IMF Chief praises Ghana's economic reform efforts under Finance Minister's leadership

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has lauded the Minister of Finance, Dr. Cassiel Ato Forson, for his government's "strong commitment" to economic reforms under the IMF-supported program.

The endorsement came during a high-level meeting last Saturday, where Ms. Georgieva acknowledged Ghana's "significant progress" in restoring macroeconomic stability despite challenging conditions.

"The IMF remains a strong partner of Ghana," she stated, reaffirming the Fund's support for the country's recovery efforts.

The meeting followed Ghana's recent achievement of a staff-level agreement on the fourth review of its $3 billion IMF program.

Pending Executive Board approval, the agreement will unlock approximately $370 million in critical financing for Ghana.

This milestone marks a notable turnaround from earlier setbacks under the previous administration, when several program targets were missed.

The current government's aggressive reform agenda has accelerated structural adjustments, with some benchmarks originally due in late 2024 and early 2025 already completed ahead of schedule.

Key to the administration's strategy has been addressing the 2024 payables accumulation that contributed to a primary deficit.

The government has implemented stringent spending controls and fiscal measures to restore budget credibility and debt sustainability.

The delegation included Bank of Ghana Governor Dr. Johnson Asiama, Senior Economic Advisor Seth Terkper, and National Development Planning Commission Chairman Dr. Nii Moi Thompson.