IMF flags delayed ECG collection accounts audit, urges timely reforms

The International Monetary Fund (IMF) has warned that Ghana has delayed the publication of an audit on the Electricity Company of Ghana's collection accounts. The IMF's mission stated that timely completion of this and other outstanding reforms is crucial for the country's economic stability. Ruben Atoyan, the mission chief, emphasized the importance of finishing these reforms on schedule.

The IMF's concerns come as Ghana faces fiscal pressures from various sectors, including energy, debt rollover, cocoa, gold, and weaknesses in the financial sector. Despite this, the IMF noted that structural reforms in areas such as electricity tariff adjustments, Cocoa Board Act approval, and Fiscal Strategy Document publication remain on track.

Additionally, Ghana completed a customs and excise legislation review ahead of schedule, while work continues on the Integrated Tax Administration System, Fiscal Council, and Fiscal Risk Statement. The IMF team visited Ghana from October 22 to November 4 and reached an agreement with the government on the first review of its Policy Coordination Instrument (PCI).

This agreement, however, still needs approval from IMF Management and the Executive Board. Ghana has transitioned into a 36-month non-financing PCI phase following the completion of its $3 billion Extended Credit Facility program in July 2026. The PCI supports Ghana's policy program without providing funding and signals the country's commitment to reforms.

While the IMF described Ghana's performance under the arrangement as broadly satisfactory, it stressed the need for stronger governance and improved oversight of state-owned enterprises to build public trust and attract private investment.