Finance Minister Dr. Cassiel Ato Forson has delivered a blistering critique of the economic wreckage inherited from the former New Patriotic Party (NPP) government, describing the state of Ghana’s finances as far worse than initially anticipated.
In an interview on Citi FM’s Breakfast Show on Friday, July 25, a day after presenting the 2025 Mid-Year Budget Review in Parliament, Dr. Forson revealed that upon assuming office, he discovered deep-rooted fiscal mismanagement, failed reforms, and a derailed IMF programme.
“Clearly, I had some understanding of what the situation was,” he said. “But I was amazed to see the details. Things were worse than we thought. First of all, I had always had the impression that the IMF programme, for example, was actually on track—only for us to go to the Ministry and realise that the programme was not on track.”
Dr. Forson’s revelations reinforced the sharp criticisms he had delivered on the floor of Parliament, accusing the previous administration of incompetence and a lack of genuine commitment to reforms.
Citing the IMF’s own analysis, he reminded Ghanaians that “the programme had deviated substantially from its targets by the close of 2024,” a view echoed by IMF Deputy Managing Director Bo Li.
According to the Minister, the NPP government merely paid lip service to the reform agenda, treating the IMF arrangement as a political box-ticking exercise rather than a credible turnaround strategy.
“They may have started [the programme] but never yielded results,” he said. “In fact, I don’t know one that they meant well by starting. They did it because they had to—not because they believed in it. It was a wishy-washy implementation.”
Since taking over the reins of the economy under President John Dramani Mahama, Dr. Forson said the new administration has realigned the IMF programme and restored credibility to Ghana’s fiscal path. He confirmed that the Fund’s Executive Board has completed the fourth review of Ghana’s performance, unlocking a $367 million disbursement.
“We have brought back confidence. We are building a stable path forward after inheriting a programme that was nearly derailed,” he said, assuring Ghanaians that the new economic leadership is focused on stability, accountability, and sustainable growth.
