Ghana’s economic recovery under the International Monetary Fund (IMF) bailout programme is showing positive signs, with the Fund describing the country’s performance as “broadly satisfactory.” This assessment comes despite acknowledged delays in implementing some of the more complex structural reforms.

According to the IMF’s latest Staff Report on Ghana, all quantitative performance criteria and indicative targets for the fifth review have been met. This indicates progress in stabilizing the economy and adhering to the agreed-upon fiscal targets.

The report highlights significant headway in public debt restructuring, a key component of the bailout. “The Ghanaian authorities have continued to make significant headways on their public debt restructuring. They have signed bilateral debt relief agreements with many members of Ghana’s Official Creditor Committee and finalized several Agreements in Principle with other external commercial creditors,” the IMF stated.

Furthermore, the IMF noted intensified engagement with remaining external commercial creditors to ensure a restructuring process that aligns with program parameters and ensures fair treatment.

Economic indicators also point to improvement. “Growth through September 2025 exceeded expectations, driven by strong services and agriculture. Inflation is now within the Bank of Ghana’s target range, and the external sector strengthened on robust gold and cocoa exports. Reserves accumulation surpassed ECF targets, the cedi appreciated, and Ghana’s debt trajectory improved significantly,” the report further indicated.

The country is also on track to achieve a primary surplus of 1.5% of GDP by the end of the year. The 2026 budget, recently submitted to Parliament, is in line with the IMF’s fiscal programme objectives and the new fiscal responsibility framework, while still addressing developmental and security needs.

The IMF emphasized that revenue mobilization and expenditure rationalization are driving these positive results, with measures in place to protect vulnerable populations. However, the Fund cautioned that sustained fiscal discipline requires strengthening revenue administration, improving public financial management, and enhancing oversight of State-Owned Enterprises, which currently pose considerable fiscal risks.

Despite the encouraging progress, the IMF warned of potential downside risks to Ghana’s macroeconomic outlook. These risks primarily stem from a possible deterioration in the global economic environment, particularly fluctuations in commodity prices, and potential loss of confidence due to any slippages in policy implementation or reforms.

The report concluded that delays in completing the comprehensive debt restructuring process also present a risk to the country’s economic stability. Addressing these risks will be crucial to ensuring the long-term success of Ghana’s economic recovery.

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