The International Monetary Fund has delivered a favourable verdict on Ghana's economic management following its first review of the country's performance under the Policy Coordination Instrument, a 36-month programme that carries no financing. The assessment came after a two-week mission to Ghana led by Mission Chief Ruben Atoyan, which ran from October 22 to November 4, 2026, and concluded with a staff-level agreement, according to Graphic Online.
The Fund said Ghana's recent gains and the buffers it has accumulated should allow the country to absorb part of the shock arising from the war in the Middle East. "Performance under the PCI has been broadly satisfactory. Most quantitative targets under this review are met," the IMF said in its statement, as reported by Graphic Online.
Why it matters
The review is the first test of Ghana's commitment to the non-financing arrangement, which relies on policy discipline rather than IMF money. A positive verdict signals that the country's reform path remains intact at a time when it faces pressure on several fronts at once. It also matters for investor confidence: the Fund's endorsement of fiscal and structural progress gives external creditors and markets a benchmark for judging Ghana's stability efforts.
The numbers behind the assessment are notable. Real GDP expanded by 6.2 per cent year-on-year in the first half of 2026, with investment as the main driver, and the Fund projects 5.7 per cent growth for the full year. The primary surplus is on course to hit the end-year programme target, and public debt has fallen sharply in recent years to remain low, according to the mission's findings.
Reserve pressures and the gold response
Not everything went smoothly. Foreign exchange reserves declined in recent months, prompting the authorities to act. The corrective steps included shifting foreign exchange intermediation from the Bank of Ghana to the Ghana Gold Board, known as GoldBod, and enforcing a higher gold sale requirement for large-scale miners.
The IMF described these measures as necessary but not sufficient on their own. It said consistent implementation, combined with more flexibility in the exchange rate, would be crucial to rebuilding reserves in line with the programme's goals. The emphasis on exchange rate flexibility echoes a theme the Fund has stressed repeatedly in its engagement with Ghana.
Reform progress, and what remains
The mission found structural reforms largely on schedule. Ghana has published its Fiscal Strategy Document, secured parliamentary approval of a new Cocoa Board Act intended to improve governance and financial discipline in the sector, and kept up quarterly adjustments to electricity tariffs. The authorities also finished a comprehensive review of customs and excise legislation ahead of the deadline set for it.
Further progress was noted on overhauling the Bank of Ghana's liquidity management framework, rolling out the Integrated Tax Administration System, putting the Fiscal Council into operation and preparing the Fiscal Risk Statement. Asaase Radio reported that the IMF identified eight outstanding reforms still to be completed under the programme.
Among the unfinished items is the delayed publication of an audit of the Electricity Company of Ghana's collection accounts. The Fund urged the authorities to complete the remaining reforms on time.
On revenue, the IMF expects non-oil collections to rise further in 2027, building on strong receipts in 2026. The projected increase rests on tax measures announced in July 2026, the customs and excise review and efficiency gains from revenue administration changes.
Risks on both sides
The Fund was candid about the vulnerabilities that persist. Externally, Ghana remains exposed to swings in gold, cocoa and oil prices, as well as geopolitical tensions and tighter conditions in global financial markets. Domestically, the risks include substantial debt rollover needs, fiscal strain emanating from the energy, cocoa and gold sectors, and weaknesses that remain in the financial sector.
To guard against these, the mission called for cautious monetary policy, more room for the cedi to move, stronger reserve buffers and the continued building of a sinking fund to meet maturing debt obligations. It also placed governance high on the list of priorities, urging passage of the Conduct of Public Officers Bill, publication of the second National Ethics and Anti-Corruption Action Plan and closer oversight of state-owned enterprises. Those steps, the Fund argued, would bolster public trust and encourage private investment.
The mission closed by thanking Ghanaian officials and other stakeholders, and restated its commitment to working with the country to preserve stability and pursue growth that is stronger, more inclusive and generates jobs.
The staff-level agreement now sets the stage for the Fund's formal completion of the review, and attention will turn to whether Ghana publishes the ECG audit and clears the eight remaining reforms before the next assessment.
