The International Monetary Fund (IMF) has welcomed Ghana’s improving economic conditions, pointing to strong growth, declining inflation and better public finances, but has also raised concerns about falling foreign exchange reserves and fiscal pressures in key sectors.
In a statement issued on Thursday, the Fund announced that it had reached a staff-level agreement with Ghana on the first review of the country’s Policy Coordination Instrument (PCI), following discussions held in Accra from October 22 to November 4.
The IMF described Ghana’s economic recovery as encouraging, suggesting that improvements in key macroeconomic indicators were helping to establish a more stable economic environment.
IMF Mission Chief Ruben Atoyan stated, “Macroeconomic stability is becoming entrenched”.
The agreement, however, remains subject to approval by IMF Management and the Executive Board.
IMF highlighted Ghana’s economic growth as one of the major achievements, revealing that the economy expanded by 6.2 per cent in the first half of 2026, largely driven by investment.
According to the IMF, Ghana is projected to record an overall growth rate of 5.7 per cent for the full year.
The fund highlighted that inflation has declined to 5.5 per cent in October, placing it below the Bank of Ghana’s target range of six to 10 per cent.
The IMF further commended the government’s fiscal management, noting that the country was on course to achieve its targeted primary surplus by the end of the year, while public debt had remained relatively low following significant reductions in recent years.
“The fiscal position is strong, with the primary surplus on track to meet the end-year program target, and public debt remains low following rapid declines in recent years.”
According to the Fund, the improvements in economic conditions, coupled with the financial buffers accumulated by the country, had helped Ghana absorb some of the external economic shocks associated with the war in the Middle East.
The IMF also gave a positive assessment of the country’s performance under the PCI, indicating that most of the quantitative targets for the first review had been achieved.
“Performance under the PCI has been broadly satisfactory. Most quantitative targets under this review are met.”
The latest assessment follows Ghana’s completion of its US$3 billion Extended Credit Facility (ECF) programme, after the IMF Executive Board concluded the sixth and final review on July 27, 2026.
However, despite the positive assessment, the IMF has fresh concerns over forex reserves and fiscal pressures, cautioning that some emerging challenges could threaten the sustainability of Ghana’s economic recovery if not properly addressed.
Another major concern highlighted by the Fund is the recent decline in the country’s foreign exchange reserves.
In response, the authorities have introduced measures to shift foreign exchange intermediation from the Bank of Ghana to GoldBod and increased the gold sale requirements for large-scale mining companies.
The IMF stressed that consistent implementation of these measures, alongside greater exchange rate flexibility, would be necessary to rebuild the country’s reserves.
On structural reforms, the Fund acknowledged progress in several areas, including parliamentary approval of a new Cocoa Board Act and the continued quarterly adjustments to electricity tariffs.
However, the IMF also expressed concern over delays in publishing the audit of the Electricity Company of Ghana’s (ECG) collection accounts.
Meanwhile, the IMF, turning to the government’s fiscal plans, described the 2027 Budget as being underpinned by a strong economic foundation.
They disclosed that budget targets a primary surplus of 0.5 per cent of Gross Domestic Product (GDP), with available fiscal resources expected to support investment, job creation and infrastructure development.
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