Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has delivered a detailed address following the successful completion of the 4th Review of Ghana’s IMF-supported Extended Credit Facility (ECF) programme. The announcement was made at a joint press conference held at the Ministry of Finance on April 15, 2025.
Below is the full official statement from Dr. Forson during the MOF-BoG-IMF joint press briefing:
Opening Remarks and Acknowledgments
I extend a warm welcome to you all to this joint Government of Ghana and IMF press briefing on the 4th Review of the IMF-ECF Programme, conducted by the IMF staff led by Mission Chief, Stephane Roudet.
The mission commenced on April 2, 2025, and successfully concluded today, April 15, 2025.
What began as the most difficult review under the programme has ended on a positive note, as we have now reached a Staff-Level Agreement (SLA) with the IMF.
Key Achievements and Commitment
This agreement signifies a vital step in our journey to reset Ghana’s economy. Our goal is to:
- Restore and sustain macroeconomic stability.
- Ensure debt sustainability.
- Promote resilient, inclusive growth.
- Create jobs while safeguarding the poor and vulnerable.
Despite inheriting a programme with several breached structural benchmarks and targets, we have worked tirelessly to reverse the situation, fast-tracking certain reforms ahead of schedule.
Fiscal and Structural Reforms
To address the significant buildup of arrears in 2024, the government has introduced pragmatic measures including:
- Independent Audit of Payables
- The Auditor-General and two international firms are auditing outstanding commitments.
- Expected to conclude in eight weeks.
- Procurement Law Amendment
- Now requires Finance Minister’s approval before all central government procurements.
- PFM Act Amendment
- Introduces a debt ceiling (45% of GDP by 2035) and mandates a primary surplus of at least 1.5% of GDP annually.
- Establishes an independent fiscal council.
- Compliance Monitoring
- A new Compliance Desk at the Finance Ministry has been activated.
- A PFM Compliance League Table will rank MDAs based on adherence to financial controls.
Other Notable Structural Reforms
- GIFMIS Migration: 549 MDAs and MMDAs integrated into the public finance management system.
- ECG Revenue Audit: PURC has published audit reports earlier than required.
- Tariff Adjustments: PURC’s implementation of quarterly adjustments satisfied programme benchmarks.
Energy Sector Reforms
Although fiscal risks in the energy sector persist, progress is being made:
- The Cash Waterfall Mechanism is being implemented to ensure timely payments to IPPs.
- The single account system is now operational.
Commitment to Implementation
I assure all stakeholders, including the IMF and the people of Ghana, that we remain committed to fully implementing the agreed reforms.
- Upon approval by the IMF Board, Ghana will receive the 5th tranche of US$370 million, bringing total disbursements to US$2.3 billion under the programme.
Appreciation and Closing Remarks
On behalf of H.E. President John Dramani Mahama, I extend sincere appreciation to the people of Ghana for their resilience and sacrifice.
We also thank the IMF Mission Team for their professionalism and continued support. We look forward to strengthening this partnership as we advance Ghana’s economic recovery.
Thank you.
God bless our homeland Ghana.
