Audio By Carbonatix
The Finance Minister, Dr Cassiel Ato Forson, has rejected criticism over government’s restrained spending.
He insists the Mahama administration is merely fulfilling binding commitments made by the previous Akufo-Addo government under Ghana’s $3 billion International Monetary Fund (IMF) programme.
Speaking on Joy News’ PM Express hours after presenting the 2026 Mid-Year Budget Review to Parliament on Thursday, Dr Forson said the current administration cannot ignore conditions attached to the IMF programme simply because a new government is in office.
“The NPP committed Ghana into an IMF program, signed an agreement with the IMF and borrowed $3 billion from them, and committed us, this government, that we would do 1.5% of GDP.
"This was the commitment the NPP made to the IMF, and took the money, of which by the time they were leaving office, they had spent three quarters of the $3 billion,” he said.
According to him, the IMF’s agreement is with the Republic of Ghana, not with any political party.
“Now, I have come as Minister of Finance. The IMF does not deal with political parties; it deals with governments and countries. I have a responsibility to achieve 1.5 per cent of GDP. Are you telling me that I should default on the promises of which government of Ghana has taken a loan from the IMF? Certainly no.”
Dr Forson said meeting the fiscal target has been critical to Ghana’s successful completion of the IMF programme.
“I have to make sure that this condition is met, and it is for that reason that the IMF is bold enough to go to their board that Ghana has achieved all the conditionalities for which they loaned us, and so Ghana is actually exiting the IMF programme.”
The Finance Minister expressed confidence that government remains on track to exceed the fiscal target agreed under the programme.
“This is a commitment that the people of Ghana and the government of Ghana must fulfil, and I can tell you that I am on course to fulfil this.
"I’ve done 0.9, and so by the end of the year, even if you annualise 0.9 halfway times two, it will be 1.8. It means getting to the end of the year, I will have room to be able to spend 0.3% more, and that is what it means.”
He stressed that the spending ceiling was never designed by the current administration.
“This is a commitment. I did not set the target. It was actually a conditionality under the IMF program.”
When host Evans Mensah suggested that government deserved credit because it was holding back spending, Dr Forson argued that abandoning fiscal discipline would have severe consequences.
“Oh no, but do you want me to spend and derail the IMF program? Is that what they want me to do?” he asked.
He maintained that violating the agreement would risk reversing Ghana’s economic recovery.
“It is President Akufo-Addo and his government that took Ghana to the IMF and agreed to this conditionality, unless they want me and President Mahama, because it’s President Mahama’s budget, to derail the IMF program, so that we spend as if there’s no tomorrow, crash the economy again, and go back to economic crisis with a haircut.”
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