The International Monetary Fund (IMF) has reached a staff-level agreement with Ghanaian authorities following its first review of the country’s 36-month programme supported by the Policy Coordination Instrument (PCI).
The agreement follows discussions led by IMF team head Ruben Atoyan in Accra from October 22 to November 4, 2026. It remains subject to approval by IMF Management and the IMF Executive Board.
Ghana’s non-financing PCI was initially reviewed by the Executive Board on July 27, 2026.
In a statement issued at the conclusion of the visit, the IMF said Ghana’s economy had remained resilient despite external pressures, supported by strong growth, low inflation and improved policy buffers.
Real GDP expanded by 6.2 per cent year-on-year during the first half of 2026, with investment identified as the main driver. Growth is forecast to reach 5.7 per cent for the full year.
Inflation was 5.5 per cent in October, remaining below the Bank of Ghana’s target band of 8±2 per cent. The government’s primary surplus is also on course to meet the programme’s end-year target, while public debt has remained low after falling rapidly in recent years.
The IMF said Ghana’s performance under the programme had been broadly satisfactory. Most quantitative targets had been achieved, while structural reform commitments were progressing well.
Reserve-building measures
The authorities have responded to a decline in foreign exchange reserves by transferring foreign exchange intermediation from the Bank of Ghana to GoldBod and introducing the higher gold sale requirement for large-scale miners.
The IMF said consistent implementation of those measures, alongside increased exchange rate flexibility, would be necessary to rebuild Ghana’s reserves.
Several structural reforms have been completed or remain on schedule. The authorities have published the Fiscal Strategy Document, secured parliamentary approval for the new Cocoa Board Act and continued quarterly electricity tariff adjustments.
They also completed a comprehensive review of customs and excise legislation ahead of schedule. Further work is under way to reform the Bank of Ghana’s liquidity management framework, introduce the Integrated Tax Administration System, make the Fiscal Council operational and prepare the Fiscal Risk Statement.
The 2027 Budget targets a primary surplus of 0.5 per cent of GDP on a commitment basis. The objective will be supported by revenue measures approved by Parliament in July.
The resulting fiscal space is intended to fund investment aimed at creating jobs and addressing Ghana’s infrastructure deficit. The IMF said careful project appraisal, competitive procurement and tight expenditure controls would be essential to secure value for money and protect debt sustainability.
Risks remain
The IMF warned that Ghana continues to face external and domestic vulnerabilities. The country remains sensitive to changes in gold, cocoa and oil prices, geopolitical tensions and tighter global financial conditions.
Domestic challenges include substantial domestic debt rollover requirements, fiscal pressures linked to the energy, cocoa and gold sectors, and unresolved weaknesses in the financial sector.
The IMF said prudent monetary policy, greater exchange rate flexibility, stronger reserve buffers and the creation of a sinking fund for maturing debt would remain important to maintaining stability.
It also identified governance as a continuing priority. The IMF said adopting the Conduct of Public Officers Bill, publishing the second National Ethics and Anti-Corruption Action Plan and strengthening oversight of state-owned enterprises would help improve public trust and encourage private investment.
