Ghana Meets All IMF Targets in Fifth Review as Structural Reforms Face Timing Challenges
The International Monetary Fund (IMF) has described Ghana’s performance under its ongoing economic support programme as broadly satisfactory, despite delays in the implementation of some complex structural reforms.
In its latest Staff Report on Ghana, the Bretton Woods institution said all quantitative performance criteria and indicative targets for the fifth programme review were met.
The Fund noted that although some reforms were implemented later than scheduled, authorities made good progress on key structural measures, including outstanding actions carried over from previous reviews.
“The Ghanaian authorities have continued to make significant headway on their public debt restructuring. They have signed bilateral debt relief agreements with many members of Ghana’s Official Creditor Committee and finalised several Agreements in Principle with other external commercial creditors,” the IMF stated.
It added that engagement with the remaining external commercial creditors has been intensified, aimed at securing a restructuring consistent with programme parameters and the principle of comparability of treatment.
The IMF further pointed out that economic growth up to September 2025 exceeded expectations, driven largely by strong performance in the services and agriculture sectors.
According to the Fund, inflation has returned to within the Bank of Ghana’s target range, while the external sector strengthened on the back of robust gold and cocoa exports. It added that international reserves accumulation exceeded targets under the Extended Credit Facility (ECF), the cedi appreciated, and Ghana’s public debt trajectory improved markedly.
The Fund also indicated that Ghana is on track to record a primary surplus of 1.5 per cent of GDP by the end of the year. It said the 2026 budget submitted to Parliament is aligned with fiscal programme objectives and the new fiscal responsibility framework, while accommodating key development and security-related spending.
This outcome, the IMF said, will be supported by enhanced revenue mobilisation and expenditure rationalisation, with safeguards in place to protect vulnerable groups.
However, it cautioned that sustaining fiscal discipline will require further strengthening of revenue administration, improved public financial management systems, and stronger oversight of State-Owned Enterprises, which continue to pose significant fiscal risks.
Despite the improved macroeconomic outlook, the IMF warned that Ghana remains exposed to significant downside risks.
These risks, it said, stem largely from a potential deterioration in the external environment—particularly commodity price volatility—as well as confidence effects arising from policy slippages or delays in reform implementation.
The Fund concluded that further delays in completing Ghana’s comprehensive debt restructuring could also pose risks to programme performance and the broader economic outlook.
