The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has commended Ghana’s Minister for Finance, Dr Cassiel Ato Forson, and his team for their “strong commitment to the Fund-supported program and reforms aimed at restoring macroeconomic stability.”
During a meeting on Saturday, Georgieva praised Dr. Forson’s leadership, noting the significant progress Ghana has achieved under difficult circumstances.
She reaffirmed the IMF’s ongoing support, stating, “The IMF remains a strong partner of Ghana.”
This high-level endorsement follows the announcement that Ghana has reached a staff-level agreement with the IMF on the fourth review of the Fund-supported program. Once formally approved by the IMF Executive Board, the agreement will unlock approximately $370 million in funding for Ghana.
The achievement is particularly striking given the challenges the new government faced upon taking office, including multiple breaches of structural benchmarks and quantitative targets under the program.
The breakthrough reflects the aggressive and focused efforts of the John Mahama administration to reverse the economic downturn and rebuild confidence in Ghana’s financial management.
Since assuming office, the government has accelerated the implementation of critical structural reforms, delivering results ahead of schedule and bolstering optimism about the country’s economic future.
A major pillar of the administration’s agenda has been resolving the large accumulation of payables in 2024, which had contributed to a significant primary deficit rather than the modest surplus initially targeted.
To address this, the government has introduced bold and pragmatic measures to strengthen spending controls, restore budget credibility, and ensure fiscal and debt sustainability.
In addition, the administration has completed several structural benchmarks originally scheduled for the end of December 2024 and March 2025, underlining its strong commitment to economic recovery.
Also present at the meeting were Dr Johnson Asiama, Governor of the Bank of Ghana; Senior Economic Advisor Seth Terkper; and Dr Nii Moi Thompson, Chairman of the National Development Planning Commission.
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