The United States Ambassador to Ghana, Virginia Palmer, has praised Finance Minister Dr. Cassiel Ato Forson for delivering what she described as the most candid speech from a Ghanaian Finance Minister in four decades.
During a meeting at the Finance Ministry, Ambassador Palmer commended Dr. Forson’s transparency at the National Economic Dialogue, highlighting that such openness is vital for building investor confidence and enhancing international partnerships.
The discussions revolved around Ghana’s economic outlook, ongoing reforms, and significant financial challenges. Dr. Forson acknowledged the setbacks in the country’s IMF-supported program but assured the Ambassador that the government is making necessary adjustments to stabilize the economy.
A major concern raised was the financial strain in Ghana’s energy sector, which faces a reported $2.2 billion shortfall. Dr. Forson pointed out that Ghana must pay $1.1 billion to ENI this year and stressed the need for structural changes in managing the finances of the sector. He mentioned that the government is working to clear arrears owed to Independent Power Producers (IPPs) through the Cash Waterfall Mechanism to prevent further debt accumulation.
The Finance Minister also revealed that power purchase agreements are being renegotiated and will be submitted to Parliament for approval as part of broader financial reforms.
Ambassador Palmer welcomed these measures and expressed appreciation for the government’s commitment to settling payments owed to U.S. companies operating in Ghana. She emphasized the importance of economic stability in attracting investment and strengthening Ghana-US relations.
Ambassador Palmer praised Dr. Forson’s transparency at the National Economic Dialogue, emphasizing that such openness is essential for investor confidence and stronger international partnerships.
Another key concern raised was the financial strain in Ghana’s energy sector, with a reported $2.2 billion shortfall. Dr. Forson noted that Ghana must pay $1.1 billion to ENI this year and emphasized the need for structural changes in managing the sector’s finances. He said the government is working to clear arrears owed to Independent Power Producers (IPPs) through the Cash Waterfall Mechanism to prevent further debt accumulation.
The Finance Minister also revealed that power purchase agreements are being renegotiated and will be submitted to Parliament for approval as part of broader financial reforms.
Ambassador Palmer welcomed these measures and expressed appreciation for the government’s commitment to settling payments owed to US companies operating in Ghana. She underscored the importance of economic stability in attracting investment and strengthening Ghana-US relations.
The meeting reaffirmed the commitment of both nations to implementing urgent financial reforms to ensure long-term economic stability and growth.
