IMF Chief praises Ghana's latest economic reform efforts
The International Monetary Fund (IMF) has lauded Ghana’s "strong commitment" to economic reforms under the IMF-supported programme.
The endorsement came during a high-level meeting between the Managing Director of the IMF, Kristalina Georgieva, and the Minister of Finance, Dr Cassiel Ato Forson, where the former 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.
Agreement, meeting
The meeting formed part of the minister’s engagement at the 2025 IMF and World Bank Spring Meetings, marking the first major international economic engagement with the Bretton Woods Institutions under the new administration led by President John Mahama.
Dr Forson led a high-powered delegation which included the Governor of the Bank of Ghana, Dr Johnson Asiama; the Senior Economic Advisor, Seth Terkper, and the National Development Planning Commission Chairman, Dr Nii Moi Thompson, to the week-long meetings.
Their presence underscored Ghana's coordinated approach to economic recovery and the IMF's public vote of confidence signals growing international optimism about Ghana's economic trajectory under its current reform programme.
It also followed Ghana's recent achievement of a staff-level agreement on the fourth review of its $3 billion IMF programme.
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 programme 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.
Other engagements
During the Spring Meetings, Dr Forson had meetings with the Paris Club, credit rating agencies and US Treasury officials to reinforce Ghana’s reform commitments and attract further investment.
Key focus areas for the delegation included job creation and inclusive growth, energy access and food security, climate resilience and green financing.
These engagements aim to secure additional support for Ghana’s economic recovery and long-term stability.
Economic reset
In his engagements, Dr Forson articulated what he called “Ghana’s Reset Story, a strategy centred on macroeconomic stability, debt sustainability and structural reforms to drive long-term growth.
“Our goal is not just stabilisation but building a resilient economy that protects the vulnerable and lays the foundation for The Ghana We Want,” he stated ahead of the meetings.
With the IMF deal in sight and aggressive reforms underway, Ghana aims to reinforce investor confidence and secure additional support for its economic turnaround.
