Ruben Atoyan, who led the IMF staff team, said Ghana’s programme under the Extended Credit Facility has delivered substantial stabilisation gains. Atoyan said inflation has declined rapidly, international reserves have strengthened and confidence in the cedi has improved.
Atoyan noted that fiscal performance has exceeded expectations, with the primary surplus outperforming targets in 2025. Public debt levels have also declined sharply, supported by stronger growth and high gold export earnings. Atoyan said overall programme performance remains broadly satisfactory, although some structural reforms have experienced delays.
The IMF warned that the global environment remains uncertain, particularly due to the ongoing conflict in the Middle East. Atoyan said potential impacts include rising energy, food and fertiliser prices, underscoring the need for prudent economic policies.
Progress has also been made in restructuring Ghana’s debt. Atoyan said agreements have been reached with about half of official creditors under the G20 Common Framework, with negotiations continuing. The resumption of domestic treasury bond issuance earlier in 2026 has been seen as a sign of renewed investor confidence.
The IMF and Ghanaian authorities have reached a staff-level agreement on a 36-month Policy Coordination Instrument. The programme will focus on sustaining fiscal discipline, improving debt sustainability and strengthening governance, particularly in state-owned enterprises.
Atoyan said the programme will also support monetary policy reforms, financial sector stability and economic diversification aimed at inclusive growth. Improved debt management and transparency remain key priorities.
The IMF highlighted the need for continued vigilance in the financial sector, including reducing non-performing loans and strengthening weaker institutions.
Reforms in the energy and cocoa sectors were also identified as critical. Atoyan said efforts should focus on reducing losses at the Electricity Company of Ghana and improving efficiency within the cocoa industry to ensure long term sustainability.
The IMF called for stronger anti-corruption measures, including improved asset disclosure systems to enhance accountability and investor confidence.
Atoyan commended Ghanaian authorities for continued engagement and stressed that maintaining reforms will be essential to securing long-term economic stability and growth.
–IMF/ChannelAfrica–
