Finance Minister Dr Cassiel Ato Forson has revealed that the GH₵4.5 billion disbursed by the International Monetary Fund (IMF) was utilised between January 1 and January 6—just six days before the current Mahama-led administration assumed office.
Presenting the 2025 Mid-Year Budget Review, Dr Forson explained that the funds were used by the previous government to cover critical expenditures. As a result, no arrears were passed on to the current administration.
“It is important to note that there was no build-up in arrears payable during the period under review, signaling strong commitment control and fiscal discipline,” he said.
He further noted that Ghana’s fiscal deficit for the first half of the year was mainly financed from domestic sources, with net domestic financing recorded at GH₵13.1 billion—significantly below the GH₵18.7 billion target.
Net foreign financing stood at GH₵2.8 billion, primarily from the use of the GH₵4.5 billion IMF disbursement.
Despite the early-year spending and ongoing economic challenges, Dr Forson assured that Ghana remains on track with the implementation of the IMF-supported programme.
He added that the country has borrowed less than initially projected, which he described as evidence of prudent fiscal management and strong expenditure control.
The Finance Minister stressed that the current government differs significantly from the previous NPP administration, particularly in its fiscal discipline and approach to managing the economy.
He assured that efforts are ongoing to stabilise the economy while maintaining transparency in fiscal operations.
Between January 1st and 6th, the IMF disbursement of 4.5 billion was spent, six days before the Mahama administration took office — Cassiel Ato Forson, Minister for Finance #MidYearBudgetReview pic.twitter.com/jGf2gt5VgZ
— Joy Prime (@JoyPrimeTV) July 24, 2025
