Debt Restructuring Complete: Forson to Outline Post-IMF Agenda

Finance Minister Dr. Cassiel Ato Forson is scheduled to present the 2026 Mid-Year Budget Review to Parliament on Thursday, July 23, 2026, in a statutory exercise that is expected to outline the government’s strategy for transitioning the economy from stabilisation to long-term growth and job creation.

The date for the presentation was confirmed on the floor of Parliament on Tuesday, July 14, 2026, by Deputy Majority Leader Kweku Ricketts-Hagan. The review comes ahead of the official conclusion of the Finance Minister’s consultations with Cabinet and a briefing for President John Dramani Mahama on the key policy proposals contained in the document.

This Mid-Year Budget Review, mandated by Section 28 of the Public Financial Management Act, 2016 (Act 921), is expected to go beyond a routine update on budget implementation. It is anticipated to serve as a comprehensive assessment of Ghana’s economic performance over the first half of 2026, covering revenue mobilisation, expenditure management, debt servicing, and the overall macroeconomic trajectory.

The statement will also indicate whether any adjustments to the macroeconomic assumptions underpinning the 2026 Budget are necessary in light of evolving domestic and global conditions.

A central theme of the review will be Ghana’s formal transition from its Extended Credit Facility (ECF) programme with the International Monetary Fund (IMF) to a new Policy Coordination Instrument (PCI). Ghana successfully concluded its ECF programme ahead of schedule, a significant achievement that follows a period of rigorous fiscal consolidation and structural reforms under the Mahama administration.

The 36-month PCI is a non-financing technical assistance arrangement designed to guide macroeconomic policy, sustain reform momentum, and signal Ghana’s commitment to prudent policies to investors and development partners.

Dr. Forson is also expected to brief Parliament on the successful completion of the external debt restructuring process, which is a major milestone in the country’s economic recovery. The Ministry of Finance announced on July 13, 2026, that the exchange of the outstanding SADEREA Notes had been settled, concluding the last outstanding component of Ghana’s sovereign bonded debt restructuring.

The exchange, which saw unanimous support from bondholders, reinforces the government’s commitment to restoring debt sustainability and strengthening investor confidence.

The review will provide critical updates on fiscal performance, outlining measures to manage expenditure while safeguarding priority sectors such as health, education, and infrastructure. Investors, development partners, and market participants will closely monitor the statement for any new tax, expenditure, or financing measures that could affect the fiscal outlook and broader business environment.

The review is expected to reaffirm the government’s dedication to maintaining the hard-won gains in macroeconomic stability while pivoting towards a growth-focused agenda centred on productivity, resilience, and inclusive economic expansion.

As the nation prepares for this crucial parliamentary session, all eyes will be on Dr. Forson as he articulates the government’s vision for the next phase of Ghana’s economic journey. The Mid-Year Budget Review represents not just a statutory reporting requirement, but a defining moment for the Mahama administration to demonstrate its commitment to delivering on its promise of economic transformation and shared prosperity for all Ghanaians.

The presentation will also provide development partners, investors, and the public with a comprehensive assessment of Ghana’s economic performance, while enabling Parliament to monitor government spending against the approved budget estimates and hold the executive accountable for the management of the nation’s finances.

With the successful conclusion of the external debt restructuring and the imminent transition to the IMF’s Policy Coordination Instrument, Ghana stands at a pivotal moment in its economic history.

The 2026 Mid-Year Budget Review will set the tone for the next chapter of this journey, as the government seeks to build on recent successes and create the conditions for sustained, inclusive, and resilient economic growth for the benefit of all Ghanaians.