The Minister of Finance, Dr Cassiel Ato Forson, has declared that Ghana will not return to the economic challenges that forced the country to seek international support, insisting that the government’s reforms have restored stability and placed the economy on a sustainable path.
Presenting the 2026 Mid-Year Budget Review in Parliament on Thursday, July 23, Dr Forson said fiscal discipline had been restored, macroeconomic stability had returned, and investor confidence was being rebuilt after years of economic difficulties.
“Under the leadership of His Excellency President John Dramani Mahama, Ghana is not going back. Ghana is moving forward,” Dr Forson told Parliament.
He said the improvements recorded in key economic indicators were beginning to translate into better conditions for households, businesses and workers, pointing to lower inflation and reduced borrowing costs as signs of recovery.
“Purchasing power has improved because inflation has fallen. To the entrepreneur who can now borrow at lower interest rates to expand their businesses and to the worker whose income now stretches further because the cedi has stabilised,” he said.
“These improvements are not abstract statistics. They are the dividend of sound and competent economic management,” he added.
Dr Forson acknowledged that the measures implemented to stabilise the economy came with significant sacrifices for Ghanaians, but argued that the reforms had created a stronger foundation for long-term growth.
“We recognise that the sacrifices required to restore the economy were significant and that many households continue to face challenges. But we also know that the foundations of Ghana’s economy are now firmly in place,” he said.
The Finance Minister said the government had strengthened institutions responsible for safeguarding economic gains, adding that the next phase of reforms would focus on sustaining growth, protecting debt sustainability and improving economic resilience.
His comments come ahead of the expected conclusion of Ghana’s Extended Credit Facility programme with the International Monetary Fund, with Dr Forson announcing that the IMF Executive Board is expected to approve the final review of the bailout programme next week.
He said Ghana is also expected to transition into a 36-month Policy Coordination Instrument (PCI), a non-financing arrangement aimed at supporting countries that no longer face balance of payment challenges.
“The PCI will anchor our next phase of reforms, strengthening macroeconomic resilience, support broad-based growth, and signal our unwavering commitment to sound and disciplined macroeconomic policy,” he said.
Dr Forson said the programme would focus on six priority areas, including fiscal consolidation, debt sustainability, fiscal transparency, monetary and exchange rate policy reforms, financial sector stability and economic diversification.
He added that successful implementation of the reforms would strengthen Ghana’s prospects of achieving investment-grade status and improve access to concessional financing for development projects.
The “Ghana is not going back” declaration is expected to be one of the key political messages from the Mid-Year Budget Review, as government seeks to frame recent economic improvements as evidence of a broader recovery following Ghana’s worst economic crisis in decades.
