Reforms Driving Ghana’s Economic Recovery-Ato Forson

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.