The Minister for Finance, Dr. Cassiel Ato Forson, has clarified that the recent utility tariff increases announced by the Public Utilities Regulatory Commission (PURC) are part of Ghana’s ongoing obligations under its programme with the International Monetary Fund (IMF).
This follows PURC’s announcement of a 14.75% increase in electricity tariffs and a 4.02% rise in water charges, effective May 3, 2025. Dr. Ato Forson explained that the adjustments were necessary to unlock the next tranche of $370 million from the IMF.
Speaking at a press conference in Accra on Tuesday, April 15, the Finance Minister stated:
“We have begun the implementation, which you recently saw—the quarterly adjustment by PURC, which was supposed to have been done by last year. But we have ensured that it has been done in line with the statutory benchmark as agreed in the third review.”
He also addressed speculation about a possible renegotiation of Ghana’s deal with the IMF, insisting that the government has no such intentions.
Renegotiating presupposes that you don’t believe in the programme, and so you want to open up the conversation to look at other parameters of the programme. That isn’t the position of the government. The government is committed to the implementation to achieve the objectives of the IMF programme,” he said.
While acknowledging that some structural benchmarks and quantitative targets were missed prior to the current administration taking office, Dr. Ato Forson reaffirmed the government’s commitment to meeting the programme’s goals moving forward.
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