U.S. Ambassador Applauds Finance Minister’s Transparency at Economic Dialogue

The United States Ambassador to Ghana, H.E. Virginia Palmer, has praised Finance Minister Dr. Cassiel Ato Forson for delivering what she described as the most candid speech by a Ghanaian Finance Minister in four decades. The commendation came during a meeting at the Ministry of Finance, where both officials discussed Ghana’s economic outlook, ongoing reforms, and pressing financial challenges.

Ambassador Palmer highlighted the importance of Dr. Forson’s transparency, noting that his open approach is essential for fostering investor confidence and strengthening international partnerships. In response, Dr. Forson reaffirmed the government’s commitment to addressing economic difficulties, acknowledging setbacks in the IMF-supported program but assuring that corrective measures are being implemented.

A major topic of discussion was Ghana’s struggling energy sector, which is facing a $2.2 billion shortfall. Dr. Forson stressed the urgency of paying $1.1 billion to energy company ENI this year and outlined measures to improve financial discipline. These include a streamlined Cash Waterfall Mechanism to clear arrears owed to Independent Power Producers (IPPs) and renegotiated power purchase agreements set to be presented to Parliament for approval.

Ambassador Palmer welcomed these initiatives and expressed particular interest in the government’s commitment to settling debts owed to U.S. companies operating in Ghana. She emphasized that a stable economic environment is crucial for attracting investment and strengthening bilateral ties.

The meeting underscored the shared commitment of both nations to financial reforms aimed at ensuring economic stability and sustainable growth.