Ghana’s economy has moved from ICU to wellness centre — Ato Forson

Ghana’s economy has moved “from the Intensive Care Unit (ICU) to the Wellness Centre”, Finance Minister Dr Cassiel Ato Forson has declared, signalling what he describes as a decisive shift from crisis management to sustained macroeconomic recovery.

Presenting an update to Parliament on Thursday, May 28, on the progress in restoring macroeconomic stability and debt sustainability ahead of schedule, the Minister said the country is now transitioning from reliance on external financial bailouts to a more credible reform partnership anchored in discipline and investor confidence.

“For Ghana, this marks an important shift from seeking financial bailout to engaging as a credible reform partner while continuing to benefit from policy discipline, external validation and strengthened investor confidence,” he said.

Dr Ato Forson noted that the Policy Coordination Instrument (PCI) with the International Monetary Fund (IMF) would be central to sustaining reforms, providing regular policy assessments and technical support that reinforce investor confidence.

“The PCI will enable us to continue leveraging the IMF’s regular policy assessment and expertise as a signal to investors, thereby certifying the credibility of our stewardship and further strengthening our credit rating,” he stated.

He added that Ghana’s improved position reflects stronger fiscal discipline and coordinated policy action, which have helped stabilise key macroeconomic indicators.

The remarks come as government continues efforts to consolidate gains in inflation management, currency stability, debt restructuring and revenue mobilisation, amid attempts to rebuild long-term investor trust and economic resilience.

According to the International Monetary Fund (IMF), its engagement with Ghana is now shifting beyond the Extended Credit Facility (ECF) programme towards a reform-focused Policy Coordination Instrument (PCI).

It said ongoing discussions have combined the 2026 Article IV consultation, the final ECF review, and negotiations on a 36-month non-financing PCI, with emphasis on maintaining a credible fiscal path, strengthening economic resilience, and advancing structural reforms.

The Fund noted that improvements in Ghana’s debt trajectory have created some fiscal space to support development priorities while safeguarding recent macroeconomic stabilisation gains. However, it stressed that this space depends on the effective implementation of ambitious public financial management and structural reforms aimed at reducing risks linked to contingent liabilities.

Amid external uncertainties and elevated fiscal risks, particularly from state-owned enterprises and quasi-fiscal operations, the IMF said the PCI reform agenda will focus on stronger safeguards, transparency, and accountability.

It added that these measures are intended to reinforce policy credibility, rebuild fiscal buffers, and create room for priority investment and development spending.