Bright Simons, Vice President of IMANI Africa, has criticized Ghana’s early exit from the International Monetary Fund (IMF) program, suggesting the move is more about political image than genuine economic reform.
Speaking on Joy News’ PM Express Business Edition on April 24, Simons described the decision as “a political strategy disguised as economic management,” warning that both the IMF and the government are more focused on optics than on delivering results.
“The IMF will celebrate, the government will celebrate—but by 2028, we’ll fall short of the targets,” Simons predicted. “And by then, the program will be over.”
He emphasized that prematurely ending the program removes the external pressure needed to meet long-term fiscal goals. “The question is not whether we still need the IMF program—it’s whether we’ll keep the discipline without it. I don’t think so,” he said.
Simons accused both parties of prioritizing messaging over meaningful reform. “They’ve turned perception into policy. And the government is using that to its advantage,” he noted.
He further argued that without the IMF framework between 2026 and 2028, the critical reforms needed to meet the country’s fiscal targets—such as reducing debt to 55% of GDP—will likely be abandoned.
“If the IMF was truly invested in helping us meet those targets, it should have supported the government’s request for an extension. That would have kept the pressure on,” he added.
Instead, Simons suggested that Ghana will likely use the program’s exit to regain flexibility in seeking alternative sources of funding.
“With market access potentially opening up, they’ll no longer feel bound by IMF benchmarks,” he said, noting that debt-to-GDP targets may become irrelevant.
Citing regional examples, Simons pointed out that countries like Kenya exited IMF programs early and secured $1.5 billion from the Gulf, while Nigeria bypassed the IMF entirely. However, he expressed skepticism about Ghana’s ability to follow through without robust institutions and strong political will.
“If the government isn’t truly committed to reforms, none of this matters,” Simons argued. “What counts is the willingness to change, and that urgency is lacking.”
He concluded by reminding viewers that while IMF programs often offer limited funds, their true value lies in the discipline they enforce.
“It’s not about the money. It’s about forcing tough, necessary decisions. That’s what matters,” he said.
His final message was blunt: “This is politics pretending to be purpose. And history tells us exactly how that ends.”
