The IMF expects full-year growth of 5.7%, while inflation fell to 5.5% in October.
Inflation is below the Bank of Ghana’s target range of 6% to 10%. “Macroeconomic stability is becoming entrenched,” IMF Mission Chief for Ghana Ruben Atoyan said.
The IMF and Ghanaian authorities reached a staff-level agreement on the first review under the country’s 36-month Policy Coordination Instrument.
The agreement requires approval from IMF Management and the Executive Board.
The non-financing programme supports Ghana’s economic policies but does not provide direct disbursements.
Ghana’s primary fiscal surplus is on course to meet the end-of-year target, while public debt has declined rapidly in recent years.
The IMF said those gains had provided sufficient financial buffers to absorb part of the economic shock caused by the war in the Middle East.
However, foreign-exchange reserves have declined in recent months.
Authorities have transferred foreign-exchange intermediation from the Bank of Ghana to GoldBod and increased gold-sale requirements for large mining companies.
The IMF said those measures, together with greater exchange-rate flexibility, were essential to rebuilding reserves.
The 2027 Budget targets a primary surplus of 0.5% of gross domestic product.
Fiscal space will support investment under Ghana’s New Economy priorities, including employment creation and infrastructure development.
The IMF called for rigorous project assessment, competitive procurement and strict expenditure controls to protect debt sustainability.
Structural reforms include a new Cocoa Board Act, quarterly electricity-tariff adjustments and a review of customs and excise legislation.
Work is continuing on tax administration, monetary liquidity management, the Fiscal Council and preparation of a Fiscal Risk Statement.
However, the delayed audit of Electricity Company of Ghana collection accounts must still be published.
Ghana remains vulnerable to fluctuations in gold, cocoa and oil prices, geopolitical tensions and tighter global financing conditions.
Domestic risks include substantial debt refinancing requirements, financial pressure from the energy, cocoa and gold sectors and weaknesses in the banking system. “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,” Atoyan said.
–IMF/ChannelAfrica–
