Ghana’s economic gains driven by structural reforms – Ato Forson

Ghana’s recent economic gains are the result of deep structural reforms rather than short-term measures, Finance Minister Dr Cassiel Ato Forson told international investors during the 2026 Spring Meetings of the International Monetary Fund and World Bank Group in Washington.

“Growth has exceeded expectations, driven by strong performance in services and agriculture, while inflation continues to decline steadily, supported by tight monetary policy, fiscal consolidation, and a strengthening cedi,” he said. “These are not cosmetic gains. They are outcomes of well-thought-through reforms, backed by laws and disciplined implementation.”

Forson said the government remains committed to sustaining the recovery by consolidating gains and deepening reforms to build a resilient and inclusive economy.

He outlined key measures including reducing the size of government, amending the Public Financial Management Act to introduce fiscal rules, and establishing oversight bodies such as an independent Fiscal Council and an Office of Value for Money.

The minister also pointed to reforms in public funds management, petroleum revenue prioritisation, tax administration, and the restructuring of royalties to support infrastructure development.

Additional steps, he said, include payroll audits, rationalisation of public programmes, reforms in the energy sector, and restructuring of COCOBOD to improve efficiency and accountability.

Forson noted that Ghana’s external position has strengthened, supported by robust gold and cocoa exports, rising reserves, and near completion of debt restructuring.

“These reforms have translated into tangible market outcomes,” he said, citing declining bond yields and improvements in sovereign credit ratings.

“The gains we achieved in 2025 provide a solid platform for continued recovery and policy predictability. Our focus now is to consolidate these gains, strengthen confidence, and build a more resilient and inclusive economy.”

Investors at the meeting welcomed Ghana’s reform agenda, commending the scope of policy changes and progress made in stabilising the economy and restoring credibility.