Adnan Adams Mohammed
The Government of Ghana has consistently declared its intent to rally around the fiscal discipline, integrity and goodwill of government officials to ensure its meeting the targets of the International Monetary Fund Extended Credit Facility programme.
The President John Dramani Mahama administration inherited an ongoing IMF programme from the previous administration. The fourth review of the program just ended last week with the government securing a staff-level agreement pending the Board’s approval for the release of the fourth tranche of US$370 million of the financial bailout of US$3 billion in total.
Despite the Fund’s dissatisfaction with the previous government’s failure to comply with the targets set in the last quarter of last year – although recording an improved balance of payment position and Gross Domestic Product growth – Ghana’s Finance Minister, Dr Cassiel Ato Forson has made personal commitments to lead the charge to meet all targets under the IMF arrangement going forward, reinforcing the administration’s credibility with both domestic and international partners, while assuring that government’s efforts would continue to focus on inclusive growth, job creation, and protecting the poor and vulnerable.
“We remain fully committed to the implementation of the programme and will do all it takes to ensure that its objectives remain on track”, Dr Cassiel Ato Forson said while speaking at a joint press conference held by the Ministry of Finance, Bank of Ghana and the IMF itself, at the end of the 4th review.
“This is about building the Ghana We Want—together. We fully recognize the sacrifices made by every Ghanaian as we work together to restore macroeconomic stability and secure a brighter future for our nation.”
To achieve these objectives, the Ministry of Finance has unveiled a series of ambitious structural reforms aimed at restoring fiscal discipline, increasing transparency, and reinforcing debt sustainability, as part of Ghana’s ongoing IMF-supported recovery programme.
Dr. Ato Forson further outlined measures being taken to reverse prior breaches of structural and quantitative targets.
“We have worked tirelessly to reverse the situation and, in some cases, fast-tracked the implementation of certain structural reforms ahead of schedule,” he assured
Among the most significant reforms is the commissioning of the Auditor-General, supported by two international firms, to audit and validate the legitimacy of the 2024 arrears.
The results, expected within eight weeks, will guide corrective action and promote accountability.
Further reforms include amendments to the Public Financial Management Act and the Procurement Act to introduce fiscal rules and enhance control over public expenditure.
A newly established Compliance Desk will monitor adherence across Ministries, Departments and Agencies, backed by a soon-to-be-published compliance league table.
“These bold steps are not just technical fixes—they are about restoring trust in public financial management,” Dr. Forson added, emphasizing the importance of long-term credibility and sustainability in Ghana’s economic governance.
