Ghana’s Finance Minister Cassiel Ato-Forson has declared that Ghana is not going to want one other Worldwide Financial Fund (IMF) monetary bailout within the “foreseeable future”, insisting that the nation has moved from a place of financial dependence to a place of partnership following what he described as a dramatic turnaround within the nation’s fortunes.
Delivering an announcement in Parliament on Thursday, Could 28, 2026, Dr Forson stated President John Dramani Mahama’s administration inherited an financial system in recession, however since taking workplace, it has taken decisive motion to revive stability, reset fiscal administration and get Ghana’s IMF-backed program again on monitor.
“Since taking workplace, President Mahama’s authorities has moved with the clear goal of resetting Ghana’s financial system,” the Finance Minister instructed MPs, including that the federal government had recalibrated the IMF program to make sure “fairer burden-sharing and deeper structural reforms.”
In a complete account of the federal government’s financial restoration programme, Dr Forson outlined a collection of fiscal, institutional and structural reforms applied over the previous yr, lots of that are aimed toward restoring fiscal administration self-discipline and restoring investor confidence.
Among the many key interventions highlighted had been the introduction of dedication authorization controls in public monetary administration to curb overspending, authorities arrears audits to get rid of recycling fee claims and overpayments, and amendments to the PFM Regulation to institutionalize a main stability surplus goal of 1.5% and a debt-to-GDP ratio cap of 45% by 2034.
The federal government additionally operates a sinking fund with devoted cedi and greenback buffers to organize for future debt repayments, established a Worth for Cash Workplace to enhance spending effectivity, and established an Unbiased Fiscal Council to observe compliance with fiscal guidelines.
Dr. Forson additional pointed to the introduction of GOLDBOD to assist international change stability and the buildup of international change reserves, in addition to the elimination of a number of taxes such because the E-division, playing tax, emissions tax and motor insurance coverage worth added tax.
The Finance Minister stated that the federal government had taken aggressive spending rationalization measures, equivalent to lowering the variety of ministers from 123 (later revised to 88 underneath the earlier authorities) to 60, and lowering the variety of ministries and companies from 30 to 23.
Within the vitality sector, the federal government introduced that it has concluded renegotiations with unbiased energy producers, leading to financial savings of greater than US$250 million and clearing previous arrears of greater than US$1 billion.
In line with Dr. Forson, the reforms have produced what he calls “clear and measurable outcomes.”
He introduced that Ghana’s actual GDP progress price would attain 6.0% in 2025, marking the very best post-pandemic growth, whereas non-oil GDP progress rose to 7.6%, marking the strongest efficiency in 14 years.
“Ghana’s financial system crossed the US$100 billion threshold for the primary time in 2025,” he stated, including that the nation is presently ranked as Africa’s eighth largest financial system.
He famous that per capita earnings rose to US$3,385 for the primary time.
Relating to fiscal efficiency, Dr. Forson revealed that whereas the first stability will document a surplus of two.5% of GDP in 2025, the general public debt-to-GDP ratio has sharply declined from 61.8% in 2024 to 44.7% by the top of 2025.
He harassed that Ghana had achieved each the IMF program schedule and the statutory goal set for 2034 underneath the amended PFM Act a lot quicker, attaining the goal of 45% debt-to-GDP ratio.
The Minister of Finance additionally highlighted the numerous enchancment in debt sustainability indicators, revealing that home debt servicing revenues fell from 55.7% in 2022 to twenty-eight.8% in 2025, regardless of the resumption of full repayments of Eurobonds.
He added that Ghana has moved from a “excessive threat” of a debt disaster to a “reasonable threat” underneath the Debt Sustainability Evaluation Framework.
In line with the minister, the inflation price has fallen from 23.8% in December 2024 to three.4% as of April 2026.
Rates of interest on Treasury payments and bond yields additionally fell considerably, with 91-day Treasury payments falling from 28.4% in January 2025 to 4.8% in April 2026.
Equally, the financial coverage price was lowered from 27% to 14% throughout the identical interval.
Dr Forson additionally touted the efficiency of Ghana’s exterior sector, saying the nation recorded a present account surplus of 8.3% of GDP in 2025 and the Cedi appreciated by 40.7% in opposition to the US greenback.
“These outcomes affirm the easy however abiding reality that fiscal prudence and self-discipline all the time yield outcomes,” the Minister of Finance declared.
He argued that macroeconomic stability needs to be seen not as an summary coverage objective, however as the idea for jobs, incomes, funding and long-term prosperity.
Dr Forson referred to remarks made by President Mahama on the 77th New 12 months College earlier this yr, reiterating his administration’s dedication to finish Ghana’s dependence on IMF bailouts.
In line with the finance minister, President Mahama stated on the occasion: “I hope that is the final time we ask for a bailout from the IMF.”
Dr Forson then issued the strongest authorities sign but about the way forward for Ghana’s engagement with the IMF.
“Because of this, there will likely be no want for additional IMF monetary aid within the foreseeable future,” he declared.
“As soon as once more, there is no such thing as a want for additional monetary rescue by the IMF within the foreseeable future.”
He concluded with a symbolic declaration of Ghana’s new financial stance.
“We have now advanced from being a ‘petitioner’ to being a ‘accomplice’,” the finance minister instructed parliament, to loud approval from the bulk.
