Ghana will now access about $385 million bringing total IMF support since 2023 to $2.83 billion
The International Monetary Fund (IMF) has revealed that Ghana is on track to achieve a primary surplus of 1.5% of GDP by end of 2025.
According to the Fund, the 2026 budget submitted to Parliament aligns with fiscal program objectives and the new fiscal responsibility framework, while also accommodating developmental and security needs.
It noted that this outcome will be driven by revenue mobilization and expenditure rationalisation, with safeguards in place for vulnerable groups.
“Ghana has made progress in strengthening its fiscal position. Looking ahead, staying the course of fiscal policy adjustment and creating room to enhance social programs is paramount to put public finances on a sustainable path and reduce financing needs, while cushioning vulnerable households from the impact of fiscal adjustment,” the fund stated.
The Fund further emphasized that sustaining fiscal discipline requires stronger revenue administration, improved public financial management, and better oversight of State-Owned Enterprises, which pose significant fiscal risks.
Ghana secures US$385 million as IMF approves fifth ECF review
With inflationary pressures easing and the recent appreciation of the Cedi, the Bank of Ghana (BoG) has appropriately begun a cautious monetary easing cycle.
Any further easing, according to the Fund, should remain gradual and data-dependent.
The Bank of Ghana, in collaboration with the IMF, has developed and implemented a new structured foreign exchange operations framework to intermediate forex flows, smooth excessive market volatility, and accumulate international reserves.
Authorities have also taken decisive steps to safeguard financial stability, including implementing a strategy to restructure and reform state-owned banks, closing gaps in the crisis management and resolution framework, and pursuing a multi-pronged approach to reduce non-performing loans.
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