The Minister of Finance, Dr Cassiel Ato Forson, has assured international investors that Ghana’s economic recovery is not superficial but anchored in deliberate structural reforms.
Speaking on the sidelines of the ongoing IMF/World Bank Spring Meetings in Washington, DC, Dr Forson said the gains recorded so far stem from carefully designed policies and legislative actions rather than short-term interventions.
“These are not cosmetic gains,” he stressed. “They are outcomes of well-thought-through reforms, backed by laws and disciplined implementation.”
Dr Forson outlined a series of fiscal and structural measures introduced by the government to stabilise the economy and rebuild investor confidence. Among the key interventions is an aggressive expenditure rationalisation programme, which has reduced the size of government from 123 ministers to 60.
He also highlighted the enforcement of a mandatory commitment authorisation regime aimed at tightening expenditure controls across ministries, departments and agencies (MDAs). In addition, amendments to the Public Financial Management (PFM) Act have introduced new fiscal rules, including a 1.5 per cent primary surplus target and a 45 per cent debt-to-GDP ceiling.
To reinforce fiscal discipline, the Minister said government has established an independent Fiscal Council and an Office of Value for Money to curb waste and enhance efficiency in public spending.
Other reforms include the uncapping of statutory funds to better align spending with national priorities, amendments to the Petroleum Revenue Management Act to prioritise infrastructure investment, and tax administration reforms such as adjustments to the revenue refund system, alongside broader VAT and customs reforms to reduce leakages.
In the extractive sector, royalties in mining and petroleum have been restructured and channelled into large-scale infrastructure financing. The energy sector has also seen the operationalisation of a cash waterfall mechanism to improve financial flows and sustainability.
Dr Forson further indicated that payroll audits, verification exercises and the rationalisation of government programmes have helped eliminate inefficiencies, while reforms within the cocoa sector, led by COCOBOD, have improved operational performance. He added that social protection programmes have been expanded to cushion vulnerable groups.
On the macroeconomic front, the Minister said growth has exceeded expectations, driven largely by strong performances in the services and agriculture sectors. Inflation, he noted, continues to decline steadily, supported by tight monetary policy, fiscal consolidation and a strengthening cedi.
He added that Ghana’s external position has improved significantly, supported by robust gold and cocoa exports, as well as reserve accumulation that has exceeded targets under the IMF-supported programme.
“These reforms have translated into tangible market outcomes,” Dr Forson said, citing a sharp decline in domestic and Eurobond yields, as well as recent sovereign rating upgrades reflecting renewed investor confidence.
He further stated that Ghana’s public debt trajectory has improved markedly, with debt restructuring nearing completion and the country remaining current on its debt service obligations.
Investors at the meeting reportedly welcomed Ghana’s economic reset agenda, commending the depth of reforms and the progress made in stabilising the economy and restoring credibility.
Looking ahead, Dr Forson assured that government would sustain the recovery by deepening structural reforms, maintaining fiscal discipline and prioritising productive investments.
“The gains we achieved in 2025 provide a solid platform for continued recovery and policy predictability,” he said. “Our focus now is to consolidate these gains, strengthen confidence, and build a more resilient and inclusive economy.”
