The government could seek additional funding from the International Monetary Fund (IMF) during its ongoing three-year programme to stabilize the economy.Finance Minister-designate Dr Cassiel Ato Forson disclosed this on Thursday, emphasizing the government's commitment to working with the IMF while seeking further financial support.

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"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 said ahead of a meeting with an IMF team currently in Accra."The reliance on Treasury bills and others has not been very helpful," added Forson, who previously served as deputy finance minister.The IMF has yet to comment on this development.

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The 46-year-old chartered accountant also outlined plans to cut public spending to reduce inflation further."There is a lot of wastage in the system and we will cut them," he said, noting that the measures would help the government resume domestic bond issuance by mid-year.Ghana defaulted on most of its external debt in 2022, leading to a restructuring process nearing its conclusion.

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Forson confirmed that the government aims to finalize agreements with non-Eurobond commercial creditors.President Mahama, who previously led the country from 2012 to 2017, had campaigned on renegotiating the terms of Ghana's IMF bailout. However, market analysts suggest limited flexibility in altering the current programme.

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Mahama's commitment mirrors similar pledges by reformist leaders elected in emerging markets last year, such as Sri Lanka's Anura Kumara Dissanayake, who vowed to reassess IMF terms.The president has moved swiftly to form a government, appointing John Abdulai Jinapor as Energy Minister and Dominic Akuritinga Ayine as Attorney General and Justice Minister.

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Ministerial nominees must receive approval from Parliament, where the NDC holds a two-thirds majority.Forson also highlighted plans to overhaul the cocoa sector, which has faced significant challenges."We need to look at the issues of funding, diseased crops, and production very well. The whole sector needs an overhaul," he stated.

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