Dr. Cassiel Ato Baah Forson, the Minister of Finance, says Ghana does not expect to return to the International Monetary Fund (IMF) for another financial bailout in the foreseeable future.
He added that the country had shifted from a recipient of emergency support to an equal policy partner with the Fund.
Addressing Parliament on Thursday, Dr. Forson said President John Dramani Mahama believed Ghana should not need another bailout after what the country’s 17th IMF programme would be.
“It is my hope that this will be the very last time we ever go for an IMF bailout programme,” he quoted the President as saying, adding, “I repeat, no further IMF financial bailout is currently required in the foreseeable future.”
Dr. Forson reiterated that Ghana had successfully completed the final review of its current IMF-supported programme, pending approval by the IMF Executive Board.
He said the country would now transition from the Extended Credit Facility programme to a Policy Coordination Instrument, which did not provide funding but focuses on reforms, monitoring, and policy guidance.
According to the Finance Minister, the new arrangement signaled that Ghana no longer needed IMF financial support but would continue working with the Fund on reforms and economic oversight.
“Mr. Speaker, we have evolved from the position of a supplicant to one of a partner with the International Monetary Fund,” he told Parliament.
Dr. Forson credited recent economic progress to strict fiscal discipline and reforms introduced to stabilise the economy and restore confidence.
He said: “the government’s focus going forward will be to maintain stability, strengthen growth, and avoid a repeat of past economic crises.”
“Fiscal prudence and discipline always deliver results,” he added.
Government says the shift marks a new phase in Ghana’s economic management, with emphasis on sustainability, investor confidence, and long-term stability rather than reliance on bailout programmes.
Source: GNA