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 The Finance Minister designate, Dr. Cassiel Ato Forson, has announced that the Mahama government may seek additional funding from the International Monetary Fund (IMF) as part of its ongoing three-year program with the lender during a press briefing on Thursday.



Forson, who was sworn in following President John Mahama&#8217;s victory in December&#8217;s elections, emphasized the administration&#8217;s commitment to collaborating with the IMF while also exploring various financing avenues.



 “We are committed to working with the IMF, but we also want to ensure that we can raise additional finance, working with IMF and other domestic and international partners,” he stated.



The minister&#8217;s comments came ahead of a scheduled meeting with an IMF team currently visiting Accra to discuss the country&#8217;s economic strategies. 



Forson noted that the government&#8217;s reliance on Treasury bills and other short-term financing methods has proven insufficient in addressing the economic challenges facing the nation.



To combat inflation and improve fiscal health, Forson announced plans to reduce public spending, citing significant wastage within the system.



 “There is a lot of wastage in the system, and we will cut them,” he asserted, adding that these measures would facilitate the resumption of domestic bond issuance by mid-year.



Ghana has faced significant economic challenges in recent years, having defaulted on most of its external debt in 2022. 



Forson indicated that the new administration aims to finalize the restructuring process by reaching agreements with its non-Eurobond commercial creditors.

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Gov’t Seek Out More IMF Funding- Ato Forson

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AUTHOR: Perpetual Tweneboah Koduah

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