The Minister of Finance, Dr Cassiel Ato Forson, is leading a high-powered government delegation to the 2025 International Monetary Fund (IMF) and World Bank Spring Meetings, marking the first major international economic engagement with the Bretton Woods institutions under a new administration led by President John Mahama.

The meetings come just one week after Ghana reached a critical staff-level agreement with the IMF on the fourth review of its $3 billion Extended Credit Facility (ECF) programme, paving the way for the disbursement of $370 million to support the country’s economic recovery efforts. 

The agreement is particularly significant as it was reached despite Ghana missing several structural benchmarks and quantitative targets before the new government took office. 

Renewed confidence

Officials say the deal reflects restored international confidence in Ghana’s economic direction, driven by the Mahama administration’s swift implementation of corrective measures. 

Since assuming office, the government has moved quickly to address fiscal slippages, including a large buildup of payables in 2024, which had pushed the primary deficit beyond programmed levels.

Key interventions include a comprehensive audit of outstanding payables to verify legitimacy and recommend corrective actions, expected to be completed within eight weeks.  

Additionally, the government has amended the Procurement Act to require the Finance Minister's approval before any government procurement proceeds. Reforms to the Public Financial Management (PFM) Act have also been introduced, including a debt rule targeting a 45 per cent debt-to-GDP ratio by 2035 and a binding fiscal rule mandating a 1.5 per cent primary surplus.  

To enforce fiscal discipline, the Ministry of Finance has operationalised a Compliance Desk to monitor spending across Ministries, Departments and Agencies (MDAs), alongside the introduction of a PFM Compliance League Table to rank MDAs based on adherence to financial controls. 

Engagements in Washington

During the Spring Meetings, Dr Forson is scheduled to hold high-level discussions with the IMF Managing Director, Kristalina Georgieva, the Paris Club, credit rating agencies and US Treasury officials to reinforce Ghana’s reform commitments and attract further investment.  

Key focus areas for the delegation include job creation and inclusive growth, energy access and food security and climate resilience and green financing.

These engagements aim to secure additional support for Ghana’s economic recovery and long-term stability.  

Economic reset

In his engagements, Dr Forson is expected to articulate what he calls “Ghana’s Reset Story, a strategy centred on macroeconomic stability, debt sustainability and structural reforms to drive long-term growth. 

“Our goal is not just stabilisation but building a resilient economy that protects the vulnerable and lays the foundation for The Ghana We Want,” he stated ahead of the meetings.  

With the IMF deal in sight and aggressive reforms underway, Ghana aims to reinforce investor confidence and secure additional support for its economic turnaround agenda.