Ghana’s economic resilience positive, but reforms needed to rebuild forex reserves – IMF

The International Monetary Fund (IMF) has acknowledged Ghana’s progress in restoring macroeconomic stability but says sustained reforms will be necessary to strengthen the country’s economic position and address vulnerabilities, particularly the recent decline in foreign exchange reserves.

The Fund said Ghana’s economic performance under its 36-month Policy Coordination Instrument (PCI) had been broadly satisfactory, with most quantitative targets for the first review met.

“Performance under the PCI has been broadly satisfactory. Most quantitative targets under this review are met,” IMF Mission Chief Ruben Atoyan said.

However, the Fund cautioned that maintaining the gains would require continued policy discipline, stronger economic management and the completion of outstanding structural reforms.

Among the issues requiring attention is the delayed publication of the audit of the Electricity Company of Ghana’s (ECG) collection accounts.

The IMF also identified pending reforms to the Bank of Ghana’s liquidity management framework, the rollout of the Integrated Tax Administration System, the operationalisation of the Fiscal Council and the preparation of a Fiscal Risk Statement.

Ghana has made progress in other areas, including publishing its Fiscal Strategy Document, passing a new Cocoa Board Act and continuing quarterly electricity tariff adjustments.

The Fund also noted that a comprehensive review of customs and excise legislation had been completed ahead of schedule.

On foreign exchange reserves, the IMF said recent declines had prompted corrective measures, including the transfer of foreign exchange intermediation from the Bank of Ghana to GoldBod and an increase in the gold sale requirement for large-scale mining companies.

It stressed that the measures must be sustained alongside greater exchange rate flexibility to rebuild the country’s reserves.

“Steadfast implementation of these measures, alongside greater exchange rate flexibility, will be essential to rebuild reserves in line with program objectives,” Mr. Atoyan said.

The Fund also highlighted risks arising from fluctuations in international gold, cocoa and oil prices, geopolitical tensions and tighter global financial conditions.

At the domestic level, it identified debt rollover requirements, fiscal pressures in the energy, cocoa and gold sectors, and weaknesses in the financial sector as challenges requiring careful management.

For the 2027 fiscal year, the IMF said Ghana’s Budget should target a primary surplus of 0.5 per cent of Gross Domestic Product (GDP) on a commitment basis, in line with the PCI.

It further called for rigorous project appraisal, competitive procurement and effective expenditure controls to ensure that public resources are used efficiently.

The IMF mission, led by Mr. Atoyan, visited Accra from October 22 to November 4, 2026, for discussions with Ghanaian authorities on the first review of the programme.

The two sides reached a staff-level agreement, which remains subject to approval by IMF Management and the Fund’s Executive Board.