IMF Managing Director Praises Finance Minister for Strong Commitment to Economic Reforms
The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has commended Ghana’s Minister for Finance, Dr. Cassiel Ato Forson, and his team for their “strong commitment to the Fund-supported programme and reforms aimed at restoring macroeconomic stability.”
Speaking during a meeting held on Saturday, Ms. Georgieva lauded the leadership demonstrated by Dr. Forson, noting the significant strides made by Ghana despite challenging circumstances. She reaffirmed the IMF’s ongoing support for the country, stating, “The IMF remains a strong partner of Ghana.”
The endorsement from the IMF head follows the announcement of a staff-level agreement reached between Ghana and the IMF on the fourth review of the Fund-supported programme. Upon formal approval by the IMF Executive Board, the agreement will unlock a disbursement of approximately US$370 million to Ghana.
The milestone is notable, especially against the backdrop of several structural benchmarks and quantitative targets that had been breached prior to the assumption of office by the new administration.
The breakthrough is attributed to the aggressive and focused efforts of the Mahama-led government to reverse the economic downturn and rebuild confidence in Ghana’s financial management. Since assuming office, the government has accelerated the implementation of structural reforms, delivering key outcomes ahead of schedule and bolstering optimism about Ghana’s economic outlook.
A key priority of the administration’s reform agenda has been the resolution of the large stock of outstanding payables accumulated in 2024. The accumulation had contributed to a primary deficit, diverging from the modest surplus initially targeted.
In response, the government introduced a raft of bold and pragmatic measures aimed at strengthening expenditure controls, restoring budget credibility, and ensuring fiscal and debt sustainability.
Further underscoring its commitment to economic recovery, the government has already completed several structural benchmarks initially scheduled for December 2024 and March 2025.
Present at the meeting were the Governor of the Bank of Ghana, Dr. Johnson Asiama; Senior Economic Advisor, Seth Terkper; and the Chairman of the National Development Planning Commission, Dr. Nii Moi Thompson.
