Ghana’s IMF Programme Progressing Well, But Long-Term Reforms Will Be Critical – Mission Chief

Stéphane Roudet, the IMF Mission Chief for Ghana, has affirmed that Ghana’s economic reform programme is progressing as planned and is on course to achieve its outlined goals and structural reforms.

Speaking to Ghanaian journalists during the IMF/World Bank Spring Meetings in Washington, D.C., Roudet noted that the implementation of key laws aimed at promoting fiscal discipline provides further confidence in the programme’s sustainability.

“Important legislation has been put in place to curb excessive government spending and tackle debt vulnerabilities,” he explained, adding that these legal frameworks are expected to strengthen fiscal management in the future.

However, Roudet emphasized that maintaining the success of the programme will require Ghana’s steadfast commitment to its targets and reforms.

“It’s not only about current achievements. Preparing for the 2025 and 2026 budgets will be essential to ensure the programme’s lasting impact,” he stated.

He added that the programme is currently progressing without disruptions, provided the government remains dedicated to meeting the agreed conditions.

“If the current momentum is maintained, we are optimistic that the programme’s end targets will be reached,” Roudet said.

Concerns About Stability and Future Challenges

Despite the positive assessment from the IMF, some economists and civil society groups have expressed concerns about the programme’s long-term stability.

Bright Simons, Vice President of IMANI Ghana, recently warned that Ghana might struggle to meet key indicators, such as improving the revenue-to-GDP ratio and reducing the debt-to-GDP ratio to 55% by 2028.

Simons cautioned that early signs from available data suggest challenges could arise as the programme concludes in May 2026.

Some analysts have even speculated that Ghana might eventually require a new IMF programme or an extension to meet delayed targets.

Rumours of Programme Extension Rejected

Responding to these concerns, Roudet firmly denied that there have been discussions about extending Ghana’s current IMF programme.

“An extension has not been considered. During the Fourth Review mission, there were no talks of prolonging the programme,” he clarified.

“Our focus remains on taking corrective actions to keep the programme on track,” he emphasized.

Fourth Review and Staff Level Agreement

Roudet further explained that the recent Fourth Review assessed Ghana’s performance against 2024 benchmarks while also taking into account the government’s commitments for 2025.

He addressed concerns that the Staff Level Agreement was based solely on 2024 outcomes, stressing that both past performance and future corrective measures were considered.

“The evaluation incorporated 2024 developments as well as the government’s pledges to address past challenges,” Roudet concluded.