Key managers of Ghana’s economy have buzzed international investors and development agencies with assurance of sustaining the current economic reforms and gains.
In separate sessions of meetings with development partners, Ghana’s Minister of Finance and the Governor of Bank of Ghana exhumed confidence and optimism of putting the economy on a remarkable structural and fiscal reforms that will secure a long-term macroeconomic stability.
During a sideline event of the 2025 IMF and World Bank Annual Meetings while speaking to a packed audience of investors in Washington, Minister for Finance, Dr. Cassiel Ato Forson, expressed strong optimism about the sustainability of the ongoing structural and fiscal reforms, which he said are designed to secure long-term macroeconomic stability.
“Ghana is on track. We will sustain the gains”, Dr Forson said.
Also, Governor of the Bank of Ghana, Dr. Johnson Asiama, speaking at the IMF/World Bank Governor Talk Series in Washington D.C., under the theme “From Crisis to Confidence: Ghana’s Journey to Macroeconomic Stabilisation”, boasted that “growth has rebounded, inflation has cooled, and Ghana is now outperforming expectations under the IMF programme.
“Inflation, which stood at 23.5 percent in January 2025, has since dropped to 9.4 percent in September the first single-digit rate in four years, beating the government’s 11.9 percent target.”
Dr. Asiama reaffirmed the central bank’s commitment to sustaining macroeconomic stability through prudent policy management and market confidence restoration.
Improved indicators
Dr Forson, in his statement underscored that, the country’s economic turnaround is already evident in declining debt vulnerabilities and stronger macroeconomic fundamentals, reflecting the effectiveness of government policy interventions and reforms.
Consequently, Ghana’s economic growth is projected to rebound strongly in the final quarter of the year, as the second quarter grew 6.3% according to Ghana Statistical Service data, led by a revitalised real sector, while inflation, which has already seen significant declines, is expected to ease further and remain in single digits by year-end.
“The government remains on course to achieve a positive primary balance of 1.5% of GDP by the close of the fiscal year, a milestone that will further consolidate the gains made under ongoing fiscal reforms.
Ghana’s recovery
Dr Asiama indicated that Ghana’s economy has made a firm recovery after years of instability, describing the country as being “back on track” following months of policy discipline and reform. While he reflected on the state of the economy when he assumed office.
“We came to meet a challenged economy in the sense that remember we had a domestic debt issue in 2022, fiscal policy was highly expansionary. It led to us exiting the international financial market. There was resort to domestic financing.
“We remember all the sovereign downgrades we had to suffer. We came into office with a lot of liquidity, high inflation, [and] an exchange rate that was depreciating widely,” he said.
He disclosed that at the time, there were even discussions on whether Ghana should cancel its IMF-supported programme, as doubts loomed over the country’s ability to meet its targets.
“And I remember when we came in there were talks about if we should cancel the programme altogether, there were doubts as to whether we will be able to carry on the programme.
“But I am happy to say that eight months down the road we have turned the corner. Ghana is back,” Dr. Asiama declared.
Fiscal consolidation
Dr. Forson reaffirmed the government’s dedication to implementing fiscal consolidation measures anchored on tight expenditure controls and prudent financial management.
This comes as the ministry has revealed that, over 70 public sector entities, including several Metropolitan, Municipal and District Assemblies (MMDAs), have complied with the Public Financial Management (PFM) Commitment Control and Expenditure Management Measures issued by the Minister for Finance on May 2, 2025.
The compliance update follows the submission of quarterly commitment control review reports to the Internal Audit Agency (IAA), in line with efforts to strengthen fiscal discipline and improve expenditure efficiency across government institutions.
The Ministry’s guidelines were designed to ensure that public entities commit and spend within approved budgetary limits, prevent the accumulation of arrears, and enhance transparency in the management of public funds.
Some of the institutions are GoldBod, Tema Oil Refinery, Ghana Enterprise Agency, Public Utilities and Regulatory Commission, Rent Control Department, State Interests and Governance Authority, Venture Capital Trust Fund, Department of Parks and Gardens.Ghanaian Events Calendar
Others include, NaCCA, Office of the Head of Civil Service, Office of the Administrator of Stool Lands, some Ministries, some Colleges of Education and MMDAs.
This high compliance rate signals increasing adherence to fiscal responsibility principles and improved coordination between internal auditors and spending officers.
The next phase is expected to focus on deepening real-time expenditure monitoring, addressing non-compliant entities, and promoting greater accountability across the public financial management ecosystem.
The move aligns with the government’s broader PFM reform agenda, which seeks to consolidate gains in macroeconomic stability, control public spending, and strengthen the integrity of Ghana’s fiscal management framework.
By Adnan Adams Mohammed
