- Ghana Opens IMF Sixth Review as Finance Minister Says Recovery Must Now Deliver Jobs
Ghana has formally opened the Sixth Review of its programme with the International Monetary Fund under the Extended Credit Facility, with Finance Minister Dr Cassiel Ato Forson describing the country’s reform journey as a “long, demanding, but ultimately transformative partnership” that has helped restore stability and credibility after the 2022 economic crisis.
The IMF mission team, led by Dr Ruben Atoyan, was welcomed by the Finance Minister as the government and the Fund begin what is expected to be a critical assessment of Ghana’s fiscal, monetary and structural reform commitments under the programme.
Reflecting on the country’s path from the depths of the 2022 crisis to the present review, Dr Forson said the partnership with the IMF had delivered meaningful economic gains and renewed confidence in Ghana’s recovery process.
“Together, we have stabilised the economy. We have restored credibility. We have given renewed hope to the Ghanaian people,” the Finance Minister said.
He added that Ghana’s progress under the programme was “in every material sense, a success”, attributing the gains to fiscal discipline, difficult policy choices and decisions taken in the broader national interest.
“On behalf of the President and the people of Ghana, I expressed our deep appreciation to the IMF team. This progress is significant. It is the product of discipline and difficult decisions taken in the national interest,” he said.
But the Minister cautioned that Ghana’s recovery, while significant, must not be treated as complete. According to him, the country still faces material risks that require urgent policy attention, chief among them youth unemployment.
“Progress does not permit complacency. Some risks remain. And we must confront them with honesty and urgency,” Dr Forson said.
He identified youth unemployment as the most pressing risk to the sustainability of the recovery, warning that failure to create the right conditions for private sector expansion could intensify pressure on the state to provide jobs directly.
“The most pressing of these is youth unemployment. I understand the weight of expectation on the government. If we do not create the conditions for the private sector to absorb our young people, the pressure on the state to provide jobs will become unsustainable,” he noted.
The remarks suggest that the next phase of Ghana’s IMF-supported programme will be judged not only by macroeconomic indicators, fiscal consolidation and debt sustainability targets, but also by how much stability leads to real economic opportunity.
Dr Forson said the government’s path forward would be deliberate, with a focus on ensuring that restored stability leads to higher investment, more jobs and broader opportunities across the economy.
“We must ensure that stability translates into more investment, more jobs, and more opportunities for all. Because beyond the numbers, that is the true test of this recovery,” he stated.
Ahead of the conclusion of the IMF mission, the Finance Minister said the government would take critical decisions on the next phase of Ghana’s economic reform agenda. These reforms, he indicated, would focus on strengthening policy credibility, enforcing reform discipline and boosting investor confidence.
“This reform will target policy credibility, enforce reform discipline, and boost investor confidence,” he said.
Dr Forson further disclosed that the IMF team shared the government’s assessment of the progress made under the programme, describing the current review as a significant milestone and acknowledging what it considered major successes achieved through the government’s efforts.
The Sixth Review comes at a sensitive stage in Ghana’s recovery, as the government seeks to consolidate macroeconomic gains while responding to public expectations for jobs, income growth and improved living conditions.
“This is where we are. With stability restored. With credibility regained. And with a renewed responsibility to convert these gains into lasting prosperity,” Dr Forson said.
“We will keep the momentum.”
