Ghana Vows to Meet IMF Conditions and Accelerate Debt Restructuring Talks

Dr. Forson candidly acknowledged that Ghana had previously fallen short of meeting certain structural benchmarks required under the IMF agreement.

Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has reaffirmed the government's unwavering commitment to implementing the International Monetary Fund (IMF) programme and finalizing the country’s complex debt restructuring process. Speaking during a high-level meeting with the German Ambassador to Ghana, His Excellency Daniel Krull, Dr. Forson reiterated that the current administration is actively working to correct missed structural targets and restore investor confidence in the Ghanaian economy.

Dr. Forson candidly acknowledged that Ghana had previously fallen short of meeting certain structural benchmarks required under the IMF agreement. These benchmarks form part of Ghana’s broader macroeconomic reform agenda initiated under the $3 billion IMF Extended Credit Facility (ECF) programme approved in May 2023. The minister emphasized that these shortfalls occurred under the previous administration but stressed that his government has since implemented targeted corrective measures.

“We have taken concrete steps to address the structural benchmarks that were missed earlier. Our administration is committed to transparency, fiscal responsibility, and timely policy implementation. The fruits of these efforts will become visible in the coming months,” Dr. Forson assured.

One of the key pillars of Ghana’s economic recovery strategy involves the restructuring of its unsustainable external debt burden. Since defaulting on most of its external debt in late 2022, Ghana has been engaged in negotiations with both bilateral and commercial creditors to secure more favorable repayment terms. Dr. Forson reported that significant strides have been made, particularly with the Official Creditor Committee (OCC), co-chaired by China and France under the G20 Common Framework.

However, bilateral negotiations are ongoing, and the government is eager to accelerate this phase to unlock further IMF disbursements and attract fresh international investments. Dr. Forson appealed for Germany’s support in concluding bilateral agreements, highlighting the importance of such deals in stabilizing Ghana’s fiscal outlook.

“We are counting on the support of our bilateral partners, particularly Germany, to expedite the next phase of this process. Finalizing these agreements is critical to our recovery and to unlocking the next tranche of IMF funding,” he stated.

Ambassador Krull responded positively to Dr. Forson’s remarks, commending the government’s transparency and reform-oriented approach. He described the meeting as “insightful” and reaffirmed Germany’s commitment to supporting Ghana through bilateral cooperation and economic diplomacy.

“Germany remains a steadfast partner in Ghana’s development journey. We are ready to proceed with the signing of the relevant bilateral agreements and work closely with your government to ensure long-term financial and economic stability,” Ambassador Krull said.

The IMF-backed reforms are designed to restore macroeconomic stability, reduce inflation, increase domestic revenue, and enhance the efficiency of public sector spending. Ghana’s economy once hailed as one of Africa’s fastest-growing, suffered significant setbacks in recent years due to global shocks, including the COVID-19 pandemic, rising global interest rates, and the impact of the Russia-Ukraine war on food and energy prices.

With inflation gradually declining and the cedi showing signs of relative stability, the government remains optimistic that the combined effects of fiscal discipline, international support, and structural reforms will set Ghana on a renewed path toward sustainable growth and resilience.

As the nation looks ahead, stakeholders both at home and abroad are closely monitoring the progress of the IMF programme and debt restructuring efforts. The outcome of these initiatives will be critical not just for Ghana’s economic future, but also for broader investor sentiment across West Africa.