The Executive Board of the International Monetary Fund (IMF) has described Ghana’s performance under the programme as broadly satisfactory.
This is despite some delays in implementing complex structural reforms.
The Board also noted that Ghana’s macroeconomic stabilisation is gaining momentum, adding that there is “strong growth and single-digit inflation for the first time since 2021”.
The IMF Executive Board expressed these views after approving Ghana’s fifth programme review.
The development, according to the IMF, will result in the immediate release of about US$385 million to Ghana.
This will bring total disbursements to the country since it signed onto the programme to about US$2.8 billion.
Government of Ghana and IMF programme
In its statement, the Board argued that Ghanaian authorities have continued to make significant headway in public debt restructuring, saying, “They have signed debt relief agreements with many members of Ghana’s Official Creditor Committee.”
“They have also intensified engagement with their remaining external commercial creditors on a restructuring consistent with programme parameters and comparability of treatment,” the Board’s statement added.
The IMF also praised Ghana’s progress in achieving a primary surplus of 1.5 percent of GDP by the end of the year, noting that “the 2026 budget, submitted to Parliament, aligns with fiscal programme objectives and the new fiscal responsibility framework, while accommodating developmental and security needs.”
It was, however, quick to add that “steadfast implementation of the policy and reform agenda remains essential to fully restore macroeconomic stability and debt sustainability”.
The Fund further highlighted progress made in strengthening Ghana’s fiscal position.
Monetary developments
On monetary developments, the IMF praised the Bank of Ghana for recent progress. With inflation pressures subsiding and the recent appreciation of the cedi, the Bank of Ghana has appropriately begun a cautious monetary easing cycle.
The Fund noted that it has worked with the Bank of Ghana to develop and implement a new structured foreign exchange operations framework to intermediate FX flows, smooth excessive market volatility, and accumulate international reserves.
The Bank of Ghana has also brought inflation within its target range and rebuilt reserve buffers while cautiously easing the monetary policy stance, the IMF added.
However, looking ahead, the IMF said that “strengthening central bank independence, discontinuing quasi-fiscal activities, and deepening FX markets, while reducing the Bank of Ghana’s footprint, remain priorities.”
