Finance Minister Dr. Cassiel Ato Forson has affirmed that Ghana’s recent macroeconomic recovery is the result of deep structural reforms rather than short-term interventions, as he addressed international investors during the 2026 Spring Meetings of the International Monetary Fund and World Bank Group in Washington.

Speaking at the high-level gathering, Dr. Forson highlighted that Ghana’s economic performance has surpassed expectations, with growth driven largely by strong output in the services and agriculture sectors. He noted that inflation continues to decline steadily, supported by tight monetary policy, sustained fiscal consolidation, and a strengthening local currency.

“Growth has exceeded expectations, driven by strong performance in services and agriculture, while inflation continues to decline steadily, supported by tight monetary policy, fiscal consolidation, and a strengthening cedi,” Dr. Forson stated. “These are not cosmetic gains. They are outcomes of well-thought-through reforms, backed by laws and disciplined implementation.”

The Finance Minister reiterated the government’s determination to sustain the recovery by consolidating gains already achieved and deepening institutional reforms aimed at building a resilient and inclusive economy. He stressed that the focus is not only on short-term stabilization but also on long-term structural transformation.

Dr. Forson outlined a wide range of reforms introduced by the government, including efforts to downsize the machinery of government to reduce expenditure and improve efficiency. He also referenced amendments to the Public Financial Management Act to institutionalize fiscal discipline through legally binding rules.

As part of efforts to strengthen oversight and accountability, he noted the establishment of key institutions such as an independent Fiscal Council and an Office of Value for Money. These bodies are expected to enhance transparency in public spending and ensure that government projects deliver measurable results.

Additional reforms highlighted by the Minister include improved management of public funds, strategic prioritization of petroleum revenues, modernization of tax administration systems, and restructuring of mineral royalties to accelerate infrastructure development across the country.

He further pointed to ongoing interventions such as comprehensive payroll audits to eliminate inefficiencies, rationalization of public sector programmes, and sweeping reforms in the energy sector. The restructuring of the Ghana Cocoa Board (COCOBOD) was also mentioned as a critical step toward improving operational efficiency and ensuring stronger financial accountability within the cocoa industry.

Dr. Forson emphasized that Ghana’s external economic position has strengthened significantly, supported by robust gold and cocoa exports, increased foreign exchange reserves, and the near completion of the country’s debt restructuring programme.

“These reforms have translated into tangible market outcomes,” he said, pointing to declining bond yields and improved sovereign credit ratings as clear indicators of growing investor confidence and policy credibility.

He concluded by noting that the progress made in 2025 provides a solid foundation for continued recovery, policy stability, and sustained investor confidence.

“The gains we achieved in 2025 provide a solid platform for continued recovery and policy predictability. Our focus now is to consolidate these gains, strengthen confidence, and build a more resilient and inclusive economy,” he added.

Investors who participated in the engagement commended Ghana’s reform agenda, praising the scope of policy changes and the visible progress made in stabilizing the economy and restoring confidence in the country’s financial outlook.

The Ministry of Finance has introduced a new Public Financial Management (PFM) Compliance League Table, a major transparency and accountability initiative aimed at strengthening fiscal discipline and improving the management of public resources across government institutions.

Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), announced today her intention to appoint Zeine Zeidane as the next Director of the IMF’s African Department (AFR). Mr. Zeidane will succeed Abebe Aemro Selassie, who is set to retire from the Fund on May 1, 2026.

The Chief Executive of the National Petroleum Authority (NPA), Godwin Edudzi Tamakloe, has issued a strong warning to district assemblies across Ghana, stating that any assembly that continues to collect levies from illegal mining operators—commonly associated with galamsey—after a presidential directive to halt the practice would be engaging in outright defiance. He described such actions as a “grievous matter” that must be addressed decisively.

Ghana’s airport tax revenue has fallen short of expectations, dropping by GH₵400 million and missing the 2025 target by approximately 20 per cent. The Ministry of Finance’s latest data, analysed by JoyNews Research, shows that the government had projected nearly GH₵2 billion in airport tax inflows, targeting GH₵1.95 billion, but realised only about GH₵1.56 billion, resulting in the significant shortfall.

Managing Director of GCB Bank, Farihan Alhassan, has attributed the bank’s record-breaking performance in 2025 to its strong brand culture and the dedication of its workforce.

