Finance Minister Dr Cassiel Ato Forson says Ghana is firmly on course to exit the International Monetary Fund (IMF) programme after outperforming key fiscal targets agreed under the country’s $3 billion bailout.
Speaking after presenting the 2026 Mid-Year Budget Review to Parliament on Thursday, he said government has remained committed to honouring obligations inherited under the IMF-supported programme despite mounting criticism over restrained public spending.
He stressed that the fiscal targets were not set by the current administration but were binding commitments made by the previous Akufo-Addo government when it secured the IMF loan.
“The NPP committed Ghana into an IMF program, signed an agreement with the IMF and borrowed $3 billion from them, and committed us, this government, that we would do 1.5% of GDP.
“This was the commitment the NPP made to the IMF, and took the money, of which by the time they were leaving office, they had spent three quarters of the $3 billion.”
According to him, the IMF deals with governments rather than political parties, making it the responsibility of the current administration to honour Ghana’s obligations.
“Now, I have come as Minister of Finance. The IMF does not deal with political parties; it deals with governments and countries. I have a responsibility to achieve 1.5 per cent of GDP. Are you telling me that I should default on the promises of which government of Ghana has taken a loan from the IMF? Certainly no.”
Dr Forson said Ghana’s strong fiscal performance has given the IMF confidence that the country has fulfilled the required conditions under the programme.
“I have to make sure that this condition is met, and it is for that reason that the IMF is bold enough to go to their board that Ghana has achieved all the conditionalities under which they loaned us, and so Ghana is actually exiting the IMF programme.”
He maintained that the government remains firmly on track to meet the end-of-year fiscal objective.
“This is a commitment that the people of Ghana and the government of Ghana must fulfil, and I can tell you that I am on course to fulfil this. I’ve done 0.9, and so by the end of the year, even if you annualise 0.9 halfway times two, it will be 1.8.”
He explained that exceeding the target would provide additional fiscal space before the close of the year.
“It means getting to the end of the year, I will have room to be able to spend 0.3% more, and that is what it means. This is a commitment. I did not set the target. It was actually a conditionality under the IMF program.”
When the host suggested the gains were largely because the government was not spending enough, Dr Forson rejected the criticism.
“Oh no, but do you want me to spend and derail the IMF program? Is that what they want me to do?”
He argued that abandoning fiscal discipline would risk plunging Ghana back into economic turmoil.
“It is President Akufo-Addo and his government that took Ghana to the IMF and agreed to this conditionality, unless they want me and President Mahama, because it’s President Mahama’s budget, to derail the IMF program, so that we spend as if there’s no tomorrow, crash the economy again, and go back to economic crisis with a haircut.”
