$3bn ECF: IMF Confident Ghana Will Sustain Fiscal Discipline Post-2026
The International Monetary Fund (IMF) has expressed optimism that Ghana will maintain fiscal discipline beyond the expiry of its ongoing $3bn ECF programme in May 2026.
The Fund noted that reforms already introduced provide a durable framework for long-term macroeconomic stability and market confidence.
Speaking at a press briefing in Washington, DC, IMF Director of Communications, Julie Kozack, highlighted that a revamped fiscal responsibility framework, the establishment of an independent fiscal council, and improvements in public financial management were designed to endure beyond the life of the programme.
“The Fiscal Responsibility Framework includes a primary balance rule that requires an annual primary fiscal surplus of at least 1.5% of GDP, and it also includes a public debt target of 45% of GDP,” she said.
Kozack underscored that the reforms will serve as a guide for policymakers in shaping fiscal choices in the coming years. “This fiscal responsibility framework provides some guidance for policymakers as they seek to entrench fiscal discipline in Ghana,” she added.
Government has reiterated its commitment to uphold these fiscal rules to reassure investors, development partners, and markets that credibility will be preserved after programme completion.
Meanwhile, an IMF mission team, led by Ruben Atoyan, has begun the fifth review of Ghana’s performance under the programme in Accra. The team is expected to hold engagements with officials from the Ministry of Finance and the Bank of Ghana over the next two weeks.
