IMF Boss commends Ato Forson for strong commitment to economic reforms

Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), praised Ghana’s Finance Minister, Dr. Cassiel Ato Forson. She recognized his team for their strong commitment to the IMF-supported program. This program aims to restore macroeconomic stability in Ghana.

During a meeting on Saturday, Georgieva highlighted Dr. Forson's leadership. She noted the significant progress Ghana has made despite challenges. Georgieva reaffirmed that “The IMF remains a strong partner of Ghana.”

This endorsement comes after Ghana reached a staff-level agreement with the IMF. This agreement is for the fourth review of the Fund-supported program. Once approved by the IMF Executive Board, it will allow about 370 million dollars to be disbursed to Ghana.

This achievement is notable because several targets were missed before the new government took office. The breakthrough shows the Mahama administration's focused efforts to improve economic conditions. They aim to restore confidence in Ghana’s financial management.

Since taking office, the government has sped up structural reforms. These reforms have delivered results ahead of schedule and boosted optimism about Ghana’s economy. A key focus has been addressing large payables in 2024, which caused a primary deficit instead of a surplus.

To tackle this issue, bold measures have been introduced. These measures aim to strengthen spending controls and ensure fiscal sustainability. The government has also completed several structural benchmarks ahead of schedule.

Attendees at the meeting included Dr. Johnson Asiama, Governor of the Bank of Ghana, and Senior Economic Advisor Seth Tekper. Dr. Nii Moi Thompson, Chairman of the National Development Planning Commission, was also present.