Economy

    Ghana begins sixth IMF review, focuses on policy execution

    The review moves beyond macroeconomic stabilisation to implementing policies for sustainable growth and investor confidence, following significant economic improvements.

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    Ghana has begun the sixth review of its US$3 billion Extended Credit Facility program with the International Monetary Fund (IMF). This review shifts focus from macroeconomic stabilisation to executing policies needed to sustain growth and investor confidence. Finance Minister Cassiel Ato Forson welcomed an IMF mission led by Ruben Atoyan. He described the program as “transformative” in restoring stability after the 2022 economic crisis. He noted strong outcomes, including improved credibility and renewed confidence among investors. This shift fits into Ghana's broader economic recovery strategy. The nation aims to transition from crisis management to sustainable development. Recent data shows inflation returning to single digits and improved fiscal positions. Gold and cocoa exports have strengthened the external sector, supporting reserves and a firmer exchange rate. Dr. Forson stated that policy discipline and difficult decisions underpinned the recovery. He cautioned against complacency despite progress. The government is committed to consolidating these gains. The previous, fifth review in December 2025 unlocked about US$385 million. That review confirmed Ghana’s satisfactory performance and meeting all quantitative performance criteria. Macroeconomic stabilisation was gaining traction, driven by stronger-than-expected growth and declining inflation. Now, the focus is on translating this stability into tangible economic outcomes for citizens. Dr. Forson stressed the importance of more investment, jobs, and opportunities across the country. Headline economic indicators alone are not enough to define a full recovery. Structural reforms are crucial for improving the business environment. They will also strengthen governance and enhance public sector efficiency. The IMF has previously pointed out weaknesses in state-owned enterprises, especially in the energy sector. These weaknesses pose ongoing fiscal risks and require sustained attention. Monetary policy also remains a key area. The Bank of Ghana has started a cautious easing cycle due to lower inflation and better external conditions. However, the IMF advises gradual, data-dependent easing to protect against inflation and maintain exchange rate stability. The financial sector continues to receive close scrutiny. Authorities are implementing bank recapitalisation plans and reforms to address non-performing loans. Vulnerabilities persist, particularly among state-owned banks. Strengthening supervision and resolution frameworks is a priority. The outcome of this sixth review will guide Ghana’s policy direction in the near future. Dr. Forson indicated that critical decisions will be made before the mission concludes. These decisions aim to reinforce reform discipline and strengthen policy credibility. They will also sustain investor confidence in the Ghanaian economy.

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