By Francis Ntow, GNA
Accra, Nov 6, GNA – The International Monetary Fund (IMF) has advised government to use the 2027 Budget as a blueprint to translate the fiscal space created in the past two years to attract investments, fund infrastructure development and create jobs for its people.
The Fund urged rigorous project appraisal, competitive procurement and strict expenditure controls to ensure value for money as the country embarks on a US$10 billion New Economy agenda to translate macroeconomic stability into prosperity.
The IMF made the call following a Staff-Level Agreement (SLA) agreement with Ghana on the first review of the country’s non-financing three-year Policy Coordination Instrument (PCI) on Thursday, saying, the country’s “macroeconomic stability is becoming entrenched.”
“The 2027 budget is built on strong foundations. Consistent with the PCI, it targets a primary surplus of 0.5 per cent of GDP (Gross Domestic Product) on a commitment basis, supported by revenue measures already approved by the Parliament in July,” said, Mr Ruben Atoyan, IMF Mission Chief.
“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,” he added.
The Fund projected non-oil revenue to rise in 2027, supporting the budget without over-reliance on commodity earnings, aided by customs and excise reforms and gains from revenue administration, including electronic fiscal devices.
Bank of Ghana (BoG) figures shows that Ghana’s total revenue and grants reached GHS144.571bn (9.1 per cent of GDP) at the end of the first half of 2026, with non-oil revenue constituting GHS138.28bn (95.65 per cent of total revenue).
The IMF, therefore, urged Ghanaian authorities to enforce competitive procurement and strict expenditure controls to secure value for money, curb waste, and safeguard debt sustainability and long-term fiscal stability.
On vulnerabilities persist, the IMF cautioned that Ghana externally remained exposed to volatility in gold, cocoa and oil prices, geopolitical tensions and tighter global financial conditions.
Domestically, the Fund signalled debt rollover needs, fiscal pressures from the energy, cocoa and gold sectors, and financial sector weaknesses.
“Prudent monetary policy, greater exchange rate flexibility, stronger reserve buffers, and buildup of a sinking fund to pay for maturing debt remain key to safeguarding stability,” Mr Atoyan encouraged.
He also urged strengthening governance, including the adoption of the Conduct of Public Officers Bill, publication of the second National Ethics and Anti-Corruption Action Plan, and improved oversight of state-owned enterprises (SOEs).
Doing so would build public trust and support private investment, Mr Atoyan said, urging consolidation of fiscal credibility, durable growth, and reassuring investors about Ghana’s economic reform commitment and stability.
Mr Thomas Nyarko Ampem, Deputy Finance Minister has noted that government would use its US$10bn New Economy agenda to advance Ghana’s transition to a productive and competitive sector, one that created value, supported enterprise, and expanded economic opportunity.
He spoke at the inauguration of the National Financial Inclusion and Development Strategy (NFIDS, 2027 – 2031) on the sidelines of an engagement with Queen Máxima, United Nations Secretary-General’s Special Advocate for Financial Health (UNSGSA) in Accra on Thursday.
“Over the past two years, we have worked to restore macroeconomic stability and confidence… Now, we are ready to take-off towards shared prosperity,” Mr Ampem said.
He said government recognised that it could not build a productive economy when citizens lacked the financial tools to realise their potential.
“As a result, we have financial health at the centre of our economic transformation agenda… We want financial services to help farmers invest, businesses expand, families save and young people turn their ideas into viable enterprises,” the Deputy Minister said.
Dr Cassiel Ato Baah Forson, Finance Minister is expected to present the government’s 2027 budget statement and economic policy before Parliament on November 12.
Already, some economic watchers are calling for relaxation in fiscal consolidation and a shift to implementation of policies and programmes that would directly impact the lives of Ghanaians, particularly decent job creation and better incomes.
GNA
Edited by Kenneth Odeng Adade
Reporter: Francis Ntow
Email: [email protected]