Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has conveyed a powerful message to global investors, asserting that the nation’s economic recovery is authentic, intentional, and rooted in comprehensive structural reforms rather than temporary solutions.
Speaking to investors during discussions at the IMF/World Bank Spring Meetings in Washington, D.C. yesterday, Dr. Forson emphasized that the improvements observed in Ghana’s economy are the result of meticulously crafted policy initiatives and legislative changes. “These are not superficial gains,” he declared. “They reflect the outcomes of well-considered reforms, supported by legal frameworks and disciplined execution.”
Dr. Forson detailed an extensive array of fiscal and structural reforms aimed at stabilizing the economy and restoring investor trust. A cornerstone of these initiatives has been an aggressive waste reduction strategy, which includes a notable decrease in government size—cutting the number of ministers from 123 to 60.
He highlighted the implementation of a mandatory commitment authorization system designed to enhance expenditure oversight across Ministries, Departments, and Agencies (MDAs). Amendments to the Public Financial Management (PFM) Act have introduced new fiscal guidelines, including a target for a 1.5% primary surplus and a 45% debt ceiling.
To bolster fiscal accountability and discipline, the government has established essential oversight bodies, such as an independent Fiscal Council and an Office of Value for Money, aimed at minimizing waste and optimizing public spending efficiency.
Dr. Forson also pointed out advancements in public funds management, particularly through the uncapping of statutory funds to align expenditures with national priorities. Amendments to the Petroleum Revenue Management Act have been made to prioritize infrastructure investments.
On the revenue front, ongoing reforms in tax administration include modifications to the revenue refund system and broader VAT and customs reforms aimed at reducing leakages and improving domestic resource mobilization.
The mining and petroleum sectors have undergone policy shifts as well, with royalties being restructured to support large-scale infrastructure financing. The energy sector has seen essential reforms, including the implementation of a cash waterfall mechanism designed to enhance financial flows and sustainability.
Additional measures include payroll audits and verification exercises aimed at eliminating inefficiencies, along with the rationalization of government programs to reduce overlap and improve targeting. The cocoa sector, managed by COCOBOD, has also been restructured for greater operational efficiency, while social protection programs have been expanded to support vulnerable populations.
Beyond fiscal strategies, the Minister highlighted advancements in Ghana’s macroeconomic fundamentals. Economic growth has surpassed forecasts, driven by robust performances in the services and agricultural sectors, while inflation has been consistently decreasing, aided by stringent monetary policies, fiscal tightening, and a stronger cedi.
He also pointed out that Ghana’s external financial position has significantly improved, bolstered by strong gold and cocoa exports, along with enhanced international reserve accumulation that has exceeded targets set by the IMF-supported program. “These reforms have resulted in concrete market outcomes,” Dr. Forson stated, referencing a notable drop in both domestic and Eurobond yields, as well as recent upgrades in sovereign ratings that reflect renewed investor trust.
According to him, Ghana’s public debt trajectory has seen substantial improvement, with debt restructuring nearing completion and the nation remaining up-to-date on its debt service commitments. Investors present at the meeting expressed strong appreciation for Ghana’s reset agenda, praising the depth of reforms and the tangible progress made in stabilizing the economy and restoring credibility.
Looking forward, the finance minister assured investors that the government is dedicated to maintaining the recovery by deepening structural changes, upholding fiscal discipline, and prioritizing productive investments.
“The achievements we realized in 2025 provide a solid foundation for ongoing recovery and policy consistency,” he remarked. “Our current focus is to consolidate these achievements, enhance confidence, and create a more resilient and inclusive economy.”
By: Magdalene Agyeiwaa Sarpong