The International Monetary Fund (IMF) has urged Ghana to maintain fiscal discipline in its 2027 Budget, with a primary surplus target of 0.5 per cent of Gross Domestic Product (GDP), while creating room for investments in job creation and infrastructure.
The Fund said the proposed fiscal framework builds on the country’s recent consolidation efforts and is consistent with commitments under its 36-month Policy Coordination Instrument (PCI).
“The 2027 Budget is built on strong foundations. Consistent with the PCI, it targets a primary surplus of 0.5 percent of GDP on a commitment basis, supported by revenue measures already approved by the Parliament in July,” the IMF stated.
It said the fiscal space generated by the consolidation measures would be directed towards priority investments under the government’s New Economy agenda.
“The fiscal space created will be used for investment, focused on the priorities under the New Economy, including creating job and investment opportunities and closing the infrastructure gap,” the Fund said.
However, the IMF cautioned that the government must ensure that public investments are properly assessed and implemented within strict financial controls to protect public resources and maintain debt sustainability.
“Rigorous project appraisal, competitive procurement, and strict expenditure controls will be critical to ensure value for money and preserve debt sustainability,” it stated.
On revenue mobilisation, the Fund projected a further increase in non-oil revenue in 2027, building on strong collections recorded in 2026.
“Building on strong 2026 collections, non-oil revenue is projected to further increase in 2027,” the IMF said.
It attributed the expected improvement to tax measures announced in July 2026, the review of customs and excise legislation and gains from revenue administration reforms.
These include the Integrated Tax Administration System and electronic fiscal devices, which form part of efforts to strengthen domestic revenue collection.
The Fund also noted that the proposed fiscal plan would operate within a broader economic environment that still faces external and domestic risks, including commodity price fluctuations, geopolitical tensions and tighter global financial conditions.
It said sustaining fiscal discipline, rebuilding foreign exchange reserves and maintaining reform momentum would be important to protecting the country’s economic gains.
The IMF’s assessment comes ahead of the presentation of the 2027 Budget Statement and Economic Policy by Finance Minister Dr. Cassiel Ato Forson to Parliament on November 12, 2026.
The Fund reached a staff-level agreement with Ghanaian authorities on the first review of the PCI following discussions in Accra from October 22 to November 4, 2026.
The agreement is subject to approval by IMF Management and the Fund’s Executive Board.
