IMF Resident Representative Lists Fiscal, Energy and Governance Reforms as Key to Ghana’s Economic Stability
The International Monetary Fund (IMF) has outlined three critical reform priorities Ghana must urgently pursue to achieve lasting macroeconomic stability under the ongoing IMF-supported programme.
The reforms, according to the Fund, include sustained fiscal discipline, energy sector sustainability, and strengthened governance across state-owned enterprises (SOEs).
The IMF notes that while Ghana has made strong progress under the Extended Credit Facility (ECF) programme—meeting all quantitative targets for the June 2025 review—further reforms are needed to make the country’s recovery durable.
Ghana, in September 2025, concluded the staff-level agreement for the fifth review of the ECF arrangement with the Fund, with the IMF Executive Board expected to give final approval by end-December 2025. The approval will unlock a disbursement of approximately US$385 million.
Speaking on Channel One TV’s Point of View, the IMF Resident Representative to Ghana, Dr Adrian Alter, confirmed that “all indicative targets and quantitative targets at end-June 2025 were met,” describing it as “an important plus.”
He, however, stated that “several key reforms remain essential to secure this long-lasting macroeconomic stability.”
On fiscal management, Dr Alter urged government to continue strengthening public financial management while enhancing domestic revenue mobilisation and improving expenditure efficiency.
“This is important for the country to strengthen how the government manages its finances, boost domestic revenue, also improve tax administration and ensure that public spending is efficient and transparent,” he remarked.
Dr Alter also identified the energy sector as an area requiring urgent attention despite progress made in reducing legacy arrears.
“The government has renegotiated recently the legacy arrears with the IPPs and has taken steps to improve the revenues of the ECG and the cash waterfall mechanism. But this is not sufficient. More work has to be done to ensure the financial sustainability of the energy sector,” he said.
He further stressed that improving governance and transparency across major SOEs—including the Electricity Company of Ghana (ECG), Cocobod, and the Ghana National Petroleum Corporation (GNPC)—will be crucial to sustaining macroeconomic stability and bolstering investor confidence.
The IMF’s three-year ECF programme aims to restore macroeconomic stability, ensure debt sustainability, and support inclusive and resilient growth.
