The opposition New Patriotic Party (NPP) has welcomed the economic stabilisation gains acknowledged by the International Monetary Fund (IMF) under Ghana’s Extended Credit Facility (ECF) programme but criticised what it described as the government’s “political packaging” of the IMF’s latest assessment.
In a statement issued on Saturday, May 16, 2026, the party said the IMF’s decision to place Ghana under a 36-month Policy Coordination Instrument (PCI) arrangement demonstrated that the country still required structured policy monitoring to sustain the gains achieved under the programme.
“The government must be honest about the country’s economic status,” the statement said.
According to the NPP, the IMF’s sixth and final review vindicated the economic recovery programme designed and negotiated by the previous NPP administration in 2023.
The party also commended Ghanaians for the sacrifices made during the implementation of the programme, including measures such as the Domestic Debt Exchange Programme and external debt restructuring.
It stated that those interventions helped reduce Ghana’s debt burden from 72.5 per cent of Gross Domestic Product (GDP) in December 2023 to 45.3 per cent by the end of 2025.
“Credit goes to every Ghanaian who carried that adjustment on their shoulders,” the statement added.
The NPP also rejected claims by the government that the IMF programme had derailed at the end of 2024.
According to the party, IMF documents did not describe the programme as derailed but rather pointed to improvements in external reserves and stronger than expected economic growth.
“A true derailment is reflected in a failure to meet the six Quantitative Performance Criteria,” the statement said.
The party further argued that Ghana did not require waivers, programme rephasing or renegotiation during the implementation period.
It contrasted the current programme with the 2015 ECF arrangement under the previous National Democratic Congress (NDC) administration, which it claimed had gone off track and required formal extension and rephasing.
The NPP also cautioned against interpreting the PCI arrangement as proof that Ghana’s economy had fully recovered.
“It is an instrument for ensuring institutional discipline that the country is not yet judged able to sustain unaided,” the statement noted.
According to the party, the IMF had identified several outstanding risks, including liabilities within state owned enterprises such as the Electricity Company of Ghana (ECG) and COCOBOD, quasi fiscal activities, governance concerns and weaknesses in the balance sheet of the Bank of Ghana.
The party renewed calls for transparency in the Domestic Gold Purchase Programme and urged the government to publish a time bound plan to recapitalise the central bank, which it said remained in negative equity.
On the general economic situation, the NPP argued that many Ghanaians were yet to experience the benefits of the stabilisation programme.
The party cited rising youth unemployment, high utility tariffs, increasing food prices and persistent inflationary pressures as signs of worsening living conditions.
“The difficult parts of the IMF’s statement deserve as much amplification as the positive headlines,” the statement added.
Last Friday, the government announced at a joint press conference with the IMF that Ghana had successfully completed the financial bailout programme under the ECF arrangement.
The government also disclosed that the country had transitioned to a non financing technical assistance arrangement with the IMF aimed at protecting the gains achieved under the programme and supporting future reforms.
Speaking at the press conference, the Minister of Finance, Dr Cassiel Ato Forson, said the technical assistance arrangement would help strengthen policy credibility, attract private sector investment and support efforts to tackle youth unemployment through job creation initiatives.
