Ghana begins sixth IMF review as Finance Minister hails reform progress

Ghana has commenced the sixth review of its programme with the International Monetary Fund (IMF), with the Minister for Finance, Dr Cassiel Ato Forson, describing the reform process as a transformative journey delivering clear results.

He said the partnership between the government and the IMF had produced strong and measurable outcomes, helping to stabilise the economy and restore confidence.

“It has been long and demanding, but ultimately a transformative journey,” Dr Forson stated, adding that the programme had renewed hope among Ghanaians and strengthened economic credibility.

He expressed appreciation to the IMF for its support, noting that the progress achieved was anchored on discipline and difficult policy decisions taken in the national interest.

Dr Forson emphasised that the government remained committed to sustaining the recovery and consolidating gains, cautioning that “progress does not permit complacency.”

He made the remarks after receiving an IMF mission in Accra.

Focus on Private Sector Growth
Looking ahead, the Finance Minister said the next phase of the programme would prioritise policies aimed at unlocking large scale private sector growth.

“We must ensure that stability translates into more investment, more jobs, and more opportunities for all,” he said, stressing that the real impact of the recovery would be measured by improvements in people’s lives.

He noted that while key macroeconomic indicators had improved, attention would now shift to shaping the next phase of reforms, with a focus on policy credibility, discipline, and investor confidence.

Dr Forson added that critical decisions would be taken before the conclusion of the IMF mission to define the direction of Ghana’s economic agenda.

IMF Commends Ghana’s Progress
The IMF team, led by Dr Ruben Atoyan, commended Ghana for the progress made under the programme and acknowledged the government’s commitment to reforms.

Officials present at the meeting included Deputy Finance Minister Thomas Ampem Nyarko, Chief Director at the Ministry of Finance Patrick Nomo, Governor of the Bank of Ghana Dr Johnson Asiama, and First Deputy Governor Dr Zakari Mumuni.

Background to the Programme
In December last year, the IMF Executive Board completed the fifth review of Ghana’s $3 billion Extended Credit Facility arrangement, unlocking an immediate disbursement of about $385 million.

This brought total disbursements under the programme to approximately $2.8 billion. The 39-month arrangement was originally approved in May 2023.

The programme has delivered gains including stronger-than-expected growth driven by services and agriculture, improved external sector performance supported by gold and cocoa exports, and a more stable currency.

Inflation has also eased within the Bank of Ghana’s target range, while reserves accumulation has exceeded programme targets and the country’s debt trajectory has improved.

Call for Continued Reforms
Despite the progress, the IMF has urged Ghana to pursue ambitious structural reforms to deepen private sector investment and enhance governance and transparency.

It emphasised the need to sustain fiscal discipline while creating space for social spending to protect vulnerable groups and ensure long term economic stability.

The ongoing sixth review is expected to assess Ghana’s performance and set the tone for the next phase of reforms.