Dr. Ato Forson Leads Ghana’s Delegation to the 2025 IMF Spring Meetings
Ghana’s Finance Minister, Dr. Cassiel Ato Forson, is leading the country's delegation to the 2025 IMF and World Bank Spring Meetings. This marks the first official participation in the meetings under the new National Democratic Congress (NDC) administration, led by President John Dramani Mahama.
The meetings follow closely after Ghana secured a staff-level agreement with the International Monetary Fund (IMF) for the fourth review of its IMF-supported program. This agreement is expected to lead to the release of approximately $370 million, supporting Ghana’s economic recovery agenda.
The Finance Ministry described this agreement as a significant milestone, especially considering that several structural benchmarks and quantitative targets under the program had been missed before the new administration took office. "The agreement reflects renewed international confidence in Ghana’s direction, largely driven by the swift and targeted actions taken by the new government," stated a representative from the Finance Ministry.
Ghana’s Economic Reset Under the Mahama-Led Government
The Ministry emphasized that the Mahama-led administration has been working diligently to address the country’s fiscal challenges, fast-track the implementation of key reforms, and introduce measures to restore macroeconomic stability. One urgent issue tackled has been the significant buildup of payables in 2024, which resulted in a primary deficit far exceeding initial projections. In response, the government launched a bold reform package to manage arrears, improve spending discipline, and strengthen public financial management (PFM).
Key measures implemented include:
- Commissioning a comprehensive audit of outstanding payables and commitments to verify their legitimacy and recommend corrective actions (expected to be completed in 8 weeks).
- Amending the Procurement Act to require the Finance Minister's approval before any central government procurement can proceed.
- Reforming the PFM Act to:
- Establish a binding debt rule targeting a 45% debt-to-GDP ratio by 2035.
- Require an annual primary surplus of at least 1.5% of GDP.
- Create an Independent Fiscal Council.
- Operationalizing a Compliance Desk at the Ministry of Finance to monitor Ministries, Departments and Agencies (MDAs) adherence to fiscal rules.
- Launching a PFM Commitment Control Compliance League Table to rank MDAs based on financial discipline and compliance.
Furthermore, the government has completed several structural reforms that were scheduled for the end of 2024 and March 2025, demonstrating its commitment to staying ahead of schedule.
Strategic Engagements in Washington
Throughout the week, Dr. Forson and the delegation are participating in a series of high-level meetings covering topics such as:
- Job creation
- Energy access
- Food security
- Climate resilience
A key highlight of the visit will be a meeting with IMF Managing Director Kristalina Georgieva to discuss Ghana’s progress, challenges, and the next steps in its economic reset. Other engagements will include meetings with:
- - The Paris Club
- - Rating agencies
- - The U.S. Treasury
- - Development partners and global investors
These engagements aim to deepen collaboration and strengthen investor confidence in Ghana’s fiscal trajectory.
Telling “Ghana’s Reset Story”
The Ministry states that Dr. Forson’s focus during these engagements is to present what he refers to as “Ghana’s reset story,” which encompasses a comprehensive vision of:
- - Restoring and sustaining macroeconomic stability
- - Ensuring debt sustainability
- - Driving inclusive growth and protecting vulnerable populations
- - Building resilience through structural reforms
According to the Ministry, this agenda aligns with Ghana’s broader development goal of achieving “The Ghana We Want.”
Read also: Mahama shares biggest regret at Kwahu Forum
Read also: Ashanti region: abenase community gains access to potable water after prolonged shortage