Cassiel Ato Forson, Ghana’s recently nominated finance minister, says the country is aiming to deepen ties with the International Monetary Fund (IMF) as it works to rebuild an economy battered by a historic debt crisis.
The context
- Forson, 46, a former deputy finance minister, was nominated earlier Thursday by President John Mahama, who took office following a landslide win in the Dec. 7 election.
- Ghana, once a regional economic leader, sought a $3 billion IMF bailout in 2022 after its debt burden became unsustainable, consuming over half of government revenue.
What he said
- “We are committed to working with the IMF and are working hard to get more funding from the IMF, World Bank, and international development partners,” Forson said Thursday in Accra.
- “We know what investors have gone through. We can’t have a second wave of economic crisis; we will work for the good of all.”
Zoom in
Reforms tied to the bailout helped Ghana exit default in October 2024, but challenges remain:
- High living costs and investor uncertainty persist.
- Mahama’s administration has promised to steady the ship, with Forson playing a key role in executing that vision.
Source: Bloomberg
