Ghana reaches staff-level agreement with IMF on economic review

The International Monetary Fund (IMF) has reached a staff-level agreement with Ghana following the first review of its 36-month Policy Coordination Instrument (PCI) programme. An IMF mission led by Ruben Atoyan visited Accra from October 22 to November 4, 2026, to assess the country’s macroeconomic progress.

The IMF reported that Ghana’s economic performance has been broadly satisfactory, with real GDP expanding by 6.2 percent year-on-year in the first half of 2026. Full-year growth is projected at 5.7 percent, driven largely by investment. Inflation was recorded at 5.5 percent in October, remaining within the Bank of Ghana’s target range.

While the IMF noted that most quantitative targets were met and public debt has declined, it emphasized the need for stronger financial buffers. The Fund highlighted vulnerabilities such as fluctuations in gold, cocoa, and crude oil prices, as well as recent declines in foreign exchange reserves. To address these, corrective measures include implementing higher gold sale requirements for large-scale mining companies and increasing exchange rate flexibility.

Additionally, the IMF described Ghana’s 2027 Budget as being built on “strong foundations,” noting that its fiscal targets, including a primary surplus of 0.5 percent of GDP, align with the PCI programme. The Fund advised rigorous expenditure controls to ensure debt sustainability and value for money in public spending.