IMF Chief Applauds Ghana’s Swift Progress on Economic Reforms
The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has applauded Ghana’s Finance Minister, Dr. Cassiel Ato Forson, and his team for their strong leadership and decisive actions in driving Ghana’s economic recovery efforts under the Fund-supported program.
Speaking during a high-level engagement on Saturday, Ms. Georgieva praised the strides Ghana has made in stabilizing its economy amid significant challenges, describing the IMF as “a strong and committed partner” to Ghana’s reform journey.
Her endorsement comes on the back of Ghana securing a staff-level agreement with the IMF on the fourth review of the Extended Credit Facility (ECF) program. Pending Executive Board approval, the agreement will unlock the release of approximately $370 million to support ongoing reforms.
The latest progress marks a significant turnaround, particularly given the situation prior to the Mahama administration’s assumption of office when several program benchmarks and fiscal targets had been breached.
Since coming into office, the new administration has fast-tracked key reforms, delivering critical structural benchmarks ahead of schedule and regaining market confidence.
Central to these reforms has been the clearing of a large backlog of arrears accumulated in 2024, restoring credibility to the country’s fiscal management.
The government has also introduced measures to reinforce budget discipline, strengthen debt sustainability, and establish a more resilient macroeconomic framework.
Several performance benchmarks initially slated for December 2024 and March 2025 have already been achieved, signaling strong momentum towards a sustained economic recovery.
Joining the Finance Minister at the meeting were Governor of the Bank of Ghana, Dr. Johnson Asiama, Senior Economic Advisor Mr. Seth Terkper, and Chairman of the National Development Planning Commission, Dr. Nii Moi Thompson.
The delegation reaffirmed Ghana’s commitment to pushing ahead with reforms and unlocking new opportunities for inclusive growth.
