Finance Minister Cassiel Ato Forson has stated that Ghana is no longer dependent on emergency financial bailouts from the International Monetary Fund (IMF), citing significant improvements in the country’s economic performance and fiscal management.
Presenting an economic update to parliament on Thursday, May 28, Cassiel Ato Forson said Ghana is transitioning from reliance on external rescue packages to a more credible reform partnership anchored on discipline, policy consistency, and investor confidence.
According to Cassiel Ato Forson, the government’s economic reforms have delivered measurable results, placing the country on a more sustainable path while reducing the likelihood of future economic crises.
He explained that Ghana’s new relationship with the IMF will be guided by a Policy Coordination Instrument (PCI), which focuses on supporting reforms, strengthening fiscal discipline, and maintaining investor confidence rather than providing financial assistance.
“Government does not expect to return to the IMF for another financial bailout in the foreseeable future,” Cassiel Ato Forson told Parliament.
Highlighting key reforms implemented by the government, Cassiel Ato Forson said the establishment of the Gold Board has helped strengthen reserve accumulation and improve exchange rate stability. He added that the government has operationalised a sinking fund with dedicated cedi and US dollar buffers to manage future debt obligations.
The finance minister further noted that several taxes, including the Electronic Transfer Levy (E-Levy), betting tax, emission tax, and VAT on motor insurance, have been abolished to stimulate private sector growth and ease the burden on businesses and individuals.
Cassiel Ato Forson also pointed to the establishment of the Office for Value for Money and the Independent Fiscal Council as measures aimed at improving public expenditure efficiency and ensuring compliance with fiscal rules. In the energy sector, he said the government renegotiated Independent Power Producer (IPP) agreements, generating savings of more than $250 million while also clearing over $1 billion in legacy arrears.
The finance minister further highlighted efforts to reduce government expenditure through a reduction in the number of ministers from 123 to 60 and a decrease in ministries from 30 to 23. According to Cassiel Ato Forson, these measures have contributed to stronger economic growth.
He reported that Ghana’s real Gross Domestic Product (GDP) growth reached 6 percent in 2025, while non-oil GDP growth rose to 7.6 percent, the highest level recorded in 14 years. For the first time, Cassiel Ato Forson said Ghana’s economy exceeded the $100 billion mark in 2025, elevating the country to emerging market status and making it the eighth-largest economy in Africa. He also revealed that Ghana’s per capita income increased to $3,385 during the period.
On fiscal performance, Cassiel Ato Forson indicated that the country recorded a primary surplus of 2.5 percent of GDP in 2025, while the public debt-to-GDP ratio declined to 44.7 percent. He noted that the achievement allowed Ghana to meet the IMF’s debt sustainability target of 45 percent nearly a decade ahead of the programme’s 2034 deadline.
The finance minister further disclosed that debt service as a share of domestic revenue dropped significantly from 55.7 percent in 2022 to 28.8 percent in 2025, despite the resumption of full Eurobond debt repayments. Cassiel Ato Forson added that Ghana’s debt sustainability assessment has improved from a high risk of debt distress to a moderate risk level for the first time in 12 years.
He also reported that inflation declined to 3.4 percent in April 2026, describing it as further evidence that the government’s economic recovery program is yielding positive results.
