Ghana’s Finance Minister Dr. Cassiel Ato Forson has used the margins of the 2026 International Monetary Fund (IMF) and World Bank Spring Meetings in Washington, D.C. to deliver a direct and detailed message to private investors: that Ghana’s economic recovery is not the product of temporary interventions but of structural reforms reinforced by legislation and institutional design.
“These are not cosmetic gains,” Dr. Forson said during investor engagements on the sidelines of the meetings. “They are outcomes of well-thought-through reforms, backed by laws and disciplined implementation.”
The Finance Minister outlined a sweeping agenda of fiscal and governance reforms anchored by changes to the Public Financial Management (PFM) Act, which introduced new fiscal rules including a 1.5 percent primary surplus target and a 45 percent debt ceiling. A mandatory commitment authorisation regime has also been enforced to strengthen expenditure controls across Ministries, Departments and Agencies (MDAs).
To reinforce accountability, government has established an independent Fiscal Council and an Office of Value for Money to eliminate waste and improve public spending efficiency. A significant reduction in the size of government, with ministers cut from 123 to 60, was also cited as evidence of a genuine cost-cutting drive.
Wider reforms covered tax administration, including adjustments to the revenue refund system and broader Value Added Tax (VAT) and customs reforms to plug revenue leakages. In the mining and petroleum sectors, royalties have been restructured and redirected toward infrastructure financing, while the energy sector has operationalised a cash waterfall mechanism to improve financial flows. Payroll audits and programme rationalisation have also been undertaken across government.
Key macroeconomic data underpinned the minister’s case. Ghana’s economic growth reached 6% in 2025, up from 5.8% in 2024, while inflation dropped from 23.8% in 2024 to 5.8% in 2025, declining further to 3.2% by March 2026. The cedi appreciated by over 40% against the United States dollar in 2025, with gains extending into 2026, while the country’s debt-to-gross domestic product (GDP) ratio fell from 61.8% to 45.3% by the end of 2025, well ahead of the initial 2034 target.
Dr. Forson told investors that Eurobond and domestic yields have declined sharply and that recent sovereign rating upgrades reflect the durability of the recovery. He also confirmed that debt restructuring is nearly complete and that Ghana remains current on all debt service obligations.
Ghana is on course to exit its IMF-supported programme in August 2026, and the Spring Meetings, which run from April 13 to 19, 2026, present a critical window to consolidate momentum and secure new partnerships ahead of that transition.
Investors at the Washington engagements expressed strong admiration for Ghana’s reform agenda, commending both the depth of the changes and the tangible progress achieved. “The gains we achieved in 2025 provide a solid platform for continued recovery and policy predictability,” Dr. Forson said. “Our focus now is to consolidate these gains, strengthen confidence, and build a more resilient and inclusive economy.”
