No Plans to Renegotiate IMF Deal – Ato Forson

Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has firmly stated that the government has no intention of reopening negotiations or seeking an extension of the ongoing support programme with the International Monetary Fund (IMF). The Minister made the remarks during a joint press briefing with IMF representatives held in Accra on Tuesday, April 15.

Addressing questions on whether the government might consider altering the terms of the agreement, Dr. Forson dismissed such suggestions, insisting that the administration is fully committed to executing the programme as initially designed. According to him, calls for renegotiation would imply a lack of belief in the framework that both parties have committed to.

“Suggesting renegotiation means there’s a fundamental disagreement or lack of faith in the programme’s design,” he explained. “That is not the government’s position. We believe in the programme and remain committed to implementing it faithfully to achieve the intended goals.”

He acknowledged that some structural benchmarks and quantitative targets were not met before the current administration assumed office. However, he emphasized that since taking over, the government has taken significant steps to get the programme back on track and deliver on its promises.

To strengthen fiscal governance and ensure the effective implementation of the IMF-backed reforms, Dr. Forson announced a series of initiatives. Among them is a comprehensive audit of government payables and contractual commitments, aimed at verifying the authenticity and value of these obligations.

“We’ve tasked the Auditor-General, in collaboration with two international auditing firms, to conduct a thorough review of all outstanding government commitments,” he revealed. “This audit will help ensure transparency and guide the implementation of corrective actions. We expect the process to be completed within eight weeks.”

Additionally, Dr. Forson highlighted the passage of an amendment to Ghana’s Public Procurement Act. Under the revised legislation, all central government procurement processes must now receive formal authorization from the Finance Minister through the issuance of a commitment certificate. This move, he noted, is part of a broader strategy to control public spending and reduce fiscal slippages.

In a bid to further boost accountability across government entities, Dr. Forson unveiled plans to introduce a new performance monitoring tool — the Public Financial Management (PFM) Commitment Control Compliance League Table. This ranking system will evaluate and publicly disclose the compliance levels of Ministries, Departments, and Agencies (MDAs) with the provisions of the PFM Act.

“The goal is to enhance discipline and transparency in the use of public funds,” he said. “By making compliance data public, we can encourage better behavior and reward institutions that are managing their resources responsibly.”

Throughout the briefing, Dr. Forson reaffirmed the government’s belief in the IMF programme as a pathway to stabilizing the country’s economy, restoring investor confidence, and building a foundation for sustainable development. He stressed that the reforms being implemented are not just in response to IMF conditions, but are in the long-term interest of the Ghanaian economy.

“These reforms reflect our own national priorities as much as they align with the IMF framework. We are committed to restoring macroeconomic stability, reducing debt vulnerabilities, and strengthening our financial systems,” he noted.

The Finance Minister concluded by emphasizing that Ghana’s engagement with the IMF is built on mutual trust and shared objectives. As such, the government will continue to work closely with the Fund while staying the course on its reform agenda.

“Our focus is on delivery. The programme gives us a framework, but success ultimately depends on our discipline and commitment,” Dr. Forson said.