Finance Minister Dr Cassiel Ato Forson has defended the government’s restrained spending approach, warning that abandoning fiscal discipline would plunge Ghana back into economic turmoil and undermine the country’s hard-won recovery.

Speaking on Joy News’ PM Express hours after presenting the 2026 Mid-Year Budget Review to Parliament on Thursday, Dr Forson insisted the government cannot afford to spend beyond its means simply to satisfy critics.

He argued that Ghana remains bound by commitments made under the International Monetary Fund (IMF) programme negotiated by the previous Akufo-Addo administration.

“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.”

Dr Forson stressed that the IMF’s agreement is with the Ghana, not with any political party, making it the responsibility of the current administration to honour every condition attached to the programme.

“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.”

He said meeting those targets has been central to Ghana’s successful performance under the programme and has positioned the country to exit IMF support.

“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 program.”

According to the Finance Minister, the government is ahead of schedule in meeting the fiscal target.

“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.”

When host Evans Mensah suggested the government’s strong fiscal performance was largely because it was not spending enough, Dr Forson rejected the criticism.

“Oh no, but do you want me to spend and derail the IMF program? Is that what they want me to do?”

He argued that abandoning fiscal discipline would reverse the economic gains achieved so far.

“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.”