IMF Lauds Ghana’s Swift Economic Turnaround Under Finance Minister Ato Forson

IMF Managing Director Kristalina Georgieva lauded Ghana’s Finance Minister Dr. Cassiel Ato Forson and his team for their steadfast implementation of IMF-supported policies that have begun to restore macroeconomic stability. Her commendation coincides with Ghana reaching a staff-level agreement on the fourth review of its Extended Credit Facility program—pending Executive Board approval, this will unlock about US $370 million in new financing. The achievement reflects swift government action to tackle payables, strengthen fiscal controls, and complete structural benchmarks ahead of schedule, underscoring renewed confidence in Ghana’s economic trajectory. 

In a meeting held on Saturday, Kristalina Georgieva praised Dr. Forson’s leadership and the “strong commitment” by his ministry to the IMF-backed program, noting significant progress made under challenging conditions. She reiterated that “the IMF remains a strong partner of Ghana,” underlining the Fund’s ongoing support for Accra’s reform agenda. 

 Georgieva’s remarks follow Ghana’s conclusion of a staff-level agreement with IMF staff on the fourth review of its three-year Extended Credit Facility (ECF) arrangement. Once the IMF Executive Board gives its formal approval, Ghana will gain access to approximately US $370 million in additional financing to support its reform efforts.

Prior to the new administration’s arrival, Ghana had accumulated substantial unpaid commitments in 2024 that contributed to a primary deficit rather than the modest surplus originally targeted. 
Dr. Forson’s team responded decisively by auditing outstanding payables, tightening expenditure controls, and restoring budget credibility to ensure fiscal and debt sustainability. 

Since assuming office, the government has fast-tracked key structural benchmarks that were slated for completion in late 2024 and early 2025, delivering these reforms ahead of schedule. 
These measures have strengthened public financial management, modernized procurement processes, and improved transparency—actions that underpin renewed investor confidence. 

Joining the Finance Minister at the meeting were:

• Dr. Johnson Asiama, Governor of the Bank of Ghana 

• Seth Tekper, Senior Economic Advisor 

• Dr. Nii Moi Thompson, Chairman of the National Development Planning Commission