Why Ato Forson is not spending

A section of Ghanaians, including the Minority in Parliament, have accused the Minister of Finance, Dr Cassiel Ato Forson, of being a miser and refusing to release funds for ministries and agencies to embark on development projects.

After the 2026 Mid-Year Budget Review presentation in Parliament, Minority Leader Alexander Afenyo-Markin described the statement as “empty,” saying expectations on project allocations were unmet.

Responding in an interview with Joy News and monitored by GhanaWeb Business, Dr Forson insisted government was spending strictly within its means.

He explained that Ghana’s fiscal discipline is tied to commitments made under the country’s International Monetary Fund (IMF) programme, which the previous administration entered with a $3 billion facility.

He explained that the NPP had promised the IMF of Ghana having a GDP of 1.5%, hence, the need for this government to honour that obligation and ensure it does not default on the conditions of the Bretton Woods institution.

The drastic action taken by the Finance Ministry on behalf of government, he said, led to the exit of the country from the IMF programme.

Dr Forson stressed that the IMF deals with governments, not political parties, and that Ghana must honour its commitments to safeguard credibility in international markets.

"I can spend only what I have. If I don't have the resources, I can't spend. The NPP went into an IMF programme, signed an agreement withe IMF and borrowed $3billion from them and committed us this government that we will do 1.5% of GDP. This was the commitment the NPP made to the IMF and took the money of which the time they were leaving the office, they've spent three quarters of the $3billion dollars," he said.

"Now, I have come as the Minister of Finance, the IMF does not deal with political parties, they deal with government and countries. I have a responsibility to achieve a 1.5% of GDP. Are you telling me that I should default on the promises of which Government of Ghana has taken loan from the IMF? Certainly no, I can't do that," he added.

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Although Ghana has now exited the IMF programme, the country remains under the Post‑Programme for Countries with IMF Involvement (PCI) framework, which requires continued adherence to fiscal targets and reforms.

The PCI, according to the finance minister, will provide a framework to anchor Ghana’s next phase of reforms after the successful completion of the country’s Extended Credit Facility (ECF) programme.

Dr Ato Forson said the IMF Executive Board is expected to approve the PCI alongside the final review of Ghana’s bailout programme.

He explained that unlike the ECF programme, the PCI is a non-financing arrangement designed for countries that no longer have, and are not expected to face, balance of payments challenges.

The PCI will guide Ghana’s economic reforms by strengthening macroeconomic resilience, supporting broad-based growth and demonstrating the government’s commitment to sound and disciplined macroeconomic policies.



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