Finance Minister Dr. Cassiel Ato Forson has explained that the recent utility tariff increases announced by the Public Utilities Regulatory Commission (PURC) are part of Ghana’s obligations under its International Monetary Fund (IMF) programme.
The PURC recently announced a 14.75% increase in electricity tariffs and a 4.02% rise in water charges, effective May 3, 2025.
Speaking at a press conference in Accra on Tuesday, April 15, Dr. Forson 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.”
The Minister emphasized that these adjustments are necessary to unlock the next tranche of $370 million from the IMF.
He dismissed speculation about renegotiating Ghana’s deal with the IMF, saying, “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.”
Dr. Forson acknowledged that some structural benchmarks and quantitative targets were missed prior to the current administration taking office.
However, he reaffirmed the government’s commitment to meeting the programme’s goals moving forward. “The government is committed to the implementation to achieve the objectives of the IMF programme,” he reiterated.