An International Monetary Fund staff team led by Ruben Atoyan has reached a staff-level agreement with Ghanaian authorities following completion of the first review under the country’s 36-month Policy Coordination Instrument.
The formal agreement, which concluded following an intensive two-week IMF mission to Accra conducted from October 22 to November 4, 2026, represents a major milestone in Ghana’s ongoing national economic stabilization strategy.
However, final sign-off on the program review remains subject to executive approval by IMF Management and the Executive Board.
“IMF staff and the Ghanaian authorities have reached staff-level agreement on the first review of the PCI. The agreement is subject to approval by IMF Management and the Executive Board. The 36-month non-financing PCI for Ghana was reviewed by the IMF’s Executive Board on July 27, 2026,” the leader of the IMF remarked after the review.
The IMF’s press release on Thursday, 5th November, 2026 noted that Ghana’s broader macroeconomic environment has demonstrated impressive strength, stability, and positive economic momentum throughout 2026. Real gross domestic product expanded by an impressive 6.2 percent year-on-year during the first half of 2026, driven primarily by strong domestic investment activities.
For the full year of 2026, total real economic growth is officially projected to reach 5.7 percent. Concurrently, consumer price pressures across the country have eased significantly, with October headline inflation falling sharply to 5.5 percent.
This decline keeps domestic price growth comfortably below the Bank of Ghana’s official inflation target band of 8±2 percent. The nation’s overall fiscal position has been equally solid, supported by low public debt levels following rapid debt declines recorded in recent years.
Ghana remains fully on track to meet its end-year primary fiscal surplus targets under the program. Looking ahead to next year, the government’s proposed 2027 Budget targets a primary fiscal surplus of 0.5 percent of GDP on a commitment basis.
Projected non-oil revenue growth will be supported by new tax measures passed by Parliament in July 2026, an expedited comprehensive review of customs and excise legislation, and the continued rollout of the Integrated Tax Administration System alongside electronic fiscal devices.
The fiscal room created by these administration reforms will be channeled directly into key national development priorities established under the government’s New Economy initiative. This economic agenda focuses specifically on expanding domestic job creation, generating new private investment opportunities, and closing critical national infrastructure gaps.
To safeguard public financial management and preserve long-term debt sustainability, Ghanaian officials are strictly enforcing rigorous project appraisals, competitive procurement guidelines, and firm expenditure controls across all government sectors. Structural reform execution across public institutions also continues to move forward on schedule.
The IMF further indicates that Ghanaian authorities published the official Fiscal Strategy Document, secured parliamentary passage of the new Cocoa Board Act to strengthen sector governance, and maintained regular quarterly electricity tariff adjustments.
Technical progress is advancing on operationalizing the Fiscal Council, preparing the Fiscal Risk Statement, and modernizing the central bank’s liquidity management framework. Completing the delayed publication of the audit of the Electricity Company of Ghana’s collection accounts remains vital.
