Dr. Cassiel Ato Forson, the Minister-Designate for Finance, has reaffirmed the government’s commitment to fully implementing the International Monetary Fund (IMF) programme, emphasizing that the Mahama administration remains dedicated to the initiative.
During his vetting by Parliament’s Appointments Committee on January 13, Dr. Forson made it clear that the government would uphold its agreement with the IMF and work diligently towards achieving the programme’s objectives to ensure economic stability.
“We acknowledge the IMF programme and are committed to its implementation,” he stated. “We will not abandon it. It is an agreement between the Republic of Ghana and the IMF. Now that we are in government, we have a responsibility to execute it, and I’ve publicly committed to seeing it through.”
He stressed that the government would do whatever it takes to fully implement the IMF programme, ensuring that its goals are met and that the country’s economic challenges are addressed.
Background on IMF Engagement
Ghana’s engagement with the IMF has been a response to the country’s economic struggles, including rising public debt, inflation, and a deteriorating fiscal balance. These difficulties were compounded by the COVID-19 pandemic, global supply chain disruptions, and fluctuating commodity prices, which led to a growing fiscal deficit, high public debt, inflationary pressures, and a decline in investor confidence.
In July 2022, Ghana formally began negotiations with the IMF for a support package, specifically a $3 billion extended credit facility (ECF). This programme aims to provide financing and policy support to stabilize the economy, reduce the fiscal deficit, restructure debt, and restore macroeconomic stability.
