IMF Boss commends Ato Forson for strong commitment to economic reforms

Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), has praised Ghana’s Finance Minister, Dr. Cassiel Ato Forson, for his leadership and the government’s strong commitment to implementing economic reforms. During a meeting on Saturday, Georgieva highlighted the significant strides Ghana has made under challenging circumstances and reiterated the IMF’s support for the country. This recognition comes in light of Ghana’s successful completion of the fourth review of its IMF-supported program, a crucial milestone that signals progress in restoring macroeconomic stability.

The achievement is especially notable considering the previous administration had breached several key program targets. The current government, under Dr. Forson’s leadership, has focused heavily on structural reforms to address the nation’s fiscal challenges. These efforts, including resolving a large accumulation of payables and tightening fiscal controls, have contributed to a better outlook for Ghana’s financial situation.

Ghana’s latest success follows a staff-level agreement with the IMF for a $370 million disbursement once approved by the IMF Executive Board. The reforms have already led to early completion of several benchmarks, some of which were originally due in late 2024 and 2025. This progress has bolstered confidence in Ghana’s economic recovery and set a positive tone for the country’s fiscal future.

Along with Dr. Forson, key officials like the Governor of the Bank of Ghana, Dr. Johnson Asiama, and Senior Economic Advisor, Seth Tekper, were also present at the meeting. These developments signal a promising path forward for Ghana as it seeks to stabilize its economy and regain fiscal strength in the wake of past challenges.

Source: Citi newsroom