Ghana meets most PCI targets, but risks remain – IMF

The International Monetary Fund (IMF) has deemed Ghana's performance under its Policy Coordination Instrument (PCI) programme as generally satisfactory, with most quantitative targets achieved. Following a staff visit to Accra from October 22 to November 4, 2026, the mission reported progress on structural reforms. However, it cautioned that external vulnerabilities and pressures in key sectors like gold, cocoa, and oil could still undermine economic stability.

Authorities took corrective measures after foreign exchange reserves declined, including shifting foreign exchange intermediation from the Bank of Ghana to GoldBod and mandating large-scale miners to sell more gold. The IMF emphasized that steady implementation of these measures, along with enhanced exchange rate flexibility, is vital for rebuilding reserves as per program goals.

On structural reforms, the mission noted the approval of the new Cocoa Board Act and the Fiscal Strategy Document's publication, aimed at improving governance and financial discipline in the sector. Ghana also completed its tariff adjustments and reviewed customs and excise legislation ahead of schedule. The IMF highlighted that reforms to the Bank of Ghana's liquidity management framework and the rollout of the Integrated Tax Administration System are progressing.

The mission urged the completion of pending reforms, such as the delayed audit of the Electricity Company of Ghana (ECG)'s collection accounts. The 2027 Budget's fiscal foundations are strong, targeting a primary surplus of 0.5% of GDP, which the IMF believes will support investments in employment and infrastructure under the government's New Economy priorities.

However, Ghana remains exposed to external shocks such as price fluctuations in gold, cocoa, and oil, geopolitical tensions, and tighter global financial conditions. Additionally, domestic risks like substantial debt rollover needs, fiscal pressures in energy, cocoa, and gold sectors, and weaknesses in the financial sector persist.

The IMF stressed the importance of prudent monetary policy, increased exchange rate flexibility, stronger reserve buffers, and a fund to pay for maturing debt to maintain stability. The team also called for stronger governance and accountability measures, including adopting the Conduct of Public Officers Bill, publishing the second National Ethics and Anti-Corruption Action Plan, and improving oversight of state-owned enterprises to foster public trust and drive private investment.