Ghana’s strong economic progress under the government’s stabilisation programme earned high praise from international investors during a high-level engagement in Washington, D.C., led by the Minister of Finance, Dr Cassiel Ato Forson.  

The meeting, held on the sidelines of the International Monetary Fund (IMF) and World Bank Spring Meetings yesterday, showcased Ghana’s remarkable strides in restoring macroeconomic stability, with investors expressing renewed confidence in the country’s fiscal outlook. 

Stable cedi, strong reserves

Dr Forson provided a detailed update on Ghana’s economic performance, saying the cedi had remained stable in recent months and had even begun appreciating.  

He further highlighted the country’s strong reserve position, which now covers more than four months of import cover, a key indicator of resilience in external sector management. 

The Finance Minister also reported impressive revenue performance, with the Ghana Revenue Authority (GRA) surpassing its first-quarter target by over GH¢2.4 billion.  

This was driven by strong Value Added Tax (VAT) collections and improved compliance in other tax categories, signalling enhanced domestic revenue mobilisation.  

On expenditure, Dr Forson emphasised the government’s continued commitment to fiscal restraint. 

Spending on goods and services has largely been maintained at 2023 levels, ensuring prudent management of public resources while safeguarding essential service delivery. 

With strong revenue performance and disciplined spending, Ghana remains firmly on track to achieve a 1.5 per cent primary surplus in 2025, a key target under the IMF-supported programme.  

Strategy Ahead

The Finance Minister assured investors that the Bank of Ghana held sufficient external reserves to meet coupon and interest payments, reinforcing financial stability.  

He also announced that a comprehensive debt management strategy would be unveiled during the upcoming Mid-Year Budget Review, focusing on sustainable growth, responsible debt management, and further strengthening investor confidence.  

Investors reaffirm trust

The engagement underscored growing international confidence in Ghana’s economic direction, with investors commending the government’s transparency, fiscal discipline, and long-term commitment to stability. 

As Ghana continues its recovery, the positive reception in Washington signals a strong vote of confidence in the country’s economic prospects.