IMF staff and Ghanaian authorities have reached a staff-level agreement on the first review of the country’s 36-month Policy Coordination Instrument. The deal remains subject to approval by IMF Management and the Executive Board.
According to the IMF’s end-of-mission statement issued after a visit to Accra from 22 October to 4 November 2026, the non-financing programme was approved by the Executive Board on 27 July 2026. That followed completion of Ghana’s $3 billion Extended Credit Facility.
Real GDP expanded 6.2% year-on-year in the first half of 2026, driven by investment. The Fund projects full-year growth of 5.7%. Inflation stood at 5.5% in October, below the Bank of Ghana’s 8±2% target band.
The primary surplus remains on track to meet the end-year programme target. Public debt has stayed low after sharp declines in recent years. These gains have helped Ghana partly absorb external shocks, including from the war in the Middle East.
“Macroeconomic stability is becoming entrenched,” said IMF mission chief Ruben Atoyan. Most quantitative targets under the review were met, and structural reforms are advancing.
Authorities published the Fiscal Strategy Document and secured parliamentary approval of the new Cocoa Board Act. Quarterly electricity tariff adjustments continued. A comprehensive review of customs and excise legislation finished ahead of schedule.
Foreign-exchange reserves have declined in recent months. Corrective steps include shifting foreign-exchange intermediation from the Bank of Ghana to GoldBod and raising the gold sale requirement for large-scale miners. Greater exchange-rate flexibility is still needed to rebuild buffers.
The 2027 Budget targets a primary surplus of 0.5% of GDP on a commitment basis. This creates space for investment in jobs, infrastructure and the New Economy agenda, supported by revenue measures passed in July 2026.
Work continues on the Bank of Ghana’s liquidity framework, the Integrated Tax Administration System, the Fiscal Council and the Fiscal Risk Statement. Publication of the Electricity Company of Ghana collection-accounts audit remains outstanding.
Ghana remains exposed to commodity-price swings in gold, cocoa and oil, as well as tighter global financial conditions and domestic debt rollover needs. Completing remaining governance and oversight reforms will be critical to lock in gains.
