Ghana to Seek More IMF Funding, Finance Minister Pick Says

Accra: Ghana’s new finance minister, Cassiel Ato Forson, is on a mission. He wants to secure more support from the International Monetary Fund and other international partners. This comes as the country is still recovering from a tough economic crisis.

Forson mentioned that they’re committed to working closely with the IMF. He emphasized the need for more funding from the IMF, World Bank, and other development partners. He understands the challenges investors have faced and wants to prevent another economic crisis.

Ghana’s dollar bonds are holding steady at around 10%. The country is just starting to bounce back from a significant debt crisis. Last year, they had to ask the IMF for a $3 billion bailout because they were struggling to keep up with debt payments.

Thanks to some reforms, Ghana managed to restructure its debt and exit default last October. Their current IMF program is set to wrap up in May 2026, and a team from the IMF is already in the country.

Forson, who has a solid background in finance, pointed out that relying too much on treasury bills isn’t a good idea. He’s looking for cheaper financing options to help the government meet its needs.

He also mentioned that controlling inflation, which was around 23% last year, is crucial. The goal is to bring it down to single digits. Improving credit ratings and returning to the domestic bond market are also on the agenda.

His appointment still needs to be confirmed by parliament, but with the ruling party holding a strong majority, it seems likely.

Ghana’s new government plans to hold a national economic forum to gather support for its fiscal plans. They want to ensure that their proposals gain market confidence and are implemented effectively. Forson also mentioned the introduction of an independent office to oversee government contracts, ensuring they provide value for money. The focus is on spending wisely to drive growth and create jobs.