Finance Minister, Dr. Cassiel Ato Baah Forson, recently welcomed US Ambassador to Ghana, Virginia Palmer, to the Ministry of Finance.
Dr. Forson expressed his profound gratitude to the United States for its unwavering support, particularly during Ghana’s challenging economic period in 2022.
Dr. Forson acknowledged setbacks in implementing Ghana’s IMF program but reaffirmed the country’s commitment to making necessary adjustments.
He assured Ambassador Palmer that Ghana is actively addressing outstanding arrears to Independent Power Producers (IPPs), stating, “We have also successfully streamlined the implementation of the Cash Waterfall Mechanism, ensuring that arrears will no longer accumulate.”
Additionally, Dr. Forson mentioned that Ghana is renegotiating power purchase agreements, which will be submitted to Parliament for approval.
He emphasized the need for urgent financial reforms, saying, “We recognize the need for urgent financial reforms, and we remain focused on implementing the necessary measures to stabilize our economy and secure a sustainable future for our people.”
Ambassador Palmer congratulated Dr. Forson on his appointment and commended his recent address at the Economic Dialogue, describing it as “the most candid speech I have heard from a Finance Minister in the last forty years.”
She welcomed Ghana’s commitment to settling payments owed to US companies, reinforcing the strong partnership between the two nations.
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