Finance Minister Dr Cassiel Ato Forson has defended the government’s tight fiscal policy, insisting that Ghana cannot afford to abandon its commitments under the International Monetary Fund (IMF) programme in pursuit of short-term political gains.
He said the government’s cautious approach to public spending was necessary to protect the economic gains made under the IMF-supported programme and prevent the country from sliding back into another debt crisis.
Speaking on Joy News’ PM Express after presenting the 2026 Mid-Year Budget Review to Parliament on Thursday, Dr Forson rejected suggestions that the government’s fiscal performance was being achieved simply by refusing to spend.
He argued that the government was bound by fiscal commitments made by the previous administration when Ghana entered into the IMF programme.
According to him, the previous New Patriotic Party (NPP) administration committed the country to achieving a primary surplus of 1.5 percent of Gross Domestic Product (GDP) as part of the conditions attached to the $3 billion IMF facility.
He stressed that the obligation was undertaken by the Government of Ghana and therefore remained binding despite a change in political administration.
“IMF does not deal with political parties; they deal with government and countries. I have a responsibility to achieve 1.5% of GDP,” he said.
Dr Forson said abandoning the fiscal target would amount to reneging on Ghana’s international commitments and could undermine the country’s successful completion of the IMF programme.
He maintained that the government’s compliance with the programme conditions had helped restore confidence in Ghana’s economic management and contributed to the country’s exit from the IMF programme.
The Finance Minister said the government had already achieved a primary surplus of 0.9 percent of GDP halfway through the year and remained confident of meeting the full-year target.
He explained that the performance provided some room for additional expenditure later in the year without compromising the fiscal programme.
Dr Forson strongly rejected suggestions that the government should increase spending to stimulate the economy, warning that excessive expenditure could reverse the progress made.
When it was suggested that the fiscal gains were largely the result of government not spending, he responded: “Do you want me to spend and derail the IMF programme?”
The Finance Minister said Ghana’s previous economic crisis, which led to debt restructuring, should serve as a warning against reckless fiscal management.
He argued that the government must maintain discipline to avoid a return to the conditions that forced the country to seek IMF support and undertake a painful debt restructuring exercise.
Dr Forson further placed responsibility for the IMF commitments on the previous administration, saying the Akufo-Addo government entered into the programme and borrowed the funds, leaving the current administration with the obligation to fulfil the agreed conditions.
He insisted that the Mahama administration would not deliberately undermine the programme by pursuing spending policies that could destabilise the economy.
