Ghana’s finance minister designate, Cassiel Ato Forson, has announced the possibility of seeking additional funding from the International Monetary Fund (IMF) during the country’s ongoing three-year programme to stabilize the economy. Forson, a seasoned economist and former deputy finance minister, emphasized collaboration with the IMF and other international partners to reduce reliance on Treasury bills for financing.
President John Dramani Mahama, recently sworn in after winning December’s election, nominated Forson to spearhead financial reforms aimed at addressing economic challenges. The new administration plans to cut public spending, reduce wastage, and revive domestic bond issuance by mid-year.
Forson also highlighted plans to conclude Ghana’s debt restructuring process by negotiating with non-Eurobond commercial creditors. The country defaulted on much of its external debt in 2022, leading to a restructuring that is nearing completion.
President Mahama, who previously led the country from 2012 to 2017, has pledged to renegotiate the terms of the IMF bailout. Despite campaign promises, market analysts believe Mahama will maintain the current programme.
Key ministerial appointments include John Abdulai Jinapor as energy minister and Dominic Akuritinga Ayine as attorney general. These nominees must be approved by Parliament, where the National Democratic Congress (NDC) holds a two-thirds majority.
Forson also announced plans to overhaul the cocoa sector, addressing funding challenges, diseased crops, and declining production. The new administration inherits an economy emerging from its worst crisis in a generation.
