The government of Ghana met only three out of eleven structural benchmarks (SBs) agreed upon with the International Monetary Fund (IMF) between January and May 2025.
This was revealed in the IMF’s latest Country Report on Ghana, which indicated that while some of the missed benchmarks were eventually implemented, they were delayed. The report noted, however, that strong corrective actions have been taken in recent months to address setbacks in structural reforms.
One example cited was the quarterly electricity tariff adjustments—set as a recurring benchmark starting from end-January 2025—which only resumed in April due to delays in appointing a new board for the Public Utilities Regulatory Commission (PURC).
Additionally, the audit report on the Electricity Company of Ghana’s (ECG) collections and expenditures, originally due at the end of January 2025, was completed in February. Though delayed, it covered a broader period than required by the IMF program.
Another key benchmark—the full integration of the Ghana Electronic Procurement System (GHANEPS) with the Ghana Integrated Financial Management Information System (GIFMIS)—originally due by end-December 2024, was also completed late in May 2025, classified as a prior action by the IMF.
The government also completed a forward-looking restructuring plan for the National Investment Bank (NIB) in May 2025 and recapitalised the bank to ensure a non-negative Capital Adequacy Ratio (CAR). This measure brought NIB in line with the minimum CAR requirement of 13.0%, well ahead of the end-2025 deadline.
In a move praised by the IMF, the government implemented—well ahead of schedule—two end-September 2025 structural benchmarks: amending the fiscal responsibility framework and adopting a strategy to restructure ECG, which includes opening its operations to private sector participation.
Despite the structural delays, the IMF noted that all end-December 2024 performance criteria (PCs) and most indicative targets (ITs) were met—except for the target related to the accumulation of net payables.
This particular target was missed by 3.9% of Gross Domestic Product (GDP), which the report attributed to a significant buildup of arrears by Ministries, Departments, and Agencies (MDAs) operating outside the GIFMIS platform, particularly in the lead-up to the general elections.
To address this issue, the government has since adopted strong corrective measures to tighten expenditure commitments and improve compliance with the Public Financial Management Act.
Source: Joy Business
