Cassiel Ato Forson (PhD)

Summary of the Mahama Administration’s Key Macroeconomic Achievements in 2025 2025 will be remembered as a turning point for our economy. We inherited deep fiscal stress, high inflation, rising debt, and non-existent buffers — and we chose to act. Through bold reforms and disciplined management, we stabilised the economy, restored confidence, and reignited growth. Inflation and interest rates fell sharply, debt declined, reserves strengthened, and the cedi appreciated. The data speaks for itself 👇🏿

Ghana Successfully Concludes IMF Extended Credit Facility Programme and Transitions to a Non-Financing Technical Assistance Policy Coordination Instrument (PCI) This milestone represents the restoration of macroeconomic stability and debt sustainability, well ahead of the original timeline. Following the derailment of the IMF financial bailout programme at the end of 2024, the government of President John Mahama in 2025 acted decisively to bring it back on track and to recalibrate it by implementing a frontloaded fiscal consolidation, bold expenditure rationalisation, and strong structural reforms. These efforts have delivered tangible results: inflation has reduced significantly, the cedi has strengthened markedly, public debt as a share of GDP has declined sharply, and economic growth has rebounded strongly. Ghana’s sovereign credit ratings have improved significantly from restricted default (Junk Status) to ‘B’ with a positive outlook, representing five distinct rating levels upgrades. This reflects improved fiscal performance, normalised creditor relations, stronger external buffers, and renewed market confidence. Ghana’s gross international reserves have risen to an all-time high, reaching approximately US$14.5 billion by February 2026, almost 6-months of import cover. These foreign exchange reserve buffers provide Ghana with the capacity to withstand external shocks and stand on its own feet!

This announcement marks the definitive end of Ghana’s financial bailout relationship with the IMF. Government is exceedingly grateful to the people of Ghana for their sacrifices, resilience and forbearance.

Government of Ghana announces official conclusion of IMF Extended Credit Facility and Transitions to Non-Financing Policy Coordination Instrument(PCI).

Earlier today, President John Dramani Mahama assented to the bill establishing the Office for Value for Money. This office will help stop the inflation and padding of contracts, strengthen accountability, and ensure that the Ghanaian taxpayer gets real value for every pesewa spent. The Office for Value for Money will pay for itself through the savings it will generate by reducing wasteful expenditure and improving efficiency in public procurement. Most importantly, it will create fiscal space that can be redirected into critical sectors of the economy, including infrastructure, health, education, and social protection. This is another important step in our efforts to strengthen public financial management, protect public resources, and ensure fiscal discipline.

Fitch Upgrades Ghana to 'B'; Outlook Positive fitchratings.com/research/sover…

A while ago, I welcomed the World Health Organization Regional Director for Africa, Dr Mohamed Yakub Janabi, for discussions on strengthening Ghana’s health system. I noted that our focus must now go beyond long life to ensuring quality life for our people. Since 2025, we have undertaken major reforms in the health sector, including increasing budgetary releases, uncapping the National Health Insurance Levy, and ensuring that the NHIA receives its full allocations, ring-fenced strictly for health-related activities. We are also investing in the fight against non-communicable diseases through the Ghana Medical Trust Fund and the establishment of specialised non-communicable disease units. In addition, we recently launched the Free Primary Healthcare Programme. As support from the Global Fund for vaccines and critical medicines winds down by 2029, we are taking steps to ensure that, beginning January 2030, Ghana fully budgets for and finances these vaccines and essential medicines. Dr Janabi commended Ghana’s progress and stressed that a healthy population is essential for productivity and economic growth. He also underscored the need for Africa to strengthen local medicine and vaccine production, reduce dependence on imports, and invest more aggressively in tackling non-communicable diseases.

Congratulations to the Ghana Armed Forces for the remarkable speed and efficiency with which they are clearing the way for the construction of the Accra–Kumasi Expressway!

Earlier today, I co-chaired a meeting with Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, to advance implementation of the Ghana Accelerated National Reserve Accumulation Policy (GANRAP). Our focus is strengthening reserves and supporting a more stable cedi. Under the policy, we are reforming the gold acquisition framework and reinforcing compliance. The engagement was constructive. This is a partnership. Not anti-industry, but pro-country. We were joined by leadership of large-scale mining companies, Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board, and officials from the Minerals Commission.

Earlier today, my Deputy and I publicly filed our annual tax returns. We did so for a simple reason: leadership must be demonstrated, not declared. I want to congratulate the Ghanaian taxpayer for the consistent effort over the years in supporting government and contributing to national development. Your compliance sustains the state and makes progress possible. Paying taxes is a shared civic responsibility. It is the foundation of good governance and a cornerstone of national development. Public officials, professionals, businesses, and citizens are all equal before the law, and we must all comply. Compliance is not just a legal obligation. It is a moral responsibility. When each of us pays our fair share, the burden is distributed more equitably and development is accelerated. Tax revenue is what funds our schools, hospitals, roads, and security systems. I commend the Ghana Revenue Authority for its work, particularly during this Tax and Good Governance Month in April. This initiative provides an important platform to educate, engage, and encourage voluntary compliance. I urge the Authority to intensify public education and continue its ongoing reforms to simplify processes, reduce compliance costs, and improve transparency. The Ministry of Finance stands ready to support the GRA in fully delivering on its mandate. To those who are yet to file, I encourage you to do so promptly. Seek guidance where necessary and take advantage of the digital platforms and support systems available. A strong tax culture strengthens economic stability, deepens accountability, and builds a fairer society. Let us work together, through compliance and integrity, to build a more transparent, resilient, and prosperous Ghana.

