Accra: Ghana's economic trajectory has entered a pivotal stage as the government, led by the Mahama administration, announces a significant milestone in restoring macroeconomic stability and achieving debt sustainability earlier than projected under the International Monetary Fund (IMF) programme. The Minister of Finance, Cassiel Ato Forson, addressed Parliament, highlighting this transition as an evolution from crisis management to reform-driven growth and renewed investor confidence in the nation's economic future.
According to Ghana Web, the Finance Minister emphasized the importance of this moment in President Mahama's Reset Agenda, marking Ghana's shift from dependence on financial bailouts to a robust partnership in reform. The address recounted the economic challenges faced in 2022 when the previous administration sought an IMF bailout due to fiscal mismanagement, leading to a series of economic crises. The cedi's depreciation, soaring inflation, and loss of access to international capital markets were among the major challenges that ensued, resulting in a downgraded sovereign rating by credit agencies.
Forson detailed the government's efforts to recalibrate the IMF programme, emphasizing measures like the Public Financial Management commitment authorization, auditing government arrears, and introducing the GOLDBOD for FX stability. The government also reduced ministries and ministers to increase efficiency and removed nuisance taxes to support the private sector. These actions led to a remarkable economic turnaround, with real GDP growth reaching 6.0% in 2025 and Ghana achieving a debt-to-GDP ratio of 44.7% by the end of 2025.
The minister announced the conclusion of the current IMF financial bailout programme, pending approval from the IMF Executive Board. Moving forward, Ghana's engagement with the IMF will transition to a reform-focused, non-financing Policy Coordination Instrument, signaling a shift from financial dependency to a credible reform partnership. This new phase aims to leverage IMF policy assessments to bolster investor confidence and improve Ghana's credit rating.
President Mahama's administration plans to unveil a new economic programme, "The New Economy," in the 2027 Budget, focusing on sustainable jobs, productivity, and prosperity. The President expressed gratitude to Ghanaians for their patience and support, pledging to continue building a resilient and prosperous nation.