The Finance Minister, Dr Cassiel Ato Forson, has acknowledged that the energy sector fiscal risks are still a challenge for the government.
However, he said they have put in place measures to reduce or eventually eliminate the energy sector shortfall.
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Speaking at a MoF-Bank of Ghana-International Monetary Fund (IMF) joint press conference on 4th review of IMF-Supported Programme on Tuesday April 15, Dr Forson said “We have now operationalised the single account mechanism and ensured that the Cash Waterfall Mechanism is being implemented according to guidelines to guarantee minimum contractual payments to the IPPs, among others.
“I want to use this opportunity to assure the Ghanaian people, the IMF and other key stakeholders that I will personally lead the charge to ensure that we implement all our commitments under the Fund-supported programme necessary to enable the approval of the 4th Review by the IMF Board.
“This approval will trigger the immediate disbursement of the 5th Tranche of US$370mn bringing the total disbursements under the programme to US$2.3 billion.”
Below is his full address…
You are warmly welcome to the joint GOG-IMF press briefing on the 4th Review of the IMF-ECF Programme conducted by the IMF staff, led by Mission Chief, Stephane Roudet.
The IMF mission which began on the 2nd of April 2025 has been successfully concluded today, 15th of April 2025.
Ladies and gentlemen, it has been two (2) weeks of hard work and commitment. What rather started like the most difficulty review of the programme has ended successfully with the IMF and Government of Ghana reaching a Staff Level Agreement (SLA) on the 4th Review today.
This marks a significant journey in our collective effort towards resetting the economy for the Ghana We Want in quest to restore and sustain macroeconomic stability and debt sustainability, build resilience through strong and ambitious structural reforms, and lay the foundations for stronger and more inclusive growth and job creation, while protecting the poor and the vulnerable.
We remain fully committed to the implementation of the programme and will do all it takes to ensure that the objectives of the programme are on track despite the challenges we have faced in programme implementation.
Although there were a number of structural benchmarks and quantitative targets under the programme that were breached at the time we took office.
We have worked tirelessly to reverse the situation and, in some cases, fast-tracked the implementation of some structural reforms ahead of their deadlines and embarked on additional reforms.
To begin with, pragmatic and bold measures have been put in place to address the large payable build-up in 2024 which resulted in large primary deficit compared to programmed modest surplus.
These measures are aimed at strengthening our spending commitment control system, eliminate the accumulation of payables, enhance budget credibility and promote fiscal and debt sustainability.
These measures include:
Ladies and Gentlemen, we have also remedied and implemented a number of structural reforms which were expected to be completed by end Dec 2024 and end Mar 2025 including the following:
Ladies and gentlemen, I must acknowledge that the energy sector fiscal risks is still a challenge, but we have put in place measures to reduce or eventually eliminate the energy sector shortfall.
We have now operationalised the single account mechanism and ensured that the Cash Waterfall Mechanism is being implemented according to guidelines to guarantee minimum contractual payments to the IPPs, among others.
I want to use this opportunity to assure the Ghanaian people, the IMF and other key stakeholders that I will personally lead the charge to ensure that we implement all our commitments under the Fund-supported programme necessary to enable the approval of the 4th Review by the IMF Board.
This approval will trigger the immediate disbursement of the 5th Tranche of US$370mn bringing the total disbursements under the programme to US$2.3 billion
Ladies and gentlemen, reaching a Staff-Level Agreement (SLA) on the 4th Review marks a great progress towards building the Ghana we want.
On behalf of H.E. President John Mahama, I wish to extend our heartfelt appreciation to the people of Ghana for their patience, resilience, and unwavering support.
We fully recognise the sacrifices made by every Ghanaian as we work together to restore macroeconomic stability, promote inclusive growth, and secure a brighter future for our nation.
We are equally grateful to the IMF Mission Team for their continued support, professionalism, and constructive engagement throughout this 4th review mission.
We look forward to continuing this strong partnership as we advance our economic recovery and reform agenda.
Thank you for your attention.
God bless our homeland Ghana.
