The International Monetary Fund (IMF) has identified three critical reforms Ghana must urgently implement to ensure lasting macroeconomic stability and sustain its ongoing economic recovery.
According to the IMF, the priorities include maintaining fiscal discipline, securing financial sustainability in the energy sector, and strengthening governance across state-owned enterprises (SOEs).
The Fund acknowledged that Ghana has made significant progress under its Extended Credit Facility (ECF) programme, meeting all quantitative targets for the June 2025 review. In September 2025, Ghana completed a staff-level agreement for the fifth review of the programme, with final approval from the IMF Executive Board expected by the end of December. The approval is expected to trigger the disbursement of approximately US$385 million to support Ghana’s economic programme.
Speaking on Channel One TV’s Point of View with Bernard Avle, IMF Resident Representative to Ghana, Dr. Adrian Alter, praised the government’s performance, noting that “all indicative targets and quantitative targets at end-June 2025 were met,” which he described as “an important plus.”
However, Dr. Alter emphasized that “several key reforms remain essential to secure this long-lasting macroeconomic stability.”
On fiscal management, he urged the government to continue strengthening public financial management, boost domestic revenue mobilization, and enhance expenditure efficiency.
“This is important for the country to strengthen how the government manages its finances, boost domestic revenue, also improve tax administration and ensure that public spending is efficient and transparent,” he stated.
Dr. Alter also highlighted the energy sector as an area needing urgent reform despite ongoing efforts to clear legacy debts.
“The government has renegotiated the legacy arrears with Independent Power Producers (IPPs) and taken steps to improve the revenues of the Electricity Company of Ghana (ECG) and the cash waterfall mechanism. But this is not sufficient. More work has to be done to ensure the financial sustainability of the energy sector,” he explained.
He further underscored the importance of improving governance and transparency across key state-owned enterprises such as ECG, Cocobod, and the Ghana National Petroleum Corporation (GNPC) to sustain investor confidence and ensure long-term stability.
Dr. Alter concluded that Ghana’s continued commitment to these structural reforms will determine the durability of its recovery and the resilience of its economy in the years ahead.
