Ghana’s Finance Minister, Dr. Cassiel Ato Forson, and his staff have received praise from Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), for their “strong commitment to the Fund-supported program and reforms aimed at restoring macroeconomic stability.”
Georgieva commended Dr. Forson’s leadership during a meeting on Saturday and emphasized Ghana’s noteworthy progress in the face of adversity.
“The IMF remains a strong partner of Ghana,” she said, reaffirming the organization’s continued assistance.
Her comments follow news that Ghana and the IMF had reached a staff-level agreement on the fourth assessment of the Fund-supported program.
The deal will allow Ghana to receive about $370 million if it is formally approved by the IMF Executive Board.
The accomplishment represents a major turning point for the Mahama government, which took over an economy that had failed to meet a number of quantitative goals and structural benchmarks under the initial program. The administration has acted quickly to halt the economic downturn since taking office, enacting structural changes with remarkable haste and producing outcomes ahead of schedule.
The significant backlog of unpaid commitments in 2024, which resulted in a significant primary deficit instead of the modest surplus originally intended, was one of the main issues the government handled.
In order to guarantee fiscal and debt sustainability, the administration responded by enacting audacious yet practical policies meant to enhance spending limits, restore budget credibility, and restore fiscal discipline.
The government has shown a strong commitment to economic recovery by completing a number of structural reforms that were initially planned for late 2024 and early 2025, in addition to stabilizing the macroeconomic climate.
Dr. Forson was joined at the meeting by Dr. Johnson Asiama, the Bank of Ghana’s governor; Seth Terkper, the senior economic advisor; and Dr. Nii Moi Thompson, the chairman of the National Development Planning Commission.
Source: newsthemegh.com