Ato Forson heads Ghana team to IMF spring meetings

Finance Minister Dr. Cassiel Ato Forson is leading Ghana’s delegation to the 2025 International Monetary Fund (IMF) and World Bank Spring Meetings, marking the first high-level international engagement by the new Mahama-led National Democratic Congress (NDC) administration.

This year’s meetings follow closely on the heels of a major milestone: Ghana’s successful staff-level agreement with the IMF on the fourth review of its ongoing programme.

The deal, despite Ghana missing several structural benchmarks and quantitative targets before the new government took office, signals renewed international confidence in the country’s economic trajectory.

The agreement paves the way for the disbursement of approximately $370 million to support Ghana’s economic recovery.

Since assuming office, the Mahama administration has moved quickly to address inherited fiscal imbalances, particularly a ballooning stockpile of unpaid arrears in 2024 that created a significant primary deficit, far beyond the projected modest surplus.

In response, the government has rolled out an aggressive economic reform agenda, including:

• A comprehensive audit of outstanding government payables, expected to be completed within eight weeks, to verify legitimacy and identify corrective actions.
• Amendments to the Public Procurement Act require the Finance Minister’s sign-off before any procurement by central government entities can proceed.
• Reforms to the Public Financial Management (PFM) Act, including a binding debt ceiling of 45% of GDP by 2035 and a fiscal rule mandating a primary surplus of at least 1.5% of GDP annually.
• Establishment of an Independent Fiscal Council and the launch of a PFM Compliance League Table to rank ministries based on adherence to fiscal discipline.
• Operationalisation of a Compliance Desk at the Ministry of Finance to track performance against financial rules.

“This is about changing the culture of public spending,” Dr. Forson emphasised. “We are not just plugging holes—we’re rebuilding trust in Ghana’s economic management.”

The government has also completed several structural reforms ahead of schedule, originally slated for December 2024 and March 2025, underscoring its resolve to front-load key reforms and reset the economy faster.

Strategic engagements in Washington
In Washington, Dr. Forson and his delegation will engage in high-level talks focused on job creation, energy access, food security, and climate resilience.

A key highlight will be his meeting with IMF Managing Director Kristalina Georgieva, where Ghana’s progress and challenges will be reviewed.

Additional engagements include meetings with the Paris Club, credit rating agencies, the U.S. Treasury, and other development partners to deepen collaboration and build investor confidence.

“We are here not just to negotiate, but to lead a new conversation about Africa’s path to sustainable growth,” Dr. Forson said.

Throughout the meetings, Dr. Forson is expected to share “Ghana’s reset story”, a narrative grounded in fiscal responsibility, pro-poor policies, and a long-term vision of inclusive, resilient economic growth.