Parliament’s Public Accounts Committee (PAC) has summoned former Minister of Health, Dr. Bernard Okoe-Boye, over the payment of GH¢20 million as mobilisation funds for a Parliamentary Service Hospital project despite no work done. The development has intensified scrutiny over public spending and project execution within the health sector, particularly concerning large-scale infrastructure projects funded with public resources.

Some OMCs Increase Fuel Prices Ahead of April 1 Adjustment Following NPA Price Floor

Several Oil Marketing Companies (OMCs) in Ghana have begun increasing pump prices ahead of the official April 1–15, 2026, adjustment window under the Price Deregulation Policy.

Former Information Minister and Kojo Oppong Nkrumah has strongly criticised the decision by Parliament’s Majority side to block a proposed inquiry into the controversial Gold-for-Reserves programme. The Offoase-Ayirebi MP described the move as a serious setback for parliamentary oversight and accountability in Ghana.

Mr. Oppong Nkrumah, who also serves as Ranking Member on Parliament’s Economy and Development Committee, was the originator of the motion seeking a comprehensive investigation into the programme, which has been implemented by the Bank of Ghana since 2021.

The motion, debated on Friday, March 27, 2026, aimed to examine the programme’s design, operational procedures, financial performance, and cost structure. Introduced under the previous administration, the Gold-for-Reserves initiative is intended to boost foreign exchange reserves, stabilise the cedi, and reduce Ghana’s reliance on external currencies by leveraging the country’s gold resources.

Historically, Ghana has relied on commodity exports such as cocoa, dating back to 1897, to accumulate foreign exchange. The Gold-for-Reserves programme marked a shift by making gold a central instrument in modern reserve-building strategies. Oppong Nkrumah highlighted that the initiative has become one of the most significant contributors to Ghana’s foreign exchange accumulation in recent economic history.

Despite this, the Majority side rejected the motion via a voice vote, effectively halting a formal parliamentary inquiry. Mr. Oppong Nkrumah described the decision as “bizarre” and argued that the inquiry would have allowed Parliament and the Ghanaian public to gain a clearer understanding of the programme’s performance, including claims of a $214 million loss recorded in 2025.

Concerns About Financial Transparency and Cost Efficiency

Oppong Nkrumah raised questions about the programme’s cost structure, alleging that approximately 15 per cent of every $10 million released by the Bank of Ghana in 2025 was lost to handling, transactional, and related charges. He insisted that such figures require a thorough parliamentary investigation to assess efficiency and identify potential corrective measures.

He also questioned the management of the gold reserves, noting that around 50 per cent of gold acquired under the programme was sold in the fourth quarter of 2025. This occurred even as calls for a parliamentary inquiry were being made, and the MP described the timing as illogical, particularly given subsequent government plans to repurchase gold at higher prices.

Potential Links to Illegal Mining

Another major issue highlighted by Oppong Nkrumah concerns the sourcing of gold, particularly in the context of illegal small-scale mining, commonly known as galamsey. While official figures suggest that 60 per cent of Ghana’s gold exports come from small-scale mining, experts estimate that up to 80 per cent of this segment may involve illegal activities. He warned that without proper oversight, the Gold-for-Reserves programme could inadvertently rely on gold sourced through illegal channels.

The Minority MP accused the Majority of prioritising political narratives over fact-based oversight. “It is obvious that the Majority side has chosen partisanship over Ghana’s best interest. They prefer propaganda to facts,” he said.

Commitment to Accountability

Despite the setback, Oppong Nkrumah confirmed that the Minority side would not abandon efforts to ensure accountability. He pledged to pursue alternative avenues and suggested that a future Parliament with a different composition could revisit the inquiry. “There is no statute of limitations on matters such as this,” he emphasised.

The rejection of the motion leaves key questions unanswered regarding the Gold-for-Reserves programme, including its true financial performance, cost efficiency, long-term sustainability, and potential links to illegal mining. Analysts and citizens alike are left waiting for clarity on a programme that has played a pivotal role in Ghana’s modern foreign exchange strategy.

The Institute of Economic Research and Public Policy has criticised what it describes as a contradiction in the anti-corruption agenda of the government led by John Dramani Mahama, questioning the rationale behind recent policy decisions.