By Francis Ntow
Accra, Jan. 27, GNA – The Bank of Ghana (BoG) has placed strong emphasis on data transparency and policy discipline ahead of Ghana’s upcoming International Monetary Fund (IMF) programme review scheduled for April 2026.
Dr Johnson Pandit Asiama, the Governor of the Central Bank, at the beginning of the 128th Monetary Policy Committee (MPC) meeting in Accra, on Monday, noted that the meeting would be one of the early assessments of programme performance for 2025.
The IMF review is expected to serve as a litmus test for Ghana’s economic management, determining whether recent gains could be sustained, while policy credibility remained intact.
“The upcoming IMF review in April 2026 will be based on end December 2026 data. This Committee is, therefore, among the first and the very first to rigorously assess the indicators central to programme performance,” Dr Asiama said.
The IMF would assess the Bank of Ghana’s performance of various criterion on the US$3 billion loan-supported programme using inflation trends, reserve accumulation, adherence to zero central bank financing, and legacy fiscal activities.
Dr Asiama said ensuring credibility in data reporting and adherence to programme commitments would be critical for the IMF assessment and decision in sustaining investor confidence and international support.
He encouraged the Committee to carefully evaluate available data and assure its trustworthiness when subjected to scrutiny, especially on the back of the country’s positive macroeconomic performance.
The Central Bank Governor acknowledged favourable domestic and external conditions such as low inflation, strong reserve position, appreciation of the Cedi, higher gold prices and resilient global growth projections, but warned against complacency.
He encouraged policy considerations, including careful sequencing of policy adjustments, foreign exchange stability and positioning the domestic purchase programme (Gold for Reserves) for long-term sustainability.
The IMF, in its fifth review of Ghana’s loan-supported programme, said the country’s performance had been broadly satisfactory, despite some delays in implementing complex structural reforms.
“Macroeconomic stabilisation is gaining momentum, with strong growth and single-digit inflation for the first time since 2021. The fiscal and external positions have improved, and good progress has been made on debt restructuring,” the Fund noted.
Particularly on the Central Bank, the IMF recognised that it brought inflation within its target range and rebuilt international reserve buffers, while cautiously easing the monetary policy stance.
It acknowledged the progress made in bolstering financial stability by continuing to implement banks’ recapitalisation plans and initiating the recapitalization of key state-owned banks. However, vulnerabilities persist.
“Looking ahead, strengthening central bank independence, discontinuing quasi-fiscal activities, and deepening forex markets, while reducing the Bank of Ghana’s footprint, remain priorities,” the IMF stated.
The Fund called for strengthening of governance in state-owned banks, fully leverage the bank resolution framework, develop contingency plans for banks that do not recapitalise, ensure cost-effective resolution of legacy issues, and implement robust supervisory strategies to enhance credit and operational risk management.
While indicating that the gains reflected strong programme ownership, favourable external developments, and improved investor confidence, it called for steadfast implementation to fully restore macroeconomic stability and debt sustainability.
GNA
Edited by Agnes Boye-Doe