Minister for Finance, Cassiel Ato Forson, has assured global investors that the country’s ongoing economic recovery is grounded in deep structural reforms and not short-term, cosmetic fixes.
Speaking on the sidelines of the IMF/World Bank Spring Meetings in Washington, DC, Dr Forson emphasised that the progress recorded so far reflects deliberate policy choices backed by legislation and disciplined implementation.
“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 key interventions aimed at restoring macroeconomic stability and rebuilding investor confidence.
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Central to these efforts is an aggressive expenditure rationalisation programme, which has significantly reduced the size of government from 123 ministers to 60. He also highlighted the enforcement of a strict commitment authorisation regime to control spending across Ministries, Departments, and Agencies.
Amendments to the Public Financial Management 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 strengthen accountability, the government has established an independent Fiscal Council and an Office of Value for Money to minimise waste and improve efficiency in public spending.
The Finance Minister further noted that statutory funds have been uncapped to better align spending with national priorities, while reforms to the Petroleum Revenue Management Act now prioritise infrastructure development.
Tax administration reforms — including adjustments to the revenue refund system, VAT, and customs operations — have also been implemented to reduce leakages and boost revenue mobilisation.
In the extractive sector, royalties from mining and petroleum have been restructured and channelled into large-scale infrastructure financing, while a cash waterfall mechanism has been operationalised to improve financial sustainability in the energy sector.
He added that payroll audits, verification exercises, and programme rationalisation have helped eliminate inefficiencies, while reforms within COCOBOD have enhanced operational performance. Social protection programmes have also been expanded to support vulnerable populations.
On the macroeconomic front, Dr Forson indicated that Ghana’s growth has exceeded expectations, driven largely by strong performances in the services and agriculture sectors.
Inflation, he said, continues to decline steadily due to tight monetary policy, fiscal consolidation, and a strengthening cedi.
Ghana’s external position has also improved, supported by strong gold and cocoa exports, alongside reserve accumulation that has surpassed targets under the IMF-supported programme.
“These reforms have translated into tangible market outcomes,” he said, pointing to declining domestic and Eurobond yields, as well as recent sovereign rating upgrades.
Investors at the meetings welcomed Ghana’s reform agenda, praising the depth of policy changes and the government’s commitment to restoring economic credibility.
Dr Forson noted that Ghana’s public debt trajectory is improving, with debt restructuring nearing completion and the country remaining current on its obligations.
Looking ahead, he assured that government will sustain the recovery by deepening 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.” cosmetic gains — Ato Forson