Home - FULL TEXT: Here's what IMF said about Ghana's economy after first PCI review

The International Monetary Fund (IMF) says Ghana’s economy remains resilient, supported by strong growth, low inflation and satisfactory programme performance.

In a statement issued after reaching a staff-level agreement with Ghana on the first review of the country's 36-month programme supported by the Policy Coordination Instrument (PCI), the Fund commended the government's progress on fiscal and structural reforms.

However, it cautioned that commodity price volatility and other external risks make rebuilding foreign exchange reserves, increasing domestic revenue and sustaining reform efforts essential to maintaining economic stability.

The IMF also noted that the 2027 Budget targets a primary surplus of 0.5 percent of GDP, while creating fiscal space for priority investments in job creation and infrastructure development.

The PCI is a non-financing programme offered by the IMF to member countries. It provides a framework for countries to work with the Fund to implement economic reforms, strengthen fiscal discipline and maintain macroeconomic stability without receiving direct financial assistance under the arrangement.

Read the full statement below:

Accra, Ghana: An International Monetary Fund (IMF) staff team led by Mr. Ruben Atoyan visited Accra from October 22 to November 4, 2026, for discussions on the first review of Ghana’s 36-month program supported by the Policy Coordination Instrument (PCI). At the conclusion of the visit, Mr. Atoyan issued the following statement:

“IMF staff and the Ghanaian authorities have reached staff-level agreement on the first review of the PCI. The agreement is subject to approval by IMF Management and the Executive Board. The 36-month non-financing PCI for Ghana was reviewed by the IMF’s Executive Board on July 27, 2026 (Press Release No. 26/260).

“Macroeconomic stability is becoming entrenched. Real GDP grew by 6.2 percent year-on-year in the first half of 2026, driven by investment, and is projected at 5.7 percent for the year. Inflation was 5.5 percent in October and remains below the Bank of Ghana’s target band of 8±2 percent. The fiscal position is strong, with the primary surplus on track to meet the end-year program target, and public debt remains low following rapid declines in recent years. These gains, together with the buffers built in recent years, allow the authorities to partly absorb the external shock stemming from the war in the Middle East.

“Performance under the PCI has been broadly satisfactory. Most quantitative targets under this review are met. In response to the decline in foreign exchange reserves in recent months, the authorities have taken corrective actions, including moving foreign exchange intermediation from the Bank of Ghana to GoldBod, and implementing the higher gold sale requirement for large-scale miners. Steadfast implementation of these measures, alongside greater exchange rate flexibility, will be essential to rebuild reserves in line with program objectives.

“Structural reforms remain on track. The authorities published the Fiscal Strategy Document, obtained parliamentary approval of the new Cocoa Board Act to strengthen sector governance and financial discipline, and continued quarterly electricity tariff adjustments. They also completed, ahead of schedule, a comprehensive review of customs and excise legislation. Work is advancing on reforming the Bank of Ghana’s liquidity management framework, rolling out the Integrated Tax Administration System, operationalizing the Fiscal Council, and preparing the Fiscal Risk Statement. Completing the remaining reforms on time, including the delayed publication of the audit of the ECG’s collection accounts, will be important.

“The 2027 Budget is built on strong foundations. Consistent with the PCI, it targets a primary surplus of 0.5 percent of GDP on a commitment basis, supported by revenue measures already approved by the Parliament in July. The fiscal space created will be used for investment, focused on the priorities under the New Economy, including creating job and investment opportunities and closing the infrastructure gap. Rigorous project appraisal, competitive procurement, and strict expenditure controls will be critical to ensure value for money and preserve debt sustainability. Building on strong 2026 collections, non-oil revenue is projected to further increase in 2027, supported by the tax measures announced in July 2026, the review of customs and excise legislation, and gains from revenue administration reforms, including the Integrated Tax Administration System and electronic fiscal devices.

“Despite this progress, vulnerabilities persist, particularly from the external sector. Ghana remains exposed to volatility in gold, cocoa, and oil prices, as well as to geopolitical tensions and tighter global financial conditions. Domestic risks include significant domestic debt rollover needs, fiscal pressures from the energy, cocoa, and gold sectors, and remaining financial sector weaknesses. Prudent monetary policy, greater exchange rate flexibility, stronger reserve buffers, and buildup of a sinking fund to pay for maturing debt remain key to safeguarding stability.

“Strengthening governance remains a priority. Adoption of the Conduct of Public Officers Bill, publication of the second National Ethics and Anti-Corruption Action Plan, and improved oversight of state-owned enterprises will help build public trust and support private investment.

“The IMF team thanks the Ghanaian authorities and other stakeholders for their warm hospitality and constructive discussions. The IMF remains a committed partner in Ghana’s efforts to preserve stability and achieve stronger, more inclusive, and job-rich growth.”