Home Headlines Ato Forson Denies Claims of IMF Request and Outlines Revenue Strategy

Ato Forson Denies Claims of IMF Request and Outlines Revenue Strategy

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Dr Ato Forson
Dr Ato Forson

Dr. Cassiel Ato Forson, Ghana’s Finance Minister-designate, has emphatically denied claims that he plans to seek additional financial support from the International Monetary Fund (IMF).

Addressing the Appointments Committee of Parliament on Monday, January 13, 2025, Dr. Forson clarified that his earlier remarks had been misunderstood by certain sections of the media.

“I didn’t say I was going to request additional finance from the IMF,” he asserted. “It’s inaccurate reportage. What I said was that we could request additional finance if the need arises.”

Dr. Forson further explained that his comments had been speculative and were not intended to signal any immediate move towards additional IMF assistance. He emphasized that Ghana’s economic strategy must remain flexible, with any decision to seek further IMF support being contingent upon the country’s economic needs.

“The possibility of seeking additional IMF support should not be ruled out entirely,” he noted, “but such a decision would only be made if circumstances warranted it.”

He also urged the media to exercise more caution in reporting sensitive economic matters, cautioning that misrepresentation could create unnecessary public anxiety. “Sika mpɛ dede” – a Ghanaian adage meaning “money dislikes noise” – was his way of underscoring the need for restraint and focus when discussing the country’s financial situation.

As part of his broader economic vision, Dr. Forson outlined plans to increase Ghana’s tax revenue from the current 13.8% to between 16% and 18% of GDP, should his nomination as Finance Minister be approved. This increase, he argued, would be crucial for ensuring the country’s fiscal sustainability without resorting to excessive borrowing.

The Finance Minister-designate’s comments were part of a larger push to assure Ghanaians that his focus remains on strengthening domestic revenue mobilization as a key pillar of the nation’s economic growth.

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