Throughout last week, at the 2025 IMF–World Bank Annual Meetings convened in Washington from October 13–18, Ghana’s high-level delegation led by Finance Minister Dr. Cassiel Ato Forson and Bank of Ghana Governor Dr. Johnson Asiama aggressively courted international investors and development partners with a message of economic stabilization, renewed policy credibility and investment-ready opportunities
In meetings on the sidelines of the Annual Meetings, officials underlined Ghana’s recent macroeconomic gains and a pipeline of projects seeking blended finance, private capital and technical partnerships.
Delegation briefings highlighted the government’s priority areas: energy-sector investment to reduce supply shortfalls, road and port infrastructure upgrades, agribusiness value-chain financing, and digital infrastructure meant to turbocharge fintech and services exports. Ghana’s pitch, officials say, is that the country has moved from crisis management to consolidation and now needs patient capital and development finance to sustain growth.
The Bank of Ghana Governor, Dr Johnson Asiama told reporters in Washington that the central bank has made tangible progress restoring foreign-exchange buffers and stabilising markets, crediting recent policy measures and initiatives that have channeled export proceeds into the formal banking system.
Dr. Johnson Asiama, speaking at the IMF/World Bank Governors Talk Series in Washington D.C., under the theme “From Crisis to Confidence: Ghana’s Journey to Macroeconomic Stabilisation”, asserted that “growth has rebounded, inflation has cooled, and Ghana is now outperforming expectations under the IMF programme.
“Inflation, which stood at 23.5 percent in January 2025, has since dropped to 9.4 percent in September the first single-digit rate in four years, beating the government’s 11.9 percent target.”
Dr. Asiama reaffirmed the central bank’s commitment to sustaining macroeconomic stability through prudent policy management and market confidence restoration.
Dr Asiama also flagged forthcoming regulatory frameworks including plans for virtual-asset oversight developed with IMF support as part of a broader effort to modernize Ghana’s financial architecture and reassure investors on transparency and risk management. He assured that Ghana is now positioned to exit the three year IMF’s Extended Credit Facility when it expires in May next year.
Dr Forson, in his statement, speaking to a packed audience of investors in Washington, underscored that the country’s economic turnaround is already evident in declining debt vulnerabilities and stronger macroeconomic fundamentals, reflecting the effectiveness of government policy interventions and reforms.
Consequently, Ghana’s economic growth is projected to rebound strongly in the final quarter of the year, as the second quarter grew 6.3% according to Ghana Statistical Service data, led by a revitalised real sector, while inflation, which has already seen significant declines, is expected to ease further and remain in single digits by year-end.
“The government remains on course to achieve a positive primary balance of 1.5% of GDP by the close of the fiscal year, a milestone that will further consolidate the gains made under ongoing fiscal reforms.
Dr. Forson reaffirmed the government’s dedication to implementing fiscal consolidation measures anchored on tight expenditure controls and prudent financial management.
This comes as the ministry has revealed that, over 70 public sector entities, including several Metropolitan, Municipal and District Assemblies (MMDAs), have complied with the Public Financial Management (PFM) Commitment Control and Expenditure Management Measures issued by the Minister for Finance on May 2, 2025.
The compliance update follows the submission of quarterly commitment control review reports to the Internal Audit Agency (IAA), in line with efforts to strengthen fiscal discipline and improve expenditure efficiency across government institutions.
The Ministry’s guidelines were designed to ensure that public entities commit and spend within approved budgetary limits, prevent the accumulation of arrears, and enhance transparency in the management of public funds.
Some of the institutions are GoldBod, Tema Oil Refinery, Ghana Enterprise Agency, Public Utilities and Regulatory Commission, Rent Control Department, State Interests and Governance Authority, Venture Capital Trust Fund and the Department of Parks and Gardens
Others include, NaCCA, Office of the Head of Civil Service, Office of the Administrator of Stool Lands, some Ministries, some Colleges of Education and Metropolitan, Municipal, and District Assemblies.
This high compliance rate signals increasing adherence to fiscal responsibility principles and improved coordination between internal auditors and spending officers.
