position of supplicant to one of partner.”
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