Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has assured international investors that the country’s economic recovery is real and driven by deep structural reforms rather than short-term measures.
Speaking on the sidelines of the IMF/World Bank Spring Meetings in Washington, Dr. Forson stressed that the gains recorded in Ghana’s economy are deliberate and backed by strong policy interventions and legislation.
“These are not cosmetic gains,” he stated. “They are outcomes of well-thought-through reforms, backed by laws and disciplined implementation.”
The Minister outlined a series of fiscal and structural reforms aimed at stabilising the economy and restoring investor confidence. Key among them is an aggressive expenditure-cutting programme, including a reduction in the size of government from 123 ministers to 60.
He also highlighted the enforcement of a mandatory commitment authorisation regime to strengthen spending controls across Ministries, Departments and Agencies (MDAs), alongside amendments to the Public Financial Management (PFM) Act. These amendments introduce new fiscal rules, including a 1.5% primary surplus target and a 45% debt ceiling.
To enhance accountability, government has established oversight bodies such as an independent Fiscal Council and an Office of Value for Money to curb waste and improve efficiency in public spending.
Dr. Forson further pointed to reforms in public funds management, including the uncapping of statutory funds and amendments to the Petroleum Revenue Management Act to prioritise infrastructure investment.
On the revenue side, he cited ongoing tax administration reforms, including improvements in VAT and customs systems to plug leakages and boost domestic revenue mobilisation.
Sector-specific reforms have also been implemented in mining, petroleum, and energy, including the operationalisation of a cash waterfall mechanism to improve financial flows in the energy sector.
The Minister noted that Ghana’s macroeconomic indicators are improving, with stronger growth driven by the services and agriculture sectors, declining inflation, and a stabilising cedi. He added that the country’s external position has strengthened, supported by increased gold and cocoa exports and improved international reserves under the IMF-supported programme.
“These reforms have translated into tangible market outcomes,” he said, citing declining domestic and Eurobond yields and recent sovereign rating upgrades.
Dr. Forson also indicated that Ghana’s public debt trajectory has improved significantly, with debt restructuring nearing completion and the country remaining current on its obligations.
He assured investors of government’s commitment to sustaining the recovery through continued reforms, fiscal discipline, and strategic investments.
“Our focus now is to consolidate these gains, strengthen confidence, and build a more resilient and inclusive economy,” he added.
