The International Monetary Fund (IMF) has reached a staff-level agreement with Ghana on the first review of the country’s 36-month programme under the Policy Coordination Instrument (PCI), following discussions in Accra.
The agreement, announced on November 5, 2026, is subject to approval by IMF Management and the IMF Executive Board.
An IMF staff team led by Ruben Atoyan visited Accra from October 22 to November 4 to assess Ghana’s performance under the programme.
In a statement at the end of the mission, Mr Atoyan said Ghana’s economy was demonstrating resilience, supported by lower inflation, strong economic growth and improved policy buffers.
“Macroeconomic stability is becoming entrenched. Real GDP grew by 6.2 percent year-on-year in the first half of 2026, driven by investment, and is projected at 5.7 percent for the year,” he said.
He noted that inflation stood at 5.5 per cent in October, remaining below the Bank of Ghana’s target band of 8±2 per cent.
According to him, the country’s fiscal position remained strong, with the primary surplus on track to meet the end-year programme target, while public debt had declined significantly in recent years.
“These gains, together with the buffers built in recent years, allow the authorities to partly absorb the external shock stemming from the war in the Middle East,” he added.
On programme performance, Mr Atoyan said implementation had been broadly satisfactory, with most quantitative targets met and structural reforms progressing.
He said the authorities had responded to the recent decline in foreign exchange reserves by taking corrective measures, including transferring foreign exchange intermediation from the Bank of Ghana to GoldBod and implementing higher gold sale requirements for large-scale miners.
“Steadfast implementation of these measures, alongside greater exchange rate flexibility, will be essential to rebuild reserves in line with programme objectives,” he said.
The IMF also acknowledged progress in structural reforms, including the publication of the Fiscal Strategy Document, parliamentary approval of the new Cocoa Board Act and continued quarterly electricity tariff adjustments.
It further noted that Ghana had completed a comprehensive review of customs and excise legislation ahead of schedule.
However, Mr Atoyan said completing outstanding reforms, including the delayed publication of the audit of the Electricity Company of Ghana’s (ECG) collection accounts, would be important.
On the 2027 Budget, he said the government’s target of a primary surplus of 0.5 per cent of GDP on a commitment basis was consistent with the PCI programme.
He explained that the fiscal space created would support investment in priority areas under the New Economy, including job creation, investment opportunities and infrastructure development.
“Rigorous project appraisal, competitive procurement, and strict expenditure controls will be critical to ensure value for money and preserve debt sustainability,” he cautioned.
He added that non-oil revenue was projected to increase further in 2027, supported by tax measures approved in July 2026 and ongoing revenue administration reforms, including the Integrated Tax Administration System and electronic fiscal devices.
Despite the progress, the IMF cautioned that Ghana remained exposed to external and domestic risks, particularly fluctuations in gold, cocoa and oil prices, geopolitical tensions and tighter global financial conditions.
Domestic vulnerabilities include significant domestic debt rollover requirements, fiscal pressures from the energy, cocoa and gold sectors, and weaknesses within the financial sector.
“Prudent monetary policy, greater exchange rate flexibility, stronger reserve buffers, and buildup of a sinking fund to pay for maturing debt remain key to safeguarding stability,” Mr Atoyan said.
He also identified governance reforms as critical to strengthening public confidence and attracting private investment.
He called for the adoption of the Conduct of Public Officers Bill, publication of the second National Ethics and Anti-Corruption Action Plan, and improved oversight of state-owned enterprises.
The IMF reaffirmed its commitment to supporting Ghana’s efforts to maintain economic stability and achieve stronger, more inclusive and job-rich growth.
