By Francis Ntow
Accra, Nov 05, GNA – The International Monetary Fund (IMF) staff have reached a staff-level agreement (SLA) with Ghana on the first review of the country’s 36-month non-financing Policy Coordination Instrument (PCI), describing the country’s performance as “broadly satisfactory.”
The staff team led by Mr Ruben Atoyan held discussions with Ghanaian authorities in Accra between October 22 to November 4, noting that its findings required management approval and further decision by the Executive Board.
At the end of the review, the staff team noted that most quantitative targets met and structural reforms progressing well, with the economy proving resilient, characterised by low inflation, strong growth.
“Macroeconomic stability is becoming entrenched. Real Gross Domestic Product (GDP) grew by 6.2 per cent year-on-year in the first half of 2026, driven by investment, and is projected at 5.7 per cent for the year,” the IMF team stated.
The Fund, however, called for rebuilding of reserves, raising revenues, diversifying the economy and maintaining reform momentum to withstand commodity price volatility and other external shocks.
At the end of the visit, Mr Atoyan, the IMF Mission Chief, said the macroeconomic gains, together with buffers built in recent years, allowed the country to partly absorb the external shock stemming from the war in the Middle East.
On progress made, he cited moving foreign exchange intermediation from the Bank of Ghana (BoG) to the Ghana Gold Board (GoldBod) and implementing the higher gold sale requirement for large-scale miners.
He also mentioned the publication of the Fiscal Strategy Document, obtaining parliamentary approval of the new Cocoa Board Act to strengthen sector governance and financial discipline, and continued quarterly electricity tariff adjustments.
He equally cited the completion of a comprehensive review of customs and excise legislation ahead of schedule, BoG’s reforms on liquidity management framework, rolling out the Integrated Tax Administration System and operationalising the Fiscal Council.
“Steadfast implementation of these measures, alongside greater exchange rate flexibility, will be essential to rebuild reserves in line with programme objectives,” the IMF Chief said.
Looking ahead, he stated that completing the remaining reforms on time, including the delayed publication of the audit of the Electricity Company of Ghana’s (ECG) collection accounts, would be important.
Externally, he identified persistent vulnerabilities in gold, cocoa and oil prices, geopolitical tensions and tight global finance as risks, together with domestic challenges, including debt rollover, energy pressures 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 said.
He also encouraged strengthening governance, with 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.
He stated that such reforms would help build public trust and support private investment, reiterating that IMF would remain a committed partner in Ghana’s efforts to preserve stability and achieve stronger, more inclusive, and job-rich growth.
GNA
Edited by Benjamin Mensah
Reporter: Francis Ntow
Email address: [email protected]