The International Monetary Fund (IMF) has given a positive assessment of Ghana’s economic performance, saying the gains made in recent years, together with the buffers built , will allow the country to partly absorb the external shock stemming from the war in the Middle East.
The assessment followed the Fund’s first review of Ghana’s performance under the new Policy Coordination Instrument (PCI), a 36-month non-financing programme.
The IMF issued the statement yesterday after a two-week mission to the country, which ended last Wednesday, during which it reached a staff-level agreement on Ghana’s performance.
The agreement is subject to approval by IMF Management and the Executive Board.
The IMF staff team, led by Ghana Mission Chief Ruben Atoyan, held discussions on the first review of the PCI from October 22 to November 4, 2026.
“Performance under the PCI has been broadly satisfactory. Most quantitative targets under this review are met,” the IMF said.
It stated that in response to the decline in foreign exchange reserves in recent months, the authorities had taken corrective actions, including moving foreign exchange intermediation from the Bank of Ghana to the Ghana Gold Board (GoldBod), and implementing the higher gold sale requirement for large-scale miners.
“Steadfast implementation of these measures, alongside greater exchange rate flexibility, will be essential to rebuild reserves in line with programme objectives,” the team stated.
Stability becoming entrenched
The mission observed that macroeconomic stability was becoming entrenched.
Real Gross Domestic Product (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.
The fiscal position is strong, with the primary surplus on track to meet the end-year programme target, while public debt remains low following rapid declines in recent years.
“Structural reforms remain on track,” the mission said, pointing out that the authorities had published the Fiscal Strategy Document, obtained parliamentary approval of the new Cocoa Board Act to strengthen sector governance and financial discipline, and continued quarterly electricity tariff adjustments.
“They also completed, ahead of schedule, a comprehensive review of customs and excise legislation,” the IMF team added.
It also acknowledged progress 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.
The mission, however, stressed the importance of completing the remaining reforms on time, including the delayed publication of the audit of the Electricity Company of Ghana’s (ECG) collection accounts.
Building on strong 2026 collections, the IMF said non-oil revenue was projected to further increase in 2027, supported by the tax measures announced in July 2026, the review of customs and excise legislation, and gains from revenue administration reforms.
Risks remain
Despite the progress, the Fund said vulnerabilities persisted, particularly from the external sector, as the country remained exposed to volatility in gold, cocoa and oil prices, as well as geopolitical tensions and tighter global financial conditions.
Domestic risks include significant domestic debt rollover needs, fiscal pressures from the energy, cocoa and gold sectors, and remaining financial sector weaknesses.
The team said prudent monetary policy, greater exchange rate flexibility, stronger reserve buffers and the buildup of a sinking fund to pay for maturing debt remained key to safeguarding stability.
It also stressed the need to strengthen governance as a priority, urging 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 to build public trust and support private investment.
Thanking the Ghanaian authorities and other stakeholders, the IMF mission expressed its commitment to partner Ghana in its efforts to preserve stability and achieve stronger, more inclusive and job-rich growth.
