Ghana passes IMF review, Finance Minister credits fiscal discipline
The Minister of Finance, Dr Cassiel Ato Forson, has credited the government’s strict adherence to fiscal discipline as the main driver behind Ghana’s successful fifth programme review under the International Monetary Fund’s (IMF) Extended Credit Facility (ECF).
Speaking after the IMF announced a staff-level agreement with Ghana on 10 October 2025, Dr Forson said the milestone reflects the results of deliberate policy actions and strong fiscal management over the past nine months.
According to him, the government met all six quantitative performance criteria and four indicative targets for the review period, demonstrating its commitment to maintaining economic stability and discipline.
“This achievement is a powerful validation of the disciplined and comprehensive strategy we have pursued. It shows that when we stay focused on sound policy execution, we can restore stability and build a stronger economy,” Dr Forson stated.
Economic Recovery and Stability
The Finance Minister highlighted that Ghana’s economy is showing strong signs of recovery under President John Mahama’s Reset Agenda, which prioritises growth, job creation, and fiscal responsibility.
Dr Forson noted that non-oil sector growth, where most employment opportunities are created, has accelerated significantly. At the same time, inflation has fallen sharply, returning to single digits for the first time in years, while interest rates have declined considerably.
“The cedi has remained strong and stable, fiscal consolidation is delivering results, and public debt has been reduced substantially,” he indicated.
Dr Forson also confirmed that progress has been made in bilateral debt restructuring, a key pillar in Ghana’s broader debt sustainability plan.
He assured that the government remains committed to finalising all outstanding agreements before the end of the IMF programme.
IMF Board Consideration and Next Steps
The IMF Executive Board is expected to consider Ghana’s Fifth Review by December 2025. Upon approval, Ghana will receive a disbursement of USD385 million, bringing total inflows under the USD3 billion ECF to USD2.6 billion.
Dr Forson expressed gratitude to Ghanaians for their resilience and understanding throughout the economic recovery process. He also thanked the IMF mission team for their “constructive engagement and tireless work,” reaffirming the government’s resolve to stay the course of reform and discipline.
He concluded that sustaining fiscal responsibility remains central to Ghana’s medium-term growth strategy, as the nation consolidates its gains and rebuilds confidence in both domestic and international markets.