Today, I had the honour of welcoming the International Monetary Fund Mission team, led by Dr. Ruben Atoyan, to commence the Sixth Review of Ghana’s programme under the Extended Credit Facility. As I reflected on the journey from the depths of the 2022 crisis to this key review, one thing was clear: this has been a long, demanding, but ultimately transformative partnership between Ghana and the Fund. It is, in every material sense, a success. Together, we have stabilised the economy. we have restored credibility. we have given renewed hope to the Ghanaian people. On behalf of the President and the people of Ghana, I expressed our deep appreciation to the IMF team. This progress is significant . It is the product of discipline, and difficult decisions taken in the national interest. But I was equally clear: progress does not permit complacency. Some Risks remain. And we must confront them with honesty and urgency. The most pressing of these is youth unemployment. I understand the weight of expectation on government. If we do not create the conditions for the private sector to absorb our young people, the pressure on the state to provide jobs will become unsustainable. Our path forward is therefore deliberate: We must ensure that stability translates into more investment, more jobs, and more opportunities for all. Because beyond the numbers, that is the true test of this recovery. Before the conclusion of this very important mission, we will take critical decisions on the next phase of Ghana's economic Reform agenda. This reform will target policy credibility, enforce reform discipline, and boost investor confidence. Encouragingly, the IMF team shares this assessment. They described this moment as a significant milestone and acknowledged the major successes achieved under the programme, crediting the strong efforts of government. This is where we are. With stability restored. With credibility regained. And with a renewed responsibility to convert these gains into lasting prosperity. We will keep the momentum!

I had the distinct honour of meeting Her Majesty @UNSGSA Queen Máxima of the Netherlands, the United Nations Secretary-General’s Special Advocate for Financial Health. Our conversation went beyond finance in its narrow sense. We spoke about financial inclusion, but more profoundly about financial health, the condition in which individuals are not merely connected to the financial system, but are empowered by it. At its core, an economy is not a compilation of figures. It is a living expression of human agency. It reflects whether people can withstand shocks, pursue opportunity, and plan their futures with confidence. In our reset agenda, we are guided by a simple but demanding philosophy. Stability must translate into security for households. Growth must translate into opportunity for individuals. And access must translate into dignity for all. Financial systems must not exist as distant structures that people navigate with difficulty. They must function as instruments that enable life to be lived with certainty, purpose, and hope. We are therefore committed to building an economy where inclusion is not symbolic, but practical. Where participation is not limited, but universal. And where no Ghanaian is left outside the circle of opportunity. Because the true test of our progress is not the strength of our aggregates, but the strength of our people.

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I have just concluded an engagement with international investors on Ghana’s economic outlook and reform programme. I emphasised that the gains we are seeing are not cosmetic—they are the result of deliberate, well-sequenced reforms engraved in law, underpinned by strong policy discipline. We have taken difficult but necessary decisions: reducing the size of government, enforcing mandatory commitment controls, amending the PFM Act with new fiscal rules, and establishing the Fiscal Council and the Office of Value for Money to strengthen oversight and eliminate waste. We have also uncapped statutory funds to better align spending with national priorities, reformed petroleum revenue and mining royalties to support infrastructure, and advanced reforms in tax administration, VAT, customs, payroll, energy, and the cocoa sector. These efforts are yielding results. Growth has exceeded expectations, inflation is declining, the cedi has stabilised, our external position has strengthened, and reserve accumulation is ahead of programme targets. Yields have declined, and investor confidence is returning. One after the other, investors expressed strong admiration for our reset agenda and the progress made in restoring stability and credibility. We remain focused on consolidating these gains, deepening reforms, and building a more resilient, inclusive, and growth-oriented economy.

On the sidelines of the IMF/World Bank Spring Meetings in Washington, D.C., I held a productive meeting with Mr. Ando Naoki, Senior Vice President of the Japan International Cooperation Agency (JICA). I reaffirmed that Ghana has moved beyond the economic crisis of 2022. Mr. Naoki noted that, based on the progress made by Ghana, JICA is confident of securing additional funding for the Volivo Bridge and expressed the hope that the contractor will mobilise by the end of the year to commence construction of this very important bridge. He also indicated that the tender process for the Inner Ring Road in Kumasi is ongoing. The project will: • Widen 3.2 km of road between Santasi and Ahodwo Roundabouts • Upgrade intersections with modern traffic signals • Improve pedestrian facilities and drainage systems • Enhance connectivity between Santasi Roundabout and the N8

Earlier at the IMF/World Bank Spring Meetings in Washington, D.C., I met with Anna Bjerde, Managing Director for Operations at the World Bank, to discuss Ghana’s progress and priorities. Despite recent global shocks, Ghana has remained resilient, supported by prudent policy decisions, buffers, and strong reforms. Increased gas production has also helped cushion the impact of rising energy prices. We are now addressing inefficiencies in the energy distribution sector through private sector participation to improve performance. Anna Bjerde reaffirmed the World Bank’s support and stressed the need to resolve energy sector challenges.

Today, at the IMF/World Bank Spring Meetings in Washington, D.C., I met with Ousmane Diagana, Regional Vice President of the World Bank for Western and Central Africa, and his team. I noted that Ghana has stabilised its economy and is firmly on the path to debt sustainability. We are now shifting focus from stabilisation to growth. We agreed to deepen collaboration in four key areas: • Commercial agriculture, agriculture industry, agribusiness, and jobs • Energy, particularly gas-to-power and gas-to-fertiliser • Education and human capital development • Infrastructure to ease the movement of goods We remain committed to disciplined fiscal management while protecting vulnerable populations. I welcome the World Bank’s continued support as we consolidate our gains and drive inclusive growth.