Ghana’s economic recovery is gaining support from strong gold prices, improved fiscal conditions and sustained growth, strengthening its ability to withstand potential global commodity-price shocks, the International Monetary Fund (IMF) has said.
The Fund’s assessment comes as Ghana moves beyond its Extended Credit Facility (ECF) programme and continues economic reforms under the Policy Coordination Instrument (PCI), with the country’s outlook improving despite uncertainty in the global economy.
Speaking at the IMF and World Bank Annual Meetings in Bangkok, Thailand, Zeine Zeidane, Director of the IMF’s African Department, said Ghana’s recent performance and credit-rating upgrade reflected progress in its recovery.
“The performance has been strong up to now. And recently, there was an upgrade of Ghana. So, things are moving in Ghana in the right direction,” he said.
Ghana’s economic growth reached 6.2% in the first half of 2026, according to the IMF, which expects that momentum to continue in the second half of the year.
The Fund has raised its growth forecast for Ghana to 5.7% for 2026, from 4.6% projected in April. However, it expects growth to moderate to 5.2% in 2027, partly reflecting the possibility of weaker external demand.
Strong international gold prices have helped support the improved outlook by boosting export earnings and strengthening Ghana’s external position. Improved fiscal performance and progress in economic reforms have also contributed to the more positive assessment.
However, the IMF cautioned that exposure to global commodity-price movements remains a risk. Changes in prices can affect export earnings and economic activity, making it important for Ghana to preserve the gains made during its recovery.
Zeidane acknowledged that commodity-price fluctuations could affect any economy but said Ghana was now better placed to manage the consequences.
“Every country can face them, but if that happens, Ghana will face them with a very strong position,” he said.
The assessment places renewed attention on the policies needed to sustain the recovery. Ghana’s transition from the ECF to the PCI marks a shift from a programme that provided financial support to one focused on monitoring and supporting the implementation of economic policies without direct financing.
Under the new arrangement, maintaining fiscal discipline, strengthening public financial management and safeguarding debt sustainability will remain important to consolidating recent gains.
For Ghana, the next test is whether stronger growth and improved economic stability can be sustained even if global conditions become less favourable. The IMF’s assessment suggests the country has made progress, but continued reforms and prudent management of commodity-related revenues will be important in keeping the recovery on track.
