Accra: Ghana's Finance Minister, Dr. Cassiel Ato Forson, has announced that the nation will no longer require IMF financial bailouts "in the foreseeable future," marking a shift from economic dependency to partnership following a significant turnaround in economic fortunes. This announcement was made during a parliamentary session where he highlighted the government's efforts to stabilize and reform the economy.
According to Ghana Web, Dr. Forson detailed the actions taken by President John Dramani Mahama's administration upon assuming office, which included restoring stability and resetting fiscal management to realign Ghana's IMF-supported program. Key interventions involved recalibrating the IMF program and implementing fiscal, institutional, and structural reforms aimed at ensuring fairer burden-sharing and deeper structural reform.
Among the government's strategic measures were the introduction of Public Financial Management (PFM) commitment authorization controls to curb excessive spending, auditing government arrears, and amending the PFM Act to institutionalize a primary surplus target and a debt-to-GDP ceiling by 2034. These reforms also included establishing a Sinking Fund, creating the Office of Value for Money, and setting up an Independent Fiscal Council to monitor compliance with fiscal rules.
Dr. Forson noted several reforms, such as the introduction of GOLDBOD to support foreign exchange stability and reserve accumulation, and the removal of various taxes. The government also reduced the number of ministers and ministries as part of expenditure rationalization.
In the energy sector, the government successfully renegotiated savings with Independent Power Producers and cleared significant legacy arrears. The reforms have resulted in notable economic achievements, including a 6.0 percent real GDP growth in 2025 and non-oil GDP growth of 7.6 percent, marking the highest post-pandemic expansion. Ghana's economy crossed the US$100 billion threshold, ranking it as the eighth-largest economy in Africa, with per capita income rising to US$3,385.
Dr. Forson reported a surplus in the primary balance and a decline in the public debt-to-GDP ratio, achieving the 45 percent target ahead of schedule. The country's debt sustainability indicators improved, with the debt service-to-domestic revenue ratio falling significantly.
Inflation decreased, treasury bill rates and bond yields fell sharply, and the monetary policy rate was reduced. Ghana also recorded a current account surplus and a substantial appreciation of the cedi against the US dollar.
The Finance Minister emphasized the importance of fiscal prudence and macroeconomic stability as foundations for jobs, incomes, and investment. He reiterated President Mahama's determination to end Ghana's reliance on IMF bailouts, affirming that no further financial assistance from the IMF would be necessary in the foreseeable future. Dr. Forson concluded by declaring Ghana's new economic status as a partner rather than a supplicant, receiving loud approval from Parliament.