The International Monetary Fund (IMF) has reached a staff-level agreement with Ghana on the first review of the country’s 36-month programme under the Policy Coordination Instrument, after discussions in Accra from October 22 to November 4, 2026.
Ruben Atoyan led the IMF team in the talks. The agreement still needs approval from IMF Management and the Executive Board, which first approved the 36-month non-financing programme on July 27, 2026.
In a statement issued at the end of the visit, the IMF said Ghana’s economy is proving resilient, with inflation low, growth strong, and policy buffers helping it weather current external turbulence.
Real GDP grew by 6.2 per cent year-on-year in the first half of 2026, driven by investment, and is projected at 5.7 per cent for the year, while inflation stood at 5.5 per cent in October and remains below the Bank of Ghana’s target band of 8±2 per cent.
The fiscal position is also strong, the Fund said, with the primary surplus on track to meet the end-year programme target and public debt remaining low following rapid declines in recent years. Overall, programme performance has been broadly satisfactory, with most quantitative targets met and structural reforms progressing well.
On reserves, the IMF noted that the authorities have acted to reverse the recent decline, including moving foreign exchange intermediation from the Bank of Ghana to GoldBod and implementing the higher gold sale requirement for large-scale miners. It says steadfast implementation of those measures, alongside greater exchange rate flexibility, will be essential to rebuild reserves.
On reforms, the authorities have published the Fiscal Strategy Document, obtained parliamentary approval of the new Cocoa Board Act, and continued quarterly electricity tariff adjustments. They also completed a comprehensive review of customs and excise legislation ahead of schedule, while work is advancing on reforming the Bank of Ghana’s liquidity management framework, rolling out the Integrated Tax Administration System, operationalising the Fiscal Council, and preparing the Fiscal Risk Statement.
On the budget, the 2027 Budget aims for a primary surplus of 0.5 per cent of GDP on a commitment basis, supported by revenue measures already approved by Parliament in July. The fiscal space created will be used for investment focused on job creation and closing the infrastructure gap, and the IMF says rigorous project appraisal, competitive procurement, and strict expenditure controls will be critical to ensure value for money and preserve debt sustainability.
Despite the progress, the IMF warned that vulnerabilities persist, particularly from the external sector, as Ghana remains exposed to volatility in gold, cocoa, and oil prices, as well as geopolitical tensions and tighter global financial conditions. Domestic risks include significant debt rollover needs, fiscal pressures from the energy, cocoa, and gold sectors, and remaining financial sector weaknesses.
Prudent monetary policy, greater exchange rate flexibility, stronger reserve buffers, and the buildup of a sinking fund to pay for maturing debt remain key to safeguarding stability, the Fund said.
Strengthening governance remains a priority, the IMF added, noting that the adoption of the Conduct of Public Officers Bill, publication of the second National Ethics and Anti-Corruption Action Plan, and improved oversight of state-owned enterprises will help build public trust and support private investment.
Ato Forson confident Ghana will exceed IMF’s 5.7% growth forecast
