The International Monetary Fund (IMF) has assessed Ghana’s performance under its bailout programme as generally satisfactory, even though the country has experienced some setbacks in executing complex structural reforms.
In its most recent Staff Report on Ghana, the Bretton Woods institution confirmed that all quantitative performance benchmarks and indicative targets for the fifth review were achieved.
While acknowledging certain delays, the IMF highlighted that notable strides have been made in advancing key structural reforms, including measures that had been pending from earlier reviews.
“The Ghanaian authorities have continued to make significant headways on their public debt restructuring. They have signed bilateral debt relief agreements with many members of Ghana’s Official Creditor Committee and finalized several Agreements in Principle with other external commercial creditors,” it stated.
“The authorities have also intensified engagement with their remaining external commercial creditors on a restructuring consistent with program parameters and comparability of treatment,” the report added.
According to the Fund, Ghana’s economic performance has exceeded expectations: “Growth through September 2025 exceeded expectations, driven by strong services and agriculture. Inflation is now within the Bank of Ghana’s target range, and the external sector strengthened on robust gold and cocoa exports. Reserves accumulation surpassed ECF targets, the cedi appreciated, and Ghana’s debt trajectory improved significantly.”
The IMF further indicated that Ghana is on course to record a primary surplus of 1.5% of GDP by the end of the year. It emphasized that the 2026 budget, presented to Parliament, is aligned with fiscal programme goals and the new fiscal responsibility framework, while also addressing developmental and security priorities.
The Fund explained that this fiscal outlook will be supported by enhanced revenue collection and expenditure control, with protections in place for vulnerable populations.
Nonetheless, it cautioned that maintaining fiscal discipline will require stronger tax administration, better public financial management, and tighter oversight of State-Owned Enterprises, which continue to pose considerable fiscal risks.
Despite the positive macroeconomic trends, the IMF warned of significant downside risks. These, it said, are largely linked to external pressures such as commodity price volatility and potential confidence setbacks from policy or reform delays.
It concluded by noting that lingering delays in finalizing Ghana’s comprehensive debt restructuring also present risks to the programme’s success.
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