The International Monetary Fund (IMF) has described Ghana's performance under its Economic Credit Facility-supported programme as broadly satisfactory.

According to the Fund, the government sustained reform efforts—combined with favorable commodity-price developments—have delivered substantial macroeconomic stabilisation and debt sustainability gains.

“Inflation has fallen sharply, international reserves have been rebuilt beyond programme targets, and the primary fiscal balance has swung from a large deficit to a surplus. The comprehensive debt restructuring is largely complete, and Ghana's risk of debt distress has returned to moderate. Going forward, sustained reform implementation under the new Policy Coordination Instrument is essential to consolidate these gains and address remaining vulnerabilities”, it said.

It pointed out that maintaining fiscal discipline remains a key priority in addressing Ghana’s pressing development, social, and security needs, while safeguarding debt sustainability consistent with Ghana’s debt anchor.

“To this end, it is paramount to further strengthen domestic revenue mobilization, improve public financial and investment management, and enhance state-owned enterprise oversight, particularly in the energy and cocoa sectors, while strengthening social protection for the most vulnerable”.

It said that the Bank of Ghana has successfully anchored disinflation and rebuilt external buffers, while cautiously easing its policy stance. “Looking ahead, preserving monetary policy credibility will hinge squarely on safeguarding central bank independence, fully implementing the transfer of the domestic gold purchase programme to GoldBod, permanently discontinuing quasi-fiscal activities, and delivering on the recapitalisation plan”.

While financial sector resilience has improved, the Fund said vulnerabilities persist, particularly in some state-owned and private banks and specialised deposit-taking institutions.

Looking ahead, it wants the safeguard of financial stability, saying, it warrants decisive corrective measures, robust supervision, and finalisation of the crisis management and resolution framework. “Sustained progress on governance—including timely enactment of the reformed Conduct of Public Officials bill—will further bolster transparency, accountability, and public trust”.