The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has commended Ghana’s Minister for Finance, Dr. Cassiel Ato Forson, and his team for their “strong commitment to the Fund-supported programme and reforms aimed at restoring macroeconomic stability.”
During a meeting on Saturday, April 26, 2024, Madam Georgieva praised the leadership shown by Dr. Forson, noting the significant progress Ghana has made under challenging circumstances.
She reaffirmed the IMF’s continued support for the country, stating, “The IMF remains a strong partner of Ghana.”
This high-level endorsement follows the announcement that Ghana has reached a staff-level agreement with the IMF on the fourth review of the Fund-supported program.
Once formally approved by the IMF Executive Board, the agreement will pave the way for the disbursement of approximately US$370 million to Ghana.
The achievement is particularly remarkable given that, before the new government assumed office, several structural benchmarks and quantitative targets under the program had been breached.
The breakthrough reflects the aggressive and focused efforts of President Mahama’s administration to reverse the economic situation and restore confidence in Ghana’s financial management.
Since taking office, the government has accelerated the implementation of structural reforms, delivering results ahead of schedule and bolstering optimism about Ghana’s economic prospects.
A major focus of the administration’s reform agenda has been the resolution of the large accumulation of payables in 2024, which had contributed to a significant primary deficit instead of the modest surplus originally targeted.
To address this, the government has introduced a range of bold and pragmatic measures aimed at strengthening spending controls, restoring budget credibility, and ensuring fiscal and debt sustainability.
In addition to these reforms, the government has already completed a number of structural benchmarks that were originally scheduled for completion at the end of December 2024 and March 2025, underlining its strong commitment to economic recovery.
In attendance at the meeting were Governor of the Bank of Ghana, Dr. Johnson Asiama; Senior Economic Advisor to President Mahama, Seth Terkper and the Chairman of the National Development Planning Commission, Dr. Nii Moi Thompson.
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