Chief Executive Officer of Dalex Finance, Joe Jackson, has cautioned Government against easing fiscal discipline following the International Monetary Fund’s (IMF) decision to upgrade the country’s Debt Sustainability Analysis rating from high risk to moderate risk of debt distress.
He warned that the nation’s debt burden remains significant despite recent progress.
Speaking on Business Focus on August 10, 2026, Joe Jackson said the IMF’s upgrade should be viewed as recognition of Ghana’s progress rather than a signal that the country’s debt challenges have been resolved.
He noted that the focus should not simply be on whether Ghana is “ticking the right boxes,” but on assessing whether the reforms and discipline that contributed to the improvement should be maintained.
“The foundation has been built, but the house is not completed yet,” he said, likening Ghana’s economic recovery to a building project that requires a strong base before further expansion. He warned that abandoning fiscal prudence too soon could undermine the gains achieved so far.
Joe Jackson stressed that while Ghana is no longer considered to be at high risk of debt distress, the country’s debt obligations remain intact. According to him, the debt restructuring exercise only provided temporary relief by extending repayment periods and renegotiating terms with creditors.
“The debt has not disappeared,” he stated. “Restructuring only means that the debt has been deferred and it will still be paid.”
He explained that the restructuring process created breathing space for the government by extending maturities that would otherwise have fallen due in recent years. However, he cautioned that those obligations would eventually have to be settled.
While welcoming the IMF’s assessment, the finance analyst urged policymakers to avoid returning to the practices that contributed to Ghana’s economic difficulties, including excessive borrowing and policies that fuel inflationary pressures.
He warned that reckless borrowing and fiscal indiscipline could reverse the progress made and potentially push the country back into debt distress.
“The issue is that we’ve all agreed we don’t want to go to the IMF again. Then we should all agree that we should keep the discipline that going to the IMF imposes on us,” he said.
His comments follow the IMF’s decision to upgrade Ghana’s Debt Sustainability Analysis rating from high to moderate risk of debt distress, citing sustained improvements in the country’s debt trajectory, stronger macroeconomic performance and a more stable exchange rate.
The development has been widely viewed as a sign of growing confidence in Ghana’s economic recovery efforts.
By Coffie Mawuedem Noel
