The IMF Mission Chief for Ghana, Stéphane Roudet, says Ghana’s economic programme is on track and should end successfully, achieving the targets and structural reforms outlined for the country.

“Another thing that has given us some assurance is that necessary laws have been instituted to enhance fiscal discipline going forward,” Roudet stated during a media interaction with Ghanaian journalists at the IMF/World Bank Spring Meetings in Washington DC.

He emphasised that these legal frameworks will help control budget overruns and address debt vulnerabilities.

“What we have been pushing for has already been put in place regarding the laws, and that should act as a check on government spending going forward,” he added.

However, Roudet cautioned that sustaining the programme’s success would heavily depend on Ghana’s commitment to adhering to the programme’s targets and reforms.

“This is not just about today but also about preparations for next year and the 2026 budget, which will be very important,” he stressed.

According to Roudet, so far, things are progressing according to plan under the IMF programme, with no disruptions anticipated—provided the government remains committed to the programme conditions.

“Based on the way things are progressing, we are hopeful that the end-programme targets will be achieved,” he noted.

Background: Rising Concerns About Programme Stability

Despite the IMF’s optimism, some civil society groups and economists have raised concerns about Ghana’s programme possibly veering off track, which could have serious consequences for the economy.

Bright Simons, Vice President of IMANI Ghana, warned on PM Express on April 24, that Ghana risks missing key targets, especially the crucial revenue-to-GDP ratio and achieving a 55 per cent debt-to-GDP ratio by 2028.

“Already, the current data shows that things might not look good when the programme ends in May 2026,” Simons cautioned.

Some analysts have even suggested that Ghana might need a new programme or request an extension to make up for missed targets and delayed reforms.

Programme Extension Rumours

Addressing these concerns, Roudet firmly dismissed reports that Ghana had started discussions with the IMF for a possible programme extension.

“Programme extension has never been on the table. This is something that we have not been discussing during the Fourth Review mission visit,” he clarified.

“Our focus has been on what should be done to bring the programme back on track,” he added.

Fourth Programme Review and Staff Level Agreement

Roudet explained that the recently completed Fourth Review was based on 2024 targets and the government’s commitments for 2025.

He responded to concerns that the Staff Level Agreement was based solely on 2024 progress, clarifying that both past performance and the government’s pledged corrective measures for 2025 were considered.

“We factored in what happened in 2024 and the commitment by the government to implement measures addressing challenges realised in previous months,” Roudet concluded.