(VIDEOS) ‘Last IMF Bailout’ — Ato Forson Says Ghana Will Not Seek New Programme After 2026
Finance Minister Dr Cassiel Ato Forson says Ghana will transition to a non-financing IMF policy framework instead of seeking another bailout after 2026.
- Ghana completes final review of IMF programme.
- Government rules out new IMF bailout after 2026.
- Debt-to-GDP ratio drops to 43.7%.
Finance Minister Dr Cassiel Ato Forson has announced that Ghana will not pursue another IMF bailout programme after the current $3 billion Extended Credit Facility expires in May 2026.
Addressing Parliament today, Dr Forson revealed that Ghana has completed the final review of its 17th IMF programme and is expecting a staff-level agreement before the end of September.
He described the development as a major milestone in the country’s economic recovery, adding that President John Mahama has made it clear that this should be Ghana’s final IMF bailout.
“The end of the IMF programme does not mean the end of responsible policy-making,” Dr Forson told lawmakers.
According to him, government will instead transition to a non-financing Policy Coordination Instrument (PCI) with the IMF to maintain fiscal discipline, policy credibility, and investor confidence without taking on additional financial support.
Ghana entered the three-year IMF programme in May 2023 following a severe economic crisis in 2022 that triggered soaring debt levels, rapid currency depreciation, and financial instability.
The programme focused on debt restructuring, fiscal consolidation, and key structural reforms aimed at restoring macroeconomic stability.
Dr Forson said the sacrifices made by Ghanaians are beginning to produce results, pointing to declining inflation, stronger economic growth, and a significant reduction in Ghana’s debt-to-GDP ratio.
He disclosed that the ratio dropped from 61.8% in December 2024 to 43.7% by July 2025.
The Finance Minister urged Parliament to continue supporting government reforms, stressing that the post-IMF agenda will focus on job creation, infrastructure development, social protection, and sustaining economic stability.
Dr Forson also used a medical analogy to describe Ghana’s economic progress, saying the economy has moved “from the Intensive Care Unit (ICU) to the Wellness Centre.”
“We were in crisis. Today, the key vitals are stable and improving,” he said.
From Martin Kwabena Ahwireng Quaye
