Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has assured international investors that the country’s economic recovery is not a short-term fix, but the result of deliberate and sustained reforms aimed at restoring long-term stability and credibility.
Speaking during investor engagements on the sidelines of the IMF and World Bank Spring Meetings in Washington, Dr. Forson stressed that the recent gains in Ghana’s economy go beyond surface-level improvements.
“These are not cosmetic gains,” he said. “They are outcomes of well-thought-through reforms, backed by laws and disciplined implementation.”
His remarks were aimed at strengthening investor confidence following Ghana’s recent economic challenges, emphasizing that the country is now pursuing a more structured, rules-based approach to managing its finances.
At the heart of the government’s strategy is a strict fiscal discipline agenda. Dr. Forson highlighted a significant reduction in the size of government, with the number of ministers cut from 123 to 60, as part of efforts to reduce public spending and eliminate waste.
He also pointed to new financial controls, including a mandatory commitment authorisation system across public institutions and amendments to the Public Financial Management Act. These changes introduce key fiscal targets, such as maintaining a primary surplus of 1.5 percent and capping public debt at 45 percent.
To improve transparency and accountability, the government has established independent bodies like the Fiscal Council and the Office of Value for Money, aimed at ensuring efficient use of public funds.
Beyond spending controls, the reforms extend into revenue and resource management. The government has introduced tax administration improvements, adjusted the revenue refund system, and implemented VAT and customs reforms to boost domestic revenue and reduce leakages.
Changes have also been made in key sectors such as mining, petroleum, and energy. According to the Minister, royalties are being restructured to support infrastructure development, while a cash waterfall mechanism has been introduced in the energy sector to improve financial stability.
Additional measures include payroll audits to eliminate ghost names, restructuring at COCOBOD to enhance efficiency, and the expansion of social protection programmes to support vulnerable groups during the adjustment period.
Dr. Forson linked these reforms to recent improvements in Ghana’s macroeconomic performance. Economic growth has exceeded expectations, driven largely by strong activity in the services and agriculture sectors. Inflation has also been declining, supported by tighter monetary policy, fiscal consolidation, and a stronger cedi.
He noted that Ghana’s external position has improved significantly, with increased exports of gold and cocoa and a build-up of international reserves that has surpassed targets under the IMF programme.
“These reforms have translated into tangible market outcomes,” he said, citing falling domestic and Eurobond yields as well as recent sovereign rating upgrades as signs of improving investor confidence.
Ghana’s debt outlook has also strengthened, with restructuring efforts nearing completion and the country remaining current on its debt obligations — a key signal to creditors monitoring the sustainability of the recovery.
According to Dr. Forson, investor response in Washington has been encouraging, with many expressing confidence in Ghana’s reform agenda and the progress made so far.
Looking ahead, he acknowledged that maintaining the current momentum will be critical.
“The gains we achieved in 2025 provide a solid platform for continued recovery and policy predictability,” he said. “Our focus now is to consolidate these gains, strengthen confidence, and build a more resilient and inclusive economy.”