The next phase is expected to focus on deepening real-time expenditure monitoring, addressing non-compliant entities, and promoting greater accountability across the public financial management ecosystem.
The move aligns with the government’s broader Public Financial Management (PFM) reform agenda, which seeks to consolidate gains in macroeconomic stability, control public spending, and strengthen the integrity of Ghana’s fiscal management framework.
Ghana’s finance team also sought to translate macro improvements into project-level commitments. Dr. Forson held talks with World Bank President Ajay Banga and other multilateral leaders aimed at accelerating concessional lending and technical support for public-private partnerships, while exploring guarantees and blended-finance facilities to mobilise private-sector participation in infrastructure and social-service projects. The Ministry’s public release framed these discussions as a push to “unlock new opportunities for the country’s development agenda.”
Dr. Forson said the renewed collaboration aims to channel World Bank resources toward sectors with the greatest impact on livelihoods and resilience. Ghana and the World Bank have agreed to deepen their partnership across five key sectors to accelerate the country’s economic transformation and strengthen long-term growth.
The talks focused on education, health, energy, roads, and agriculture, areas both sides described as central to Ghana’s medium- and long-term development goals.
“With this renewed collaboration, we are working together to accelerate Ghana’s journey toward a more resilient, inclusive, and sustainable economy,” he said.
The engagement signals the government efforts to leverage stronger multilateral partnerships to consolidate post-crisis recovery gains and attract new investments.
The World Bank currently finances several flagship projects in Ghana, ranging from education and social protection to infrastructure and agriculture. Strengthening this collaboration is expected to improve project implementation and expand access to concessional financing at a time when Ghana is implementing reforms under an International Monetary Fund–supported programme.
Addressing global investors on the sidelines of the Annual Meetings Dr Forson reaffirmed that the country’s economic recovery programme is on a firm path, assuring international investors of continued stability and resilience in the months ahead.
Dr. Forson said Ghana’s economic turnaround is already yielding measurable results, with declining debt vulnerabilities, improved fiscal discipline, and strengthened macroeconomic indicators.
According to Dr. Forson, Ghana’s economic growth is expected to rebound significantly in the last quarter of the year, buoyed by the recovery of the real sector, strong agricultural performance, and increased industrial productivity.
He stressed that the government’s fiscal strategy remains anchored on tight expenditure management, enhanced domestic revenue mobilisation, and transparent debt restructuring frameworks that support medium-term stability.
The Minister also used the platform to engage investors on Ghana’s private sector investment opportunities, noting that the government’s policy reforms are designed to attract sustainable capital inflows into infrastructure, energy, manufacturing, and agribusiness.
Dr. Forson expressed optimism that Ghana’s renewed fiscal discipline, coupled with a stable exchange rate and improved investor confidence, will accelerate the country’s transformation agenda and restore Ghana’s status as one of Africa’s most attractive investment destinations.
Observers at the meetings say Ghana’s approach is well-timed but faces headwinds. The IMF has warned about risks when African governments rely heavily on domestic borrowing a theme that Ghana’s delegation addressed by stressing renewed access to international markets and improved debt management capacity.
Delegates argued that a coordinated pipeline of bankable projects, backed by multilateral guarantees and anchored in strong governance, is the most viable route to draw long-term foreign capital without crowding out domestic credit.
Private investors attending side events described the Ghana pitch as credible noting clarity on policy direction and willingness to use blended instruments but said they will be watching for concrete guarantees on currency risk, contract certainty, and the speed of procurement reforms.
Development finance institutions, meanwhile, signaled openness to deepen engagement but emphasized the need for measurable progress on fiscal consolidation, debt transparency and financial sector reforms before scaling up cheaper, long-tenor financing.
For Accra, the Annual Meetings were more than a charm offensive: they were a market test. By parading a united finance team, showcasing recent reserve gains and pitching a slate of bankable projects, Ghana is trying to convert hard-won macro stability into investment and concessional support that can anchor medium-term growth.
Whether creditors and private investors respond with the scale and patience Ghana seeks will depend on follow-through at home fast implementation of reforms, clearer risk-mitigation instruments, and sustained engagement with multilateral partners.
By Toma Imirhe & Adnan Adams Mohammed
