Finance Minister, Dr Cassiel Ato Forson, says Ghana does not expect to return to the International Monetary Fund (IMF) for another financial bailout in the foreseeable future.
He explained that the country has moved from being a recipient of emergency financial support to a more equal policy partner with the IMF.
Addressing Parliament on Thursday May 28, he said President John Dramani Mahama believes Ghana should not need another bailout again after what would be the country’s 17th IMF programme.
“It is my hope that this will be the very last time we ever go for an IMF bailout programme,” he quoted the President as saying, adding “I repeat, no further IMF financial bailout is currently required in the foreseeable future.”
Dr Forson reiterated that Ghana has successfully completed the final review of its current IMF-supported programme, pending approval by the IMF Executive Board.
He said the country will now transition from the Extended Credit Facility programme to a Policy Coordination Instrument, which does not provide funding but focuses on reforms, monitoring, and policy guidance.
According to him, this new arrangement signals that Ghana no longer needs IMF financial support but will continue working with the Fund on reforms and economic oversight.
“We have evolved from the position of supplicant to one of a partner with the International Monetary Fund,” he told Parliament.
Dr Forson stressed that the recent economic progress is the result of strict fiscal discipline and reforms introduced to stabilise the economy and restore confidence.
He said government’s focus going forward will be to maintain stability, strengthen growth, and avoid a repeat of past economic crises.
“Fiscal prudence and discipline always deliver results,” he added.
Government says the shift marks a new phase in Ghana’s economic management, with emphasis on sustainability, investor confidence, and long-term stability rather than reliance on bailout programmes.
