Finance Minister Dr. Cassiel Ato Forson has revealed that Ghana has secured a staff-level agreement with the International Monetary Fund (IMF) on the fourth review of the country’s ongoing programme.
The agreement is expected to unlock approximately $370 million to support Ghana’s economic recovery.
In a Facebook post, Ato Forson highlighted the progress made by the new National Democratic Congress (NDC) administration led by President John Dramani Mahama.
“Just a week ago, we reached a significant milestone. Ghana secured a staff-level agreement with the IMF on the fourth review of our ongoing programme,” Ato Forson wrote.
He attributed the progress to the “tireless work that this new administration has put in over the last few months to reverse the fiscal slippages we inherited.”
Ato Forson noted that the administration has taken bold steps to stabilise the economy, including addressing the large buildup of payables in 2024.
Some of the key measures implemented by the government include auditing all outstanding payables and commitments, amending the Procurement Act to ensure transparency in public spending, and introducing amendments to the Public Financial Management Act to reduce the debt-to-GDP ratio.
“We are amending the Procurement Act to ensure that no central government procurement takes place without prior authorisation from the Minister for Finance,” Forson explained.
“We are also introducing amendments to the Public Financial Management Act, including a debt rule to reduce our debt-to-GDP ratio to 45 percent by 2035.”
Ato Forson emphasized that these reforms are not just about meeting IMF targets but about restoring trust in public finances and laying a solid foundation for growth.
“These reforms are not just about meeting IMF targets. They are about restoring trust in public finances, ensuring credibility in our budgeting process, and laying a solid foundation for growth,” he stated.
During his visit to Washington, D.C. for the 2025 IMF and World Bank Spring Meetings, Ato Forson will be holding discussions with development partners, private investors, and international financial institutions.
He will also meet with the Managing Director of the IMF, Kristalina Georgieva, to discuss Ghana’s progress and the reform agenda.
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