By Ebi Kesiena
Ghana’s newly appointed Finance Minister, Cassiel Ato Forson, has announced plans to seek additional financial support from the International Monetary Fund (IMF) to bolster the nation’s economic recovery.
Speaking to reporters in Accra on Thursday, Forson reaffirmed the government’s commitment to collaborating with international financial institutions to stabilise the economy and prevent further crises.
“We are committed to working with the IMF and are working hard to get more funding from the IMF, World Bank, and international development partners,” Forson said.
He acknowledged the hardships investors have endured and emphasised the need to avert another wave of economic instability. “We can’t have a second wave of economic crisis; we will work for the good of all,” he added.
Forson, 46, who previously served as Deputy Finance Minister, was nominated earlier in the day by President John Mahama, who was inaugurated recently after a landslide victory in the December 7 elections. An alumnus of the University of Oxford, Forson brings significant expertise to his new role, which will be pivotal in fulfilling Mahama’s campaign pledge to stabilise the economy and address the country’s debt challenges.
Ghana, once regarded as a promising investment destination, is emerging from one of the most severe economic and debt crises in its history. In 2022, the government was compelled to seek a $3 billion bailout from the IMF as soaring debt repayments consumed over half of its revenue, leaving the country unable to meet its financial obligations.
Under the IMF programme, Ghana implemented critical reforms, enabling it to restructure its debt and exit default status by October. The efforts have laid the groundwork for recovery, but Forson’s tenure will focus on sustaining these gains while addressing high living costs and other economic challenges that have weighed heavily on the populace.
As the nation navigates its recovery, Forson’s leadership will be critical in attracting further international support and ensuring that Mahama’s vision of a stable, prosperous Ghana becomes a reality.
