Ghana’s new government could seek extra funding from the International Monetary Fund during its current, three-year programme with the lender in order to cushion the economy, finance minister designate Cassiel Ato Forson said on Thursday.

President John Dramani Mahama, who was sworn into office this week after beating the ruling party candidate in December’s election, picked the former minority leader in parliament to serve in the key post of finance minister.

“We are committed to work with the IMF, but we also want to ensure that we can raise financing; additional finance, working with IMF and other domestic, international partners,” Forson, told reporters, ahead of a meeting with an IMF team that is currently visiting Accra.

“The reliance on Treasury bills and others has not been very helpful,” said Forson, who also served as a deputy finance minister before.

The IMF did not immediately respond to a request for comment.

Forson, a 46-year old chartered accountant who holds a Masters degree in taxation from Oxford and a doctorate in finance from a local university, said the new administration would also cut public spending to help lower inflation further.

“There is a lot of wastage in the system and we will cut them,” he said, adding that the move will also help the government to restart domestic bond issuance by mid-year.

The West African gold and cocoa producer defaulted on most of its external debt in 2022, leading to a painful restructuring which is at its tail end.

Sompaonline.com