The International Monetary Fund published a staff statement after its mission to Accra saying it had reached staff-level agreement with Ghana on the sixth and final review of the Extended Credit Facility and on policies to be supported by a non-financing 36-month Policy Coordination Instrument, while also holding discussions for the 2026 Article IV consultation. Staff assessed the ECF-supported program as having delivered substantial stabilization gains, with inflation falling, reserves rebuilding, confidence in the cedi improving, fiscal performance strengthening, public debt declining and growth in 2025 exceeding expectations. Program performance was described as broadly satisfactory, with most quantitative targets met and structural reforms implemented with delays. The proposed PCI would shift IMF engagement from crisis stabilization to consolidation and resilience building, focusing on growth-friendly fiscal adjustment, debt sustainability, fiscal transparency and governance, monetary and exchange-rate policy, financial sector stability, and diversification and inclusive growth. Staff said recent debt improvements had created calibrated fiscal space under the PCI and assessed that reducing the primary surplus to 0.5 percent of GDP from 2027 would remain consistent with debt sustainability if public financial management is strengthened, while preserving the legislated debt anchor of 45 percent of GDP by 2034. The statement also pointed to continued priorities in debt restructuring, protection of the Bank of Ghana balance sheet from Domestic Gold Purchase Programme related quasi-fiscal risks, bank recapitalization and the unwinding of regulatory forbearance, reforms in the energy and cocoa sectors, and stronger anti-corruption measures including meaningful public disclosure of standardized asset declarations.

Original source Back to tracker