The International Monetary Fund (IMF) has described Ghana’s performance under the bailout programme as broadly satisfactory, despite some delays in implementing complex structural reforms.

In its latest Staff Report on Ghana, the Bretton Woods institution said all quantitative performance criteria and indicative targets for the fifth review were met.

Notwithstanding some delays, it pointed out that good progress has also been made on the key structural reforms, including overdue measures from previous reviews.

“The Ghanaian authorities have continued to make significant headways on their public debt restructuring. They have signed bilateral debt relief agreements with many members of Ghana’s Official Creditor Committee and finalized several Agreements in Principle with other external commercial creditors”, it said.

“The authorities have also intensified engagement with their remaining external commercial creditors on a restructuring consistent with program parameters and comparability of treatment”, it added.

“Growth through September 2025 exceeded expectations, driven by strong services and agriculture. Inflation is now within the Bank of Ghana’s target range, and the external sector strengthened on robust gold and cocoa exports. Reserves accumulation surpassed ECF targets, the cedi appreciated, and Ghana’s debt trajectory improved significantly”, it further stated.

It also alluded that Ghana is on track to achieve a primary surplus of 1.5% of GDP by year-end, stressing that the 2026 budget, submitted to Parliament, aligns with fiscal programme objectives and the new fiscal responsibility framework, while accommodating developmental and security needs.

According to the Fund, this will be driven by revenue mobilization and expenditure rationalisation, with safeguards for vulnerable groups.

However, sustaining fiscal discipline requires stronger revenue administration, improved public financial management, and better oversight of State-Owned Enterprises, which pose significant fiscal risks.

Outlook and Risks

Despite the improvement in Ghana's macroeconomic outlook, the IMF warned that it faces significant downside risks.

These mainly stem from a deterioration of the external environment (especially related to commodity price volatility) and confidence effects from policy and reform slippages.

It concluded that delays in completing Ghana’s comprehensive debt restructuring also entails some risks.