Africa-Press – Ghana. Dr Cassiel Ato Forson, the Minister for Finance, is leading the Ghanaian delegation to the 2025 IMF and World Bank Spring Meetings in Washington.
The meetings come just one week after Ghana secured a staff-level agreement with the International Monetary Fund on the fourth review of its IMF-supported programme.
The agreement is expected to lead to the release of approximately 370 million dollars in support of Ghana’s economic recovery agenda.
The agreement reflects renewed international confidence in Ghana’s direction, largely driven by the swift and targeted actions taken by the new government.
A statement issued jn Accra by the Ministry said the Mahama-led administration had worked tirelessly to reverse the country’s fiscal challenges.
It said in many cases, it had fast-tracked the implementation of key structural reforms while introducing additional
corrective measures aimed at restoring macroeconomic stability and credibility.
“One of the most urgent issues addressed has been the large buildup of payables in 2024, which created a significant primary deficit—far exceeding the modest surplus that had been programme,” it said.
The statement said the government had responded with a bold and pragmatic reform package to curb arrears, reinforce spending discipline, and strengthen Ghana’s public financial management system.
Key measures implemented include commissioning a comprehensive audit of outstanding payables and commitments, to verify their legitimacy and recommend corrective actions.
This audit is expected to be completed within eight weeks.
Others are amending the Procurement Act to make the Finance Minister’s commitment authorisation a requirement before any central government procurement can proceed and reforming the PFM Act to establish a binding debt rule targeting a 45 per cent debt-to-GDP ratio by 2035, and a fiscal rule requiring an annual primary surplus of at least 1.5 per cent of GDP.
The reform also provides for the establishment of an Independent Fiscal Council.
The rest are operationalising a Compliance Desk at the Ministry of Finance to monitor how MDAs are adhering to fiscal rules and launching a PFM Commitment Control Compliance League Table that will rank MDAs based on their level of compliance with spending controls and financial discipline.
It said in addition to these, the government had completed several structural reforms that were originally scheduled for completion by the end of December 2024 and March 2025 demonstrating its determination to stay ahead of schedule in resetting the economy.
Throughout the week, Dr. Forson and the Ghanaian delegation are scheduled to participate in a series of high-level meetings and discussions.
These include engagements with global leaders focused on key areas such as job creation, energy access, food security, and climate resilience.
A major highlight of the week will be a meeting between Dr. Forson and IMF Managing Director Kristalina Georgieva, where Ghana’s progress, challenges, and reform agenda will be discussed in detail.
Additional engagements are also planned with members of the Paris Club, rating agencies, the U.S. Treasury, and other development partners, all aimed at deepening collaboration and strengthening investor confidence.
It said in all his engagements, Dr. Forson was expected to tell what he called “Ghana’s reset story”, a vision grounded in restoring and sustaining macroeconomic stability, ensuring debt sustainability, and laying the foundation for stronger and more inclusive growth.
This reset includes protecting the poor and vulnerable, building resilience through ambitious structural reforms, and steering the country toward the broader goal of achieving “The Ghana We Want.”
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