Ghana Eyes Extra IMF Funding Amid Economic Restructuring

Ghana's new government, led by President John Dramani Mahama, is considering seeking additional funding from the IMF under its three-year program. Finance Minister Designate Cassiel Ato Forson emphasized restructuring the economy, cutting public spending, and overhauling crucial sectors like cocoa to address inflation and debt challenges.

Ghana's newly elected government, headed by President John Dramani Mahama, is exploring additional funding from the International Monetary Fund (IMF) to bolster the nation's economy. This move was announced by Finance Minister Designate Cassiel Ato Forson, who highlighted the need for extra financial assistance while acknowledging existing commitments under a three-year IMF program.

Forson, known for his prior role as deputy finance minister, emphasized strategies to cut public spending and reduce inflation. He expressed a need for domestic reforms, particularly in the management of the cocoa sector, to reinvigorate economic growth. His comments came ahead of his meeting with an IMF delegation in Accra.

As Ghana recovers from its most severe economic crisis in a generation, the new administration faces the challenging task of restructuring external debt and revising bailout terms with the IMF. With a significant majority in Parliament, Mahama's National Democratic Congress aims to swiftly implement changes to boost economic stability and job creation.

(With inputs from agencies.)