Ghana's economic recovery driven by structural reforms - Ato Forson

Dr Cassiel Ato Forson told international investors that Ghana's recent economic progress is the result of deliberate structural reforms rather than temporary policy measures. He addressed participants at the 2026 Spring Meetings of the International Monetary Fund and World Bank Group in Washington, stating, "Growth has exceeded expectations, driven by strong performance in services and agriculture, while inflation continues to decline steadily, supported by tight monetary policy, fiscal consolidation, and a strengthening cedi. These are not cosmetic gains. They are outcomes of well-thought-through reforms, backed by laws and disciplined implementation."

Dr. Forson outlined reforms to sustain recovery, including streamlining government size, amending the Public Financial Management Act to introduce fiscal rules, and establishing independent oversight institutions such as a Fiscal Council and an Office of Value for Money. He highlighted changes in public funds management, petroleum revenue utilisation, tax administration, and the restructuring of royalties to support infrastructure development. Further interventions include payroll audits, rationalisation of public programmes, energy sector reforms, and restructuring of COCOBOD.

According to Dr. Forson, these measures have strengthened Ghana's external position through increased exports, rising reserves, and progress in debt restructuring. Investors welcomed the reforms and noted improvements in market confidence, including lower bond yields and better sovereign credit ratings.