[REVISION HISTORY]

IMF reaches staff-level agreement on Ghana PCI review

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2026-11-05 11:13 UTC → 2026-11-05 18:04 UTC · added ~~removed~~

The International Monetary Fund (IMF) mission, led by Dr. Ruben Atoyan, has concluded its first review under Ghana’s 36 month Policy Coordination Instrument (PCI). Following assessments of the 2027 Budget, fiscal performance, and the downstream petroleum sector, the IMF reported that Ghana’s performance has been “broadly satisfactory,” with most quantitative targets met. Economic data indicates real GDP grew by 6.2 per cent year-on-year in the first half of 2026, with a full-year growth projection of 5.7 per cent. Inflation was recorded at 5.5 per cent in October, remaining within the Bank of Ghana’s target range. The IMF noted a strong fiscal position, characterized by an on-track primary surplus of 0.5 per cent of GDP and a rapid decline in public debt. However, the IMF highlighted vulnerabilities regarding a recent decline in foreign exchange ~~reserves.~~ reserves and fluctuations in gold, cocoa, and crude oil prices. To mitigate ~~this,~~ these risks, authorities have implemented corrective measures, including transferring foreign exchange intermediation responsibilities from the Bank of Ghana to GoldBod and requiring large-scale mining companies to increase gold sales. The IMF emphasized that rebuilding reserves will necessitate greater exchange rate flexibility and the steadfast implementation of these ~~measures.~~ measures, alongside rigorous expenditure controls to ensure debt sustainability.

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