Accra: International investors are increasingly endorsing Ghana's economic reset strategy, citing tangible reform progress and improving macroeconomic indicators as evidence of a credible turnaround, Finance Minister, Dr Cassiel Ato Forson said during engagements on the side-lines of the IMF/World Bank Spring Meetings 2026.
According to Ghana Web, investor sentiment has shifted in response to what the minister described as a disciplined and legally anchored reform programme, with participants expressing strong confidence in the depth and sustainability of policy adjustments aimed at stabilising the economy. Dr Forson emphasised that the gains are substantive and result from well-planned reforms supported by laws and disciplined implementation.
Ghana's reset strategy has centred on aggressive fiscal consolidation and structural reforms designed to restore credibility after years of macroeconomic strain. A key component has been expenditure rationalisation, including a significant reduction in the size of government, cutting the number of ministers from 123 to 60.
The government has also tightened public financial management through the enforcement of a commitment authorisation regime across Ministries, Departments, and Agencies, aimed at curbing arrears accumulation and strengthening spending controls. Amendments to the Public Financial Management Act have introduced binding fiscal rules to reinforce medium-term fiscal discipline.
To institutionalise oversight, an independent Fiscal Council and an Office of Value for Money have been established to improve expenditure efficiency and accountability. Additional reforms include aligning statutory funds with national priorities and changes in petroleum revenue management to support infrastructure investment.
On the revenue side, authorities have implemented tax administration reforms targeting leakages, including adjustments to the refund system and broader VAT and Customs measures to boost domestic revenue mobilisation. Sector-specific interventions, such as restructuring royalty regimes in extractive industries and introducing a cash waterfall mechanism in the energy sector, aim to improve financial sustainability.
Payroll audits and programme rationalisation are ongoing, and the cocoa regulator, COCOBOD, has been restructured to enhance performance. Social protection programmes have been expanded to mitigate the impact of fiscal tightening on vulnerable groups.
The minister reported that these measures are improving macroeconomic outcomes, with economic growth exceeding expectations and inflation declining due to tight monetary policy, fiscal consolidation, and a stronger currency. External buffers have strengthened, with higher gold and cocoa export receipts contributing to reserve accumulation beyond targets under Ghana's IMF-supported programme.
The financial markets have reflected the improved outlook, with declining domestic and Eurobond yields and recent upgrades in sovereign credit ratings. Dr Forson highlighted lower borrowing costs and renewed investor interest in Ghanaian assets as evidence of tangible market outcomes.
Ghana's public debt trajectory has improved significantly following restructuring efforts, maintaining current debt service obligations, which underpins investor confidence. Feedback from investors at the meetings highlighted the coherence of the reform agenda and visible progress in restoring macroeconomic stability and policy credibility.
Dr Forson stated that the government's priority is to consolidate these gains through sustained fiscal discipline and continued structural reforms while scaling up productive investments to support inclusive growth. He emphasised the importance of building on the achievements of 2025 to ensure a resilient and inclusive economy.