Accra: A section of Ghanaians, including the Minority in Parliament, have accused the Minister of Finance, Dr. Cassiel Ato Forson, of being overly conservative with financial allocations, thereby hindering ministries and agencies from executing development projects.
According to Ghana Web, the controversy arose following the 2026 Mid-Year Budget Review presentation in Parliament, where Minority Leader Alexander Afenyo-Markin labeled the statement as 'empty,' expressing dissatisfaction with unmet expectations for project allocations. In response, Dr. Forson clarified in an interview with Joy News that the government's spending is aligned with its financial limitations.
Dr. Forson explained that Ghana's fiscal discipline is crucial due to commitments made under the International Monetary Fund (IMF) programme initiated by the previous administration with a $3 billion facility. The former government assured the IMF of maintaining a GDP growth of 1.5%, a promise the current administration must fulfill to avoid defaulting on IMF conditions.
The Finance Ministry's actions, he noted, were pivotal in Ghana's exit from the IMF programme. Dr. Forson emphasized that the IMF deals with governments rather than political parties, underscoring the importance of upholding commitments to maintain international market credibility.
He stated, "I can spend only what I have. If I don't have the resources, I can't spend. The NPP went into an IMF programme, signed an agreement with the IMF, and borrowed $3 billion from them. They committed us to achieve a 1.5% of GDP. This was the commitment the NPP made to the IMF and took the money, of which, by the time they were leaving office, they'd spent three-quarters of the $3 billion."
With Ghana having exited the IMF programme, the country is now under the Post-Programme for Countries with IMF Involvement (PCI) framework, which mandates continued adherence to fiscal targets and reforms. Dr. Ato Forson mentioned that the IMF Executive Board is expected to approve the PCI alongside the final review of Ghana's bailout programme.
He elaborated that the PCI, unlike the ECF programme, is a non-financing arrangement aimed at countries without current or anticipated balance of payments issues. It will guide Ghana's economic reforms by enhancing macroeconomic resilience, promoting broad-based growth, and affirming the government's commitment to disciplined macroeconomic policies.