The International Monetary Fund (IMF) says Ghana’s recent economic gains are helping the country withstand external pressures, following a positive assessment of its performance under the first review of the Policy Coordination Instrument (PCI).
The Fund cited strong economic growth, lower inflation and improvements in public finances as evidence that macroeconomic stability was becoming entrenched.
Ghana’s economy expanded by 6.2 per cent year-on-year in the first half of 2026, supported largely by investment, with growth projected at 5.7 per cent for the full year.
Inflation stood at 5.5 per cent in October, remaining below the Bank of Ghana’s target band of 8±2 per cent.
“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,” IMF Mission Chief Ruben Atoyan said.
He noted that the progress, alongside buffers accumulated in recent years, had helped Ghana absorb part of the external shock arising from the war in the Middle East.
The assessment followed discussions between an IMF team led by Mr Atoyan and Ghanaian authorities during a visit to Accra from October 22 to November 4, 2026.
At the end of the mission, the two sides reached a staff-level agreement on the first review of Ghana’s 36-month PCI programme.
The agreement is subject to approval by IMF Management and the Fund’s Executive Board.
The IMF said programme performance had been broadly satisfactory, with most quantitative targets under the review met.
However, it cautioned that maintaining the gains would require continued policy discipline and the implementation of outstanding reforms.
The Fund also identified global commodity price fluctuations, geopolitical tensions and tighter international financial conditions as risks to Ghana’s economic outlook.
The PCI is a non-financing arrangement approved by the IMF Executive Board on July 27, 2026. It provides a framework for monitoring Ghana’s economic policies and reform commitments.
