Finance Minister, Dr. Cassiel Ato Forson, has declared that Ghana’s economy has shifted from crisis mode to recovery, stating in Parliament that the country has moved “from the Intensive Care Unit (ICU) to the Wellness Centre”.
Presenting an update on macroeconomic stability and debt sustainability on Thursday, May 28, the Minister said Ghana is no longer in need of external financial rescue and is instead transitioning into a more stable phase of economic management.
He explained that the country has completed the final review under its IMF-supported Extended Credit Facility (ECF) programme, pending approval by the IMF Executive Board. Following this, Ghana will move to a Policy Coordination Instrument (PCI), a non-financing arrangement focused on policy monitoring, reforms, and technical support.
According to him, this marks a shift in Ghana’s relationship with the IMF—from financial dependency to partnership—emphasising improved investor confidence and stronger economic credibility.
He also quoted President John Dramani Mahama, who said it is his hope Ghana will not require another IMF bailout in the foreseeable future.
The IMF noted progress in Ghana’s debt trajectory but cautioned that continued fiscal discipline and reforms remain necessary to maintain stability and support development goals.
Dr Forson added that recent gains in inflation control, currency stability, debt restructuring, and revenue mobilisation reflect coordinated policy efforts aimed at strengthening the economy’s recovery path.
