Many Ghanaians, economists, development analysts, partners, and others are sitting on tenterhooks concerning what fate awaits the Ghanaian economy after the end of the current IMF programme.
It is a feeling of déjà vu as the current program gradually grinds to a halt in May 2026. We may have tightened our belts, followed strict rules, stabilised the books, but once the Fund packs up and leaves, it is a different game. The old habits quietly return. Spending overruns resurface and projects multiply without scrutiny, and before long, the country finds itself knocking on the IMF’s door again.
Will the story be different after May 2026, when the current program ends? Well, this is the belief of an economist and lecturer at Academic City University, Dr. Paul Appiah Konadu.
The economist maintains that the signals coming from the Ministry of Finance this time look different, at least for now.
Speaking on the government’s 2026 Budget in an interview with The High Street Journal, Dr. Appiah Konadu argued that the administration has shown a surprising level of self-discipline even before the IMF programme officially ends in May 2026.
He maintains that a lot of indications from the Finance Ministry point to the vision of a life of discipline and prudence after the IMF leaves town. To him, the reforms spearheaded by the government in public financial management tell a very good story of the commitment of the Minister for Finance.
“In terms of signals for fiscal discipline beyond the IMF period, when the IMF left town in May 2026, I think from what we have seen from this finance minister and the government so far, they have been very disciplined, and so far they have given signals that they are ready to reform the Public Financial Management Act to ensure sanity in public spending,” he remarked.
Moreover, to him, another policy that stands out as a clear sign that the government wants to break Ghana’s cycle of fiscal recklessness is the establishment of Value-for-Money Units at the Ministry of Finance.
He described the initiative as “a beautiful intervention”, not simply because it checks costs, but because it tackles one of the biggest leakages in Ghana’s public finances: the awarding of contracts without proper scrutiny.
Under this system, no government contract, whether for roads, hospitals, IT systems, or supplies, can move forward without a rigorous value-for-money assessment. Dr. Konadu believes this single step could choke off the inflated prices, shady deals, and hurried procurement decisions that have drained Ghana’s coffers for years.
“One beautiful policy in that regard, I think, is the establishment of the value for money units at the Ministry of Finance to ensure that before any contract is awarded, we do value for money analysis,” he mentioned.
He added, “That is a very beautiful intervention and I look forward to seeing that office weeding out corrupt practices in the procurement process and in the award of government contracts.
Many analysts maintain that discipline after an IMF programme matters even more than discipline during it. Ghana knows how to behave when the Fund is watching; the real challenge is whether the country will keep the house in order when no one is standing over its shoulder.
For now, Dr. Appiah Konadu insists that the early signs are encouraging. The Finance Minister’s emphasis on tightening expenditure controls, reforming the Public Financial Management Act, and insisting on contract scrutiny suggests that the government is not eager to return to the cycle of boom, bust, and bailout.
But he warns that the real test will come over time. Will the political pressure of an election year weaken the discipline? Will the Value-for-Money Units be allowed to work without interference? Will institutions stay strong when reforms begin to bite?
Only time will tell.
