Finance Minister Dr. Cassiel Ato Baah Forson says Ghana does not anticipate returning to the International Monetary Fund (IMF) for another financial bailout anytime soon, following progress made under the country’s current reform programme.
Addressing Parliament on Thursday, Dr. Forson said the government was confident Ghana had entered a new phase of economic management focused on stability, discipline, and long-term sustainability rather than dependence on emergency financial support.
According to him, President John Dramani Mahama believes Ghana’s ongoing IMF-supported programme should be the last bailout arrangement the country undertakes.
“It is my hope that this will be the very last time we ever go for an IMF bailout programme,” Dr. Forson quoted the President as saying.
“I repeat, no further IMF financial bailout is currently required in the foreseeable future,” he added.
The Finance Minister disclosed that Ghana had successfully completed the final review of its current IMF programme, subject to approval by the IMF Executive Board.
He explained that the country would transition from the Extended Credit Facility (ECF) arrangement to a Policy Coordination Instrument (PCI), which focuses on policy reforms, monitoring, and technical guidance without direct financial assistance.
Dr. Forson said the shift demonstrated that Ghana no longer required IMF funding support but remained committed to working closely with the Fund to sustain reforms and maintain macroeconomic stability.
“Mr. Speaker, we have evolved from the position of a supplicant to one of a partner with the International Monetary Fund,” he told Parliament.
He attributed recent economic improvements to fiscal discipline and reforms implemented by the government to stabilise the economy, rebuild investor confidence, and restore credibility in public financial management.
According to the Finance Minister, maintaining prudent fiscal policies would remain central to the government’s economic agenda going forward.
“The government’s focus going forward will be to maintain stability, strengthen growth, and avoid a repeat of past economic crises,” he stated.
“Fiscal prudence and discipline always deliver results,” Dr. Forson added.
Government officials say the transition to the Policy Coordination Instrument marks a significant turning point in Ghana’s economic recovery efforts, with greater emphasis on sustainable growth, investor confidence, and resilience against future shocks.
The IMF-supported programme was introduced to help Ghana address economic challenges including high inflation, debt distress, currency pressures, and declining investor confidence.
Authorities believe the reforms undertaken over the past years have laid the foundation for stronger economic management and reduced reliance on external financial rescue packages.
