Finance Minister Dr Cassiel Ato Forson has defended the government’s cautious spending approach, insisting it will not sacrifice fiscal discipline for political convenience or risk plunging Ghana back into an economic crisis.
Speaking on Joy News’ PM Express shortly after presenting the 2026 Mid-Year Budget Review to Parliament on Thursday, July 23, 2026, Dr Forson said the government remains committed to meeting the conditions of Ghana’s International Monetary Fund (IMF) programme to secure a successful exit.
According to him, the fiscal targets being pursued by the current administration were agreed upon by the previous Akufo-Addo government under the IMF-supported programme and must be honoured by the Government of Ghana.
“The NPP committed Ghana into an IMF programme, 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.
Dr Forson stressed that while governments may change, international obligations remain binding.
“IMF does not deal with political parties; they deal with governments and countries. I have a responsibility to achieve 1.5% of GDP. Are you telling me that I should default on the promises that the Government of Ghana has taken a loan from the IMF? Certainly not,” he stated.
The Finance Minister noted that Ghana’s adherence to the programme conditions has restored confidence in the country’s economic recovery, adding that the IMF has acknowledged the country’s progress.
“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,” he said.
Dr Forson further disclosed that the government remains on track to achieve its fiscal target by the end of the year.
“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 explained.
Responding to suggestions by host Evans Mensah that the government’s improved fiscal performance was largely due to reduced spending, Dr Forson rejected the claim, arguing that increased expenditure at this stage would undermine Ghana’s IMF programme.
“Oh no, but do you want me to spend and derail the IMF programme? Is that what they want me to do?” he asked.
He maintained that abandoning fiscal discipline would reverse the gains made so far and could push Ghana back into financial distress.
“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 programme, so that we spend as if there’s no tomorrow, crash the economy again, and go back to economic crisis with a haircut,” Dr Forson said.