Finance Minister Ato Forson addresses Parliament on Ghana's exit from IMF bailout programme

Cassiel Ato Forson has announced that Ghana has successfully completed the final review of its International Monetary Fund (IMF) Extended Credit Facility programme and will now transition to a non-financing Policy Coordination Instrument (PCI).

Delivering a statement to Parliament on Thursday, May 28, 2026, Dr Forson described the development as a major milestone in the government’s economic recovery agenda, signalling Ghana’s shift from dependence on financial bailouts to a reform-focused partnership with the IMF.

According to the Finance Minister, the transition marks what he described as Ghana’s movement “from crisis management to stability” and from “dependence on financial bailout to partnership in reform.”

“Ghana has moved from the intensive care unit to the wellness centre,” he declared.

Dr Forson used the address to trace the country’s economic challenges beginning in 2022, when Ghana sought IMF support following severe fiscal pressures, debt distress, inflation, currency depreciation, and loss of access to international capital markets.

He accused the previous administration of economic mismanagement, stating that the crisis led to painful consequences for households, businesses, financial institutions, and investors.

The Minister referenced the 2022 debt crisis, sovereign credit downgrades by international rating agencies, the Domestic Debt Exchange Programme (DDEP), and Ghana’s request for debt restructuring under the G20 Common Framework as some of the most difficult moments in the country’s recent economic history.

According to Dr Forson, the current administration under John Dramani Mahama implemented major reforms after assuming office to restore macroeconomic stability and place the IMF-supported programme back on track.

Among the reforms highlighted were tighter expenditure controls, amendments to the Public Financial Management Act, establishment of the Goldbod initiative to strengthen foreign exchange reserves, operationalisation of the Sinking Fund, renegotiation of Independent Power Producer agreements, and the removal of taxes such as the E-Levy, Betting Tax, Emissions Levy, and VAT on motor insurance.

He also noted reductions in the size of government, including a cut in the number of ministers from 123 to 60 and a reduction in ministries from 30 to 23.

Dr Forson further presented a series of macroeconomic indicators which he said demonstrate significant economic recovery and fiscal improvement since 2025.

According to him:

• Real GDP growth reached 6.0 per cent in 2025
• Non-oil GDP growth rose to 7.6 per cent, the highest in 14 years
• Ghana’s economy exceeded the US$100 billion mark for the first time
• Inflation declined from 23.8 per cent in December 2024 to 3.4 per cent in April 2026
• The cedi appreciated by 40.7 per cent against the US dollar in 2025
• The debt-to-GDP ratio dropped from 61.8 per cent in 2024 to 44.7 per cent in 2025
• Treasury bill rates and the monetary policy rate recorded significant declines
• Ghana achieved a moderate risk of debt distress status

Dr Forson said the improvements reflect the benefits of fiscal discipline and prudent economic management.

“Macroeconomic stability is not an abstract policy objective; it is the foundation for jobs, incomes, investor confidence, and national prosperity,” he stated.

He further announced that Ghana’s future engagement with the International Monetary Fund would now be through the Policy Coordination Instrument, a non-financing IMF framework designed for countries that no longer require financial assistance but still seek policy guidance and credibility with investors.

According to him, the PCI arrangement will allow Ghana to continue benefiting from IMF policy assessments and technical support while strengthening investor confidence and improving the country’s international credit standing.

“The Policy Coordination Instrument is a non-financing IMF instrument designed for countries that do not require IMF financing but seek a credible framework for reform, regular policy reviews, and a stronger signal to investors and development partners,” he explained.

The Finance Minister also disclosed that the government is preparing a broader long-term economic transformation strategy known as “The New Economy,” which is expected to be unveiled in the 2027 Budget.

He said the programme would focus on job creation, productivity, economic resilience, and sustainable growth beyond macroeconomic stabilisation.

Dr Forson concluded by thanking Ghanaians for their patience and sacrifices during the difficult economic recovery process and assured the public that the government remains committed to sustaining fiscal discipline and preventing a return to economic crisis.