Ato Forson leads Ghana’s delegation to the 2025 IMF and World Bank Spring Meetings

This is the first time we are participating in these meetings under the new National Democratic Congress (NDC) administration led by President John Dramani Mahama.

It is a responsibility I carry with deep humility and a strong sense of purpose.

Our mission here is clear. We are here to tell Ghana’s reset story—a story of hard choices, bold reforms, and a firm commitment to rebuilding our economy in a way that is fair, sustainable, and inclusive.

Just a week ago, we reached a significant milestone. Ghana secured a staff-level agreement with the IMF on the fourth review of our ongoing programme. This agreement, when approved by the Board, will unlock approximately 370 million dollars to support our economic recovery.

What is especially important to note is that this progress was achieved despite several structural benchmarks and quantitative targets being missed before we assumed office.

It is a testament to the tireless work that this new administration has put in over the last few months to reverse the fiscal slippages we inherited.

We took bold steps, some ahead of schedule, to stabilise the situation.

One of our immediate priorities has been to address the large buildup of payables in 2024, which resulted in a primary deficit much larger than what had been programmed. We have acted decisively to fix this.

Here are some of the key measures we have implemented:

• We have commissioned the Auditor-General and other oversight bodies to audit all outstanding payables and commitments. This process will help us determine their legitimacy and recommend the necessary corrective actions. The audit will be completed in eight weeks.

• We are amending the Procurement Act to ensure that no central government procurement takes place without prior authorisation from the Minister for Finance. This is to bring discipline and transparency to public spending.

• We are also introducing amendments to the Public Financial Management Act. This will include a debt rule to reduce our debt-to-GDP ratio to 45 percent by 2035 and a requirement to maintain a primary surplus of at least 1.5 percent of GDP annually. We are also legislating the establishment of an Independent Fiscal Council to oversee adherence to these fiscal rules.

• We have operationalised a Compliance Desk at the Ministry of Finance. This will closely monitor how MDAs are complying with their fiscal commitments under the PFM Act.

• Soon, we will begin publishing a Public Financial Management Commitment Control Compliance League Table to rank MDAs based on their level of compliance with financial controls.

These reforms are not just about meeting IMF targets. They are about restoring trust in public finances, ensuring credibility in our budgeting process, and laying a solid foundation for growth.

In fact, many of the structural reforms expected to be completed by the end of 2024 and early 2025 have already been implemented.

That is the urgency with which we are working to reset this economy.

What We’re Doing in Washington!

Throughout this week, I will be participating in a number of important meetings. These include engagements on the global economy, job creation, energy access, and food security.

I will also be holding discussions with development partners, private investors, and international financial institutions.

One of the key highlights of this trip will be my meeting with the Managing Director of the IMF, Kristalina Georgieva.

We will discuss Ghana’s progress, our reform agenda, and how the IMF can continue to support our vision for a stronger and more resilient economy.

I will also be meeting with representatives from the Paris Club, credit rating agencies, the U.S. Treasury, and several others. In every engagement, I will be presenting our case clearly: Ghana is taking responsibility, acting boldly, and staying the course.

Thank you