The International Monetary Fund (IMF) has described Ghana’s performance under its bailout programme as broadly satisfactory, citing strong macroeconomic outcomes despite delays in implementing some complex structural reforms.
In its latest Staff Report on Ghana, the Fund said all quantitative performance criteria and indicative targets for the fifth review of the programme had been met.
The IMF noted that although some structural benchmarks were implemented later than scheduled, the authorities had made good progress on key reforms, including measures that had been outstanding from earlier reviews.
The report commended Ghana’s ongoing public debt restructuring efforts, indicating that bilateral debt relief agreements had been signed with several members of the Official Creditor Committee, alongside the conclusion of multiple Agreements in Principle with external commercial creditors.
It said engagements had also intensified with remaining external commercial creditors to ensure a restructuring process consistent with programme parameters and the principle of comparability of treatment.
According to the Fund, economic growth up to September 2025 exceeded expectations, supported mainly by strong performance in the services and agriculture sectors.
Inflation has fallen within the Bank of Ghana’s target range, while the external sector recorded improvements on the back of robust gold and cocoa exports.
The IMF added that international reserves accumulation exceeded targets under the Extended Credit Facility (ECF), the cedi strengthened, and Ghana’s debt outlook improved markedly.
The report further indicated that Ghana was on course to achieve a primary fiscal surplus of 1.5 per cent of Gross Domestic Product (GDP) by the end of the year.
It said the 2026 Budget Statement, submitted to Parliament, was aligned with the objectives of the fiscal programme and the new fiscal responsibility framework, while making room for development priorities and security-related spending.
The Fund explained that the fiscal gains would be driven by enhanced domestic revenue mobilisation and expenditure rationalisation, with measures in place to protect vulnerable groups.
However, it cautioned that sustaining fiscal discipline would require stronger revenue administration, improved public financial management systems, and enhanced oversight of State-Owned Enterprises, which continue to pose significant fiscal risks.
On the outlook, the IMF acknowledged an improvement in Ghana’s macroeconomic prospects but warned of considerable downside risks.
These risks, it said, include potential deterioration in the external environment, particularly due to commodity price volatility, as well as confidence shocks arising from policy slippages or delays in reform implementation.
The Fund noted that delays in completing Ghana’s comprehensive debt restructuring could also undermine the programme and pose additional risks to the economic recovery.
