IMF review credits strong reforms for Ghana’s improved economic outlook

The International Monetary Fund has credited decisive reforms for Ghana’s improved economic outlook following the successful completion of its fifth programme review.

The IMF said Ghana has made “significant macroeconomic progress” after completing the fifth review of its Extended Credit Facility (ECF)-supported programme on December 17, 2025, citing stronger policy alignment and corrective measures taken after setbacks in 2024.

According to IMF Country Report No. 25/343, real GDP growth has exceeded projections, inflation has declined faster than expected into the Bank of Ghana’s target range, and international reserves continue to expand, signalling renewed confidence in the economy.

The IMF noted that “strong measures taken to realign the programme” were central to the improved outlook, even as it acknowledged delays in some structural reforms due to their complexity.

It said the overall macroeconomic environment has “improved markedly” compared to the previous year.

Provisional data from the Bank of Ghana indicate that international reserves could exceed US$13 billion by the end of 2025.

The IMF said this trend supports external stability and enhances Ghana’s ability to withstand shocks. A source familiar with the report said the reserve build-up “reflects disciplined policy choices and better coordination between fiscal and monetary authorities.”

The review also assessed the Domestic Gold Purchase Programme (DGPP), which the IMF said carries financial risks but has delivered notable macroeconomic benefits.

The Fund acknowledged that the programme has supported reserve accumulation, strengthened currency stability and provided foreign exchange without adding to public debt.

Addressing public claims of losses linked to gold operations, the Bank of Ghana described such figures as premature. “Any numbers being circulated about losses from gold operations in 2025 remain speculative,” the Bank said, explaining that its annual external audit is still ongoing and audited accounts will be published next year.

The IMF further welcomed the Bank of Ghana’s new foreign exchange operations framework, describing it as a reform aligned with global best practices.

The framework separates reserve accumulation from market intervention and clarifies intervention triggers to improve transparency.

Looking ahead, the central bank said reforms approved by its board will improve pricing and operational efficiency within the DGPP from January 2026.

“These changes are aimed at reducing costs, improving efficiency and ensuring the programme’s long-term sustainability,” the Bank stated.

The IMF said continued oversight and policy discipline will be critical to sustaining the gains already achieved.