Ghana has reached a staff-level agreement with the International Monetary Fund (IMF) on the first review of its 36-month Policy Coordination Instrument (PCI). This agreement is subject to approval by IMF management and the Fund’s Executive Board.
An IMF team led by Ruben Atoyan visited Accra from October 22 to November 4 to assess progress under the programme, which was approved by the IMF Executive Board on July 27, 2026. The IMF noted that Ghana’s economy had demonstrated resilience, supported by lower inflation, strong economic growth, and policy buffers that have helped cushion the impact of external shocks. Real gross domestic product grew by 6.2 percent year-on-year in the first half of 2026, with the IMF projecting full-year economic growth of 5.7 percent.
Ghana’s Economic Performance Under IMF Review
The IMF reported that inflation stood at 5.5 percent in October, remaining below the Bank of Ghana’s target band of 8 percent, plus or minus two percentage points. The Fund indicated that Ghana’s fiscal position was strong, with the primary surplus on track to meet the programme’s end-year target, while public debt had declined significantly in recent years. The improved economic conditions were attributed partly to policy buffers accumulated through previous fiscal and monetary adjustments.
However, the IMF warned that Ghana remained exposed to external shocks, particularly volatility in international gold, cocoa, and oil prices, as well as geopolitical tensions and tighter global financial conditions. The Fund emphasized the importance of maintaining fiscal targets and revenue mobilization to ensure continued economic stability.
Ghana: Key figures on Economic Growth
- Real GDP growth of 6.2 percent year-on-year in the first half of 2026
- IMF projects full-year economic growth of 5.7 percent
- Inflation rate of 5.5 percent in October
Upcoming Fiscal Measures and Structural Reforms
Under the programme, Ghana’s 2027 Budget targets a primary surplus of 0.5 percent of GDP on a commitment basis. The Fund stated that this target would be supported by revenue measures approved by parliament in July, improvements in tax administration, and stronger non-oil revenue collection. The government plans to use the resulting fiscal space to finance investment in job creation, infrastructure, and other priorities under its New Economy agenda.
The IMF also highlighted the need for rigorous project appraisal, competitive procurement, and tighter expenditure controls to ensure value for money and protect debt sustainability. It expects non-oil revenue to increase further in 2027, supported by recently approved tax measures and reforms to customs and excise legislation.
Addressing Foreign Exchange Reserves and Governance
- Implement corrective measures for foreign exchange reserves
- Increase gold sale requirement for large-scale mining companies
- Complete the audit of the Electricity Company of Ghana’s collection accounts
The agreement with the IMF signals Ghana’s commitment to an agreed reform programme aimed at economic stability.
