Ghana’s newly appointed finance minister, Cassiel Ato Forson, has signalled plans to seek further funding from the International Monetary Fund (IMF) as the country faces ongoing economic instability.
Forson, who was appointed by President John Dramani Mahama earlier this week, shared his intentions during an interview with Reuters on January 9. He emphasized the importance of working closely with the IMF while also exploring additional financing from both domestic and international partners.
Forson acknowledged the country’s reliance on Treasury bills as unsustainable and stressed the need for alternative sources of funding to stabilize the economy. His remarks come ahead of discussions with an IMF delegation scheduled to visit Accra in the coming days.
The newly sworn-in President Mahama, inheriting a nation grappling with a historic debt crisis, has made restoring economic stability a top priority. Forson, a 46-year-old chartered accountant with advanced degrees in taxation and finance, outlined plans to reduce public spending and combat inflation, promising reforms in key sectors such as cocoa production. He also intends to revive domestic bond issuance by mid-year.
With Ghana’s economy still recovering from a default on much of its external debt in 2022, Forson emphasized that his government would prioritize completing debt restructuring negotiations, particularly with non-Eurobond commercial creditors. While Mahama had previously campaigned on renegotiating Ghana’s IMF bailout terms, analysts suggest the current IMF programme will likely remain in place given the country’s limited fiscal flexibility.
As the government moves forward with its fiscal reforms, Forson’s leadership and his focus on cost-cutting and sectoral improvements are expected to play a pivotal role in navigating Ghana’s economic recovery.
