Ghana’s Finance Minister-designate, Cassiel Ato Forson, announced on Thursday that the country is considering additional financial support from the International Monetary Fund (IMF) as part of the ongoing three-year bailout programme.
Dr. Forson emphasised that the government was dedicated to collaborating with the IMF while also seeking alternative financing solutions to strengthen the economy.
Dr. Forson, who previously served as deputy finance minister, made the comments ahead of an upcoming meeting with an IMF team currently visiting Accra.
He noted that while the IMF’s support remains critical, Ghana also aims to diversify its financing options and work with domestic and international partners to secure additional funding.
Dr. Forson acknowledged that relying on Treasury bills and similar instruments has not been beneficial, and the country needs to explore other financial avenues.
As part of the new administration’s strategy, Dr. Forson emphasised that public spending would be reduced to help control inflation.
He pointed out significant wastage within the system, and the government planned to address this inefficiency.
The goal is to trim unnecessary expenditures, which will also help the government resume domestic bond issuance by mid-year.
The country’s financial challenges stem from its 2022 external debt default, which led to a difficult debt restructuring process that is nearing its conclusion.
Dr. Forson, a chartered accountant with a Master’s degree in taxation from Oxford and a doctorate in finance, expressed confidence that Ghana could recover from its financial setbacks and ensure economic stability with the right fiscal measures and external support.
Ghana’s approach to working with the IMF, alongside internal reforms, is part of its broader strategy to regain financial stability and promote sustainable economic growth.