Finance Minister Dr. Cassiel Ato Forson has declared that Ghana will not require another IMF bailout in the foreseeable future, insisting the country has moved from economic dependence to a position of stability and partnership.
According to him, the administration of President John Dramani Mahama inherited an economy in crisis but moved swiftly to restore macroeconomic stability and place Ghana’s IMF-supported programme back on track.
“Upon assuming office, President Mahama’s administration moved with clarity and purpose to reset the Ghanaian economy,” the Finance Minister told lawmakers.
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Delivering a statement in Parliament on Thursday, Dr Forson stressed that the government recalibrated the IMF programme to ensure fairer burden-sharing, stronger fiscal discipline, and deeper structural reforms.
He outlined several economic interventions introduced by the government, including tighter Public Financial Management commitment controls to curb excessive spending, an audit of government arrears, and amendments to the PFM Act to institutionalise a 1.5 percent primary surplus target and a 45 percent debt-to-GDP ceiling by 2034.
He highlighted the operationalisation of the Sinking Fund with cedi and dollar buffers for future debt repayments, the establishment of the Office of Value for Money, and the creation of an Independent Fiscal Council to strengthen compliance with fiscal rules.
The Finance Minister further pointed to the establishment of GOLDBOD to support foreign exchange stability and reserve accumulation, as well as the removal of taxes such as the E-Levy, Betting Tax, Emissions Levy, and VAT on motor insurance.
According to Dr Forson, the government also reduced the number of ministers from 123 under the previous administration to 60, while ministries were cut from 30 to 23 as part of expenditure rationalisation measures.
In the energy sector, he disclosed that renegotiations with Independent Power Producers generated savings exceeding US$250 million, while the government cleared more than US$1 billion in legacy arrears.
The Finance Minister said the reforms had produced “clear and measurable results.”
He announced that Ghana recorded a real GDP growth rate of 6 percent in 2025, describing it as the highest post-pandemic expansion. Non-oil GDP growth also rose to 7.6 percent, the strongest performance in 14 years.
“For the first time, Ghana’s economy crossed the US$100 billion threshold in 2025,” he stated, adding that Ghana is now ranked the eighth-largest economy in Africa.
Per capita income also rose to US$3,385 for the first time, according to the Minister.
On fiscal performance, Dr Forson disclosed that the primary balance recorded a surplus of 2.5 percent of GDP in 2025 while the public debt-to-GDP ratio declined from 61.8 percent in 2024 to 44.7 percent by the end of 2025.
He stressed that Ghana had achieved its 45 percent debt-to-GDP target far ahead of the IMF programme timeline and the statutory target set for 2034.
The Minister further revealed that debt service-to-domestic revenue dropped significantly from 55.7 percent in 2022 to 28.8 percent in 2025 despite the resumption of Eurobond debt obligations.
According to him, Ghana has also moved from a “high risk” to a “moderate risk” of debt distress under the Debt Sustainability Analysis framework.
Inflation, which stood at 23.8 percent in December 2024, declined sharply to 3.4 percent as of April 2026, while Treasury bill rates and bond yields also fell considerably.
The 91-day Treasury bill rate dropped from 28.4 percent in January 2025 to 4.8 percent by April 2026, while the monetary policy rate reduced from 27 percent to 14 percent within the same period.
Dr Forson also highlighted strong external sector performance, stating that Ghana recorded a current account surplus of 8.3 percent of GDP in 2025 while the cedi appreciated by 40.7 percent against the US dollar.
“These results affirm a simple but enduring truth: fiscal prudence and discipline always deliver results,” he declared.
The Finance Minister reiterated President Mahama’s earlier position that Ghana must move away from recurring IMF assistance programmes.
“I hope that this will be the very last time we will ever go for a bailout from the IMF,” President Mahama had stated earlier this year at the 77th Annual New Year School.
Dr Forson gave the clearest indication yet of the government’s future position on IMF support.
“Consequently, no further IMF financial bailout will be required in the foreseeable future,” he declared.
“I repeat, no further IMF financial bailout will be required in the foreseeable future.”
He described Ghana’s new economic standing as a shift from dependence to partnership, evolving from a position of supplicant to one of partner.