The International Monetary Fund (IMF) has reached a staff-level agreement with Ghana on the first review of its 36-month programme supported by the Policy Coordination Instrument (PCI), following discussions with government officials in Accra.
The agreement followed a mission led by IMF team head Ruben Atoyan, which visited Ghana from October 22 to November 4, 2026. It is subject to approval by IMF Management and the Executive Board.
“Performance under the PCI has been broadly satisfactory. Most quantitative targets under this review are met,” the Fund said in a statement.
The IMF reported that Ghana’s economy grew by 6.2 per cent year-on-year in the first half of 2026 and projected full-year growth of 5.7 per cent.
Inflation stood at 5.5 per cent in October, while the fiscal position remained strong, with the primary surplus on track to meet the end-year programme target.
“The fiscal position is strong, with the primary surplus on track to meet the end-year program target, and public debt remains low following rapid declines in recent years,” the statement said.
The Fund, however, highlighted a recent decline in foreign exchange reserves, prompting corrective measures by the authorities.
These include transferring foreign exchange intermediation from the Bank of Ghana to GoldBod and implementing a higher gold sale requirement for large-scale mining companies.
“Steadfast implementation of these measures, alongside greater exchange rate flexibility, will be essential to rebuild reserves in line with program objectives,” the IMF stated.
On structural reforms, the Fund acknowledged progress in the publication of the Fiscal Strategy Document, parliamentary approval of the new Cocoa Board Act and the completion of a comprehensive review of customs and excise legislation ahead of schedule.
However, it urged the authorities to complete outstanding reforms, including the review of the Bank of Ghana’s liquidity management framework, the rollout of the Integrated Tax Administration System and the operationalisation of the Fiscal Council.
The IMF also flagged the delayed publication of the audit of the Electricity Company of Ghana’s (ECG) collection accounts, stressing that completing the remaining reforms on time would be important.
The first review follows the approval of Ghana’s 36-month non-financing PCI by the IMF Executive Board on July 27, 2026.
The Fund said it remained committed to supporting Ghana’s efforts to sustain economic stability and achieve stronger, more inclusive and job-rich growth.
