Ghana Meets IMF Expectations with Satisfactory Programme Performance

The International Monetary Fund (IMF) Executive Board has given Ghana’s economic performance under its current programme a thumbs up, describing it as “broadly satisfactory.” This positive assessment comes despite acknowledged delays in implementing crucial structural reforms.

The Board highlighted Ghana’s growing macroeconomic stability, noting the country has achieved strong economic growth and a return to single-digit inflation – a feat not seen since 2021. The endorsement followed the approval of Ghana’s fifth programme review by the IMF.

As a result of this positive review, the IMF will immediately release approximately US$385 million to Ghana, bringing the total disbursements to the nation since the programme’s inception to around US$2.8 billion.

According to the IMF, Ghanaian authorities have made significant progress in restructuring the country’s public debt. “They have signed debt relief agreements with many members of Ghana’s Official Creditor Committee,” the Board stated. Efforts are also underway to engage with external commercial creditors for a restructuring that aligns with programme parameters and ensures fair treatment.

The IMF also commended Ghana’s achievement of a primary surplus of 1.5 percent of GDP. They noted the 2026 budget, recently submitted to Parliament, is consistent with the programme’s fiscal objectives and the new fiscal responsibility framework, while still allowing for essential developmental and security spending.

However, the IMF cautioned that continued dedication to policy implementation and reforms is vital for fully restoring macroeconomic stability and ensuring long-term debt sustainability.

On monetary policy, the IMF praised the Bank of Ghana’s recent actions. With easing inflation and the cedi’s recent appreciation, the Bank of Ghana has begun a measured easing of monetary policy. The Fund also noted its collaboration with the Bank of Ghana in developing a new framework for managing foreign exchange operations, aimed at stabilizing the market and building up international reserves.

“The Bank of Ghana has brought inflation within its target range and rebuilt reserve buffers while cautiously easing the monetary policy stance,” the IMF added. Looking ahead, the IMF stressed the importance of strengthening the central bank’s independence, eliminating quasi-fiscal activities, and deepening the foreign exchange market while reducing the Bank of Ghana’s direct involvement.

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