Ghana Rules Out IMF Programme extension Renegotiation as Government Doubles Down on Reform Goals
Finance Minister, Dr. Cassiel Ato Forson, has ruled out any possibility of extending the country’s ongoing IMF programme through a renegotiation with the Fund, reiterating the John Mahama administration’s full commitment to the reform agenda.
Speaking at a joint press conference in Accra, Dr. Forson stressed that the government’s priority is to implement the programme as designed, with the ultimate goal of restoring macroeconomic stability and achieving sustainable growth.
“Renegotiating presupposes that you don’t believe in the programme and so you want to open up the conversation to look at other parameters. That is not the position of the government,” he remarked. “The government is committed to the implementation to achieve the objectives of the IMF programme.”
Ghana is currently under a $3 billion IMF-supported Extended Credit Facility (ECF) programme, agreed in 2023 to address debt sustainability challenges, rebuild foreign exchange buffers, and strengthen fiscal discipline. Calls for possible renegotiation have intensified in some quarters, especially given the political transition following the 2024 elections.
However, Dr. Forson was categorical in dispelling such speculation, indicating that any renegotiation would signal a lack of confidence in a programme the administration firmly supports.
Meanwhile, in a move to deepen fiscal accountability, the Finance Minister also announced the upcoming launch of a Public Financial Management (PFM) Commitment Control Compliance League Table, designed to monitor the adherence of Ministries, Departments, and Agencies (MDAs) to spending commitments outlined under the PFM Act.
“We have commenced the operationalisation of the Compliance Desk at the Ministry of Finance to monitor MDA’s compliance with their fiscal commitments,” Dr. Forson said. “We will soon begin the publication of a PFM Commitment Control Compliance League Table which will show MDA rankings based on the level of compliance and non-compliance.”
The league table, a novel initiative in Ghana’s public sector financial governance, is expected to enhance transparency, curb fiscal indiscipline, and support the broader objectives of the IMF programme through robust expenditure monitoring.
