Ghana to meet its debt anchor by 2034 – IMF

Ghana is on track to meet its debt anchor by 2034, even with a relaxed primary surplus target, according to the International Monetary Fund (IMF). The IMF's fiscal space framework includes safeguards that ensure debt remains within safe bounds, taking into account debt dynamics specific to Ghana, interest-rate fluctuations, primary balance variations, and significant adjustments in stock and flow.

The IMF has commended Ghana's recent debt reduction achievements and acknowledges the country's substantial development needs, which warrant a review of the medium-term fiscal stance.

In 2025, Ghana implemented amendments to the Public Financial Management (PFM) Act, setting a legislative debt anchor of 45% of GDP by 2034 and committing to achieving a primary surplus of 1.5% of GDP. The IMF expresses concern over the current fiscal stance, which appears overly restrictive, and believes that the reduction in the primary surplus target will be bolstered by a comprehensive suite of fiscal structural reforms.

These measures aim to address quasi-fiscal pressures, maintain debt sustainability, and curb revenue administration gaps and tax evasion. The IMF highlights that strong public financial management (PFM) initiatives will help curb stock-flow adjustments and curb contingent liability risks, particularly in key sectors such as cocoa and energy.