The Minister-Designate for Finance, Dr. Cassiel Ato Forson, has underlined the government’s commitment to fully implementing the International Monetary Fund (IMF) agenda.

The Mahama administration is steadfast in its support of the IMF effort, Dr. Forson emphasized during his January 13 vetting by the Appointments Committee of Parliament.

He gave his word that the government would carry out the program with diligence in order to accomplish its goals and promote economic stability.

The existence of an IMF program is acknowledged by the NDC government. We are dedicated to carrying out the IMF program. We're also dedicated to accomplishing the IMF program's goals. "We intend to implement the IMF program rather than abandon it. The Republic of Ghana and the IMF have an agreement.

We are in government now, and it is our duty to carry it out. I have been on record that we will carry out the IMF program; we are not avoiding it.

Therefore, we won't back down from carrying out the IMF program no matter what. We shall apply it to the latter and accomplish the IMF program's goals.

In order to address Ghana's economic issues, such as growing public debt, inflation, and a worsening fiscal balance, the country has been negotiating with the International Monetary Fund (IMF) on a continuous basis.

In recent years, Ghana has experienced severe economic challenges that have been made worse by the COVID-19 pandemic, interruptions in global supply chains, and changes in commodity prices.

These challenges resulted in a growing fiscal deficit, high public debt, and inflationary pressures, leading to a loss of investor confidence and a decline in the local currency.

IMF Engagement

The Ghanaian government responded to these difficulties by asking the IMF for help stabilizing the economy. Negotiations for an IMF financial assistance program or bailout followed.

In order to get a financial package intended to stabilize the economy and carry out the required structural changes, the government held talks with the IMF.

Ghana and the IMF formally started negotiating a support package in July 2022, with an emphasis on a $3 billion extended credit facility (ECF).

The package was designed to provide financing and policy support to help Ghana reduce its fiscal deficit, restructure its debt, strengthen its institutions, and restore macroeconomic stability.