On 25 March 2025, The Minister of Finance welcomed the United States Ambassador to Ghana, Virginia Palmer, to the Ministry of Finance, expressing heartfelt appreciation for the unwavering support of the US over the years. The Minister highlighted the critical assistance received during Ghana’s economic challenges in 2022, underscoring the importance of the partnership between the two nations.
Acknowledging the setbacks in the implementation of Ghana’s IMF program, the Minister reaffirmed the government’s dedication to making necessary adjustments this year. He assured Ambassador Palmer that the government is acutely aware of the outstanding arrears owed to Independent Power Producers (IPPs) and is taking decisive actions to address them.
Furthermore, the Minister shared updates on the successful streamlining of the Cash Waterfall Mechanism, a key step to prevent the accumulation of further arrears. He also confirmed that renegotiations of power purchase agreements are progressing, with plans to present them to Parliament for approval.
Ambassador Palmer extended her congratulations to the Minister on his appointment and praised his recent address at the Economic Dialogue, describing it as the most candid speech she has heard from a Finance Minister in four decades. She also welcomed Ghana’s commitment to resolving payments owed to US companies.
The meeting underscored the enduring partnership between Ghana and the United States, emphasizing the shared goal of achieving financial stability. The Minister reiterated Ghana’s resolve to implement robust economic reforms, stabilize the economy, and create a sustainable future for its citizens.
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