The performance of Finance Minister Dr Cassiel Ato Forson can only be properly assessed after Ghana exits its current International Monetary Fund (IMF) programme, according to Akwasi Nsiah, host of Badwam on Adom TV.

Nsiah argued that Ghana’s economic experience between 2009 and 2025 shows a recurring pattern in which macroeconomic indicators improve under IMF supervision but deteriorate once the country regains full policy independence after exiting such programmes.

He recalled that Ghana entered an IMF-supported programme in 2009 following severe fiscal imbalances. During that period, inflation declined, budget deficits narrowed, and investor confidence strengthened. However, soon after exiting the programme around 2012, fiscal discipline weakened, election-related spending increased, and many of the gains achieved were reversed.

“This pattern is not unique to any particular government or political party,” Nsiah emphasised. “It is structural. The IMF imposes strict fiscal discipline, expenditure controls and close monitoring, which naturally leads to improvements. Ghana’s challenge has always been sustaining those gains after the IMF exits.”

He noted that the current IMF programme, which Ghana entered in 2023 following the 2022 debt crisis, has once again brought a measure of macroeconomic stability. Inflation has been easing, foreign exchange reserves have improved, and economic growth projections for 2024 and 2025 have become more positive.

Despite these developments, Nsiah cautioned against prematurely praising or criticising Dr Ato Forson based solely on the current economic indicators.

“Most of the improvements we are witnessing are occurring within an IMF framework, where policies are guided, monitored and in some cases enforced by the Fund,” he said. “It would therefore be intellectually dishonest to declare the Finance Minister a success or a failure at this stage.”

According to the Badwam host, the true test of leadership at the Finance Ministry begins after Ghana exits the IMF programme. He said that period will determine whether the country can sustain low inflation, control public spending, mobilise domestic revenue, manage debt responsibly and grow the economy without external oversight.

“If Ghana maintains fiscal discipline after the IMF exit, resists election-driven spending pressures and builds buffers for the future, then history will be kind to Ato Forson,” Nsiah explained. “But if old habits resurface, it will confirm that the IMF merely treated the symptoms rather than the underlying problems.”

He concluded by urging Ghanaians to assess economic managers with patience and historical perspective rather than short-term political considerations.

“The IMF period is about stabilisation. The post-IMF period is about competence, vision and discipline. That is when Ato Forson can truly be judged.”