Incoming Finance Minister Ato Forson Hints at Seeking Additional IMF Support for Ghana's Economy

The newly sworn-in government of President John Dramani Mahama is considering additional funding from the International Monetary Fund (IMF) as part of its ongoing three-year program with the lender. This was revealed by Finance Minister-designate Dr. Cassiel Ato Forson on Thursday during a briefing with reporters in Accra.

Incoming Finance Minister Ato Forson Hints

Dr. Forson emphasized the administration’s commitment to working with the IMF while exploring avenues to secure additional financing through domestic and international partnerships.

"We are committed to working with the IMF, but we also want to ensure that we can raise financing; additional finance, working with the IMF and other domestic and international partners," he stated.

As part of the administration's efforts to stabilize the economy, Forson announced plans to cut public spending and address inefficiencies in government operations.

He noted, "There is a lot of wastage in the system, and we will cut them."

This measure is aimed at curbing inflation and enabling the government to resume domestic bond issuance by mid-year.

Ghana, a major gold and cocoa producer, defaulted on most of its external debt in 2022, leading to a challenging restructuring process. Forson stated that the new administration is committed to concluding the restructuring process by reaching agreements with non-Eurobond commercial creditors.

President Mahama, who served as Ghana’s president from 2012 to 2017, had promised during his campaign to renegotiate the terms of Ghana’s bailout deal with the IMF. While market observers doubt there is significant flexibility for renegotiation, Mahama has reiterated his resolve to address the nation's economic challenges head-on.

Dr. Forson also highlighted the need to reform Ghana's cocoa sector, which has been grappling with funding shortages, diseased crops, and declining production.

"We need to look at the issues of funding, diseased crops, and production very well. The whole sector needs an overhaul," he said.

President Mahama has assembled a strong team to address the nation’s challenges, nominating John Abdulai Jinapor as Energy Minister-designate and Dominic Akuritinga Ayine as Attorney General and Justice Minister-designate. All nominees are subject to approval by Parliament, where Mahama’s National Democratic Congress (NDC) holds a commanding two-thirds majority.

Ghana’s economy is emerging from one of its worst crises in a generation. The Mahama administration is focusing on rebuilding trust, boosting the economy, creating jobs, and addressing public discontent. Forson, who brings extensive experience as a chartered accountant and former deputy finance minister, is poised to play a critical role in steering the nation toward recovery.

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