Ghana and the International Monetary Fund (IMF) have reached a crucial staff-level agreement on the fourth review of the country’s economic program under the Extended Credit Facility (ECF), following a two-week mission in Accra led by IMF Mission Chief Stéphane Roudet. The agreement comes despite notable policy slippages ahead of the 2024 general elections and signs of economic strain in key sectors.
In a statement released on April 15, Roudet confirmed:
“IMF staff and the Ghanaian authorities have reached a staff-level agreement on the fourth review of Ghana’s economic program under the Extended Credit Facility arrangement. Upon completion of the Executive Board review, Ghana would have access to SDR 267.5 million (approximately US$370 million), bringing the total disbursed support under the program to about US$2.355 billion since May 2023.”
Stronger Growth Amidst Economic Headwinds
Ghana’s economy showed unexpected strength in early 2024, outperforming growth projections thanks to robust activity in the mining and construction sectors. External factors also turned favorable:
- Gold exports surged,
- Remittances rose, and
- Foreign reserves increased beyond expectations.
These developments painted a picture of resilience, but they were offset by notable challenges as the year progressed.
Election-Year Fiscal Slippages and Policy Delays
Despite the positive indicators, the IMF flagged a “marked deterioration in programme performance” toward the end of 2024. Several issues were cited:
- Significant fiscal slippages due to increased spending in the lead-up to the elections, including a large accumulation of unpaid commitments (payables).
- Inflation overshot programme targets, fueled by loosened fiscal policy.
- Delays in key reforms across fiscal, financial, and energy sectors.
Roudet noted, “Preliminary fiscal data point to slippages in the run-up to the 2024 general elections… Several reforms and policy actions were delayed.”
New Leadership, Renewed Commitment
Ghana’s new leadership has responded decisively, introducing a 2025 budget aimed at stabilizing public finances. The budget targets a primary surplus of 1.5% of GDP, a sharp reversal from last year’s deficit of over 3%.
Key policy responses include:
- Public financial management reforms to rein in expenditure and prevent fiscal overruns.
- Introduction of an enhanced fiscal responsibility framework.
- New rules to tighten expenditure commitments and reduce arrears.
The IMF praised these bold moves, describing them as steps toward restoring macroeconomic stability.
Monetary and Structural Policy Tightening
The Bank of Ghana’s recent interest rate hike was acknowledged by the IMF as a crucial tool to rein in inflation. Additionally, the mission underscored the importance of quarterly electricity tariff adjustments and broader energy sector reforms, which are expected to reduce fiscal pressures and prevent future arrears accumulation.
The IMF also reviewed Ghana’s progress in implementing structural reforms, particularly:
- Governance improvements in state-owned enterprises,
- Efficiency upgrades in the cocoa, gold, and energy sectors, and
- Strengthening of procurement and financial systems to boost transparency and accountability.
Debt Restructuring and the Road Ahead
On the issue of debt sustainability, the IMF welcomed Ghana’s progress. A Memorandum of Understanding (MoU) has been signed with the Official Creditors Committee under the G20 Common Framework, and bilateral agreements are in motion. Talks with commercial creditors are ongoing in line with IMF comparability principles.
Constructive Engagement and Final Remarks
The IMF team engaged with key figures including:
- Finance Minister Dr. Cassiel Ato Forson,
- Bank of Ghana Governor Dr. Maxwell Opoku-Afari,
- Other senior officials and stakeholders.
The mission ended on a positive note, with the IMF commending Ghana’s continued “open and constructive engagement” despite the economic turbulence.
About the author
Ibrahim Traoré accueille le président de l’UA Évariste Ndayishimiye à Ouagadougou
Le Président du Faso, Ibrahim Traoré, a accueilli ce lundi 20 avril 2026 au matin, à l’aéroport international de Ouagadougou, le Président en exercice de l’Union africaine, Évariste Ndayishimiye. Cette visite officielle s’inscrit dans le cadre des relations diplomatiques entre les États africains et les institutions continentales. Des échanges avec la Confédération AES Au cours de son séjour, le chef de l’État burundais, également président en exercice de l’UA, aura des échanges avec Ibrahim Traoré en sa qualité de Président de la Confédération des États du Sahel (AES). Ces discussions devraient porter sur des enjeux politiques, sécuritaires et de coopération régionale. Visites d’infrastructures à Ouagadougou Le programme de la visite prévoit également des déplacements sur plusieurs infrastructures socio-économiques dans la capitale, Ouagadougou. Ces visites visent à mettre en lumière les initiatives de développement en cours dans le pays. Une visite […]
LOOMIC : ABSTERGO lance une nouvelle marque d’accessoires tech au Burkina Faso
Dans un contexte où les accessoires numériques occupent une place centrale dans la vie quotidienne, ABSTERGO TECHNOLOGY franchit une nouvelle étape. Le 18 avril 2026, l’entreprise a officiellement lancé LOOMIC, une marque dédiée aux essentiels technologiques, avec une ambition claire : allier performance, design et accessibilité. Une vision : rendre la technologie utile et accessible Avec LOOMIC, ABSTERGO TECHNOLOGY veut combler le fossé entre le haut de gamme et l’accessibilité. Selon son fondateur, Marthial Oubda, les accessoires du quotidien ont longtemps été sous-estimés. « La technologie doit faire plus que fonctionner. Elle doit simplifier et améliorer l’expérience », a-t-il expliqué. LOOMIC se positionne ainsi comme une marque centrée sur l’essentiel, avec une approche axée sur l’innovation utile et un design minimaliste. Voltis : un écosystème de charge performant La marque inaugure sa gamme Voltis, dédiée à l’énergie et à la […]
Audit Exposes GHS427m Payroll Scandal at Defence Ministry
A shocking audit report has uncovered a massive payroll scandal involving a senior government official who allegedly received over GHS427 million in unearned salaries over 29 months. The individual at the center of the controversy, Frank Oliver Kpodo, served as Director of Procurement at the Ministry of Defence Ghana during the period under review. Millions Paid for No Work Done According to findings by the Auditor-General of Ghana, the payments were made between January 2023 and June 2025. On average, this amounts to more than GHS14 million per month—funds reportedly paid without corresponding work. The audit, which examined government payroll systems, aimed to ensure that only legitimate employees receive salaries. Instead, it exposed what appears to be a deeply flawed system. Part of a Larger Payroll Leak The report found that over 6,000 government employees collectively received more than GHS800 […]
Old Tafo MP Questions NPRA Sole Sourcing, Raises Transparency Concerns
The Member of Parliament for Old Tafo Constituency, Vincent Ekow Assafuah, has raised fresh concerns about procurement practices at the National Pensions Regulatory Authority (NPRA). He warned that the growing use of sole sourcing could undermine transparency and value for money. Questions Over High-Value Contracts Speaking on Dwaso Nsem on Adom FM, Assafuah pointed to several major contracts awarded through sole sourcing. These include: A consultancy deal worth GH¢4.2 million A vehicle procurement arrangement exceeding GH¢17 million and $160,000 According to him, the repeated reliance on sole sourcing for such high-value transactions raises serious concerns about due process. “Sole sourcing is meant for urgency and necessity, not convenience and favouritism,” he stated. Concerns Over Costly Consultancy Engagements The MP also questioned the need for certain consultancy services. He noted that a reported monthly cost of about GH¢175,000 could suggest duplication […]
Kaya : 190 jeunes et femmes reçoivent des kits pour lancer leurs activités
À Kaya, 190 personnes, majoritairement des jeunes et des femmes, disposent désormais des moyens nécessaires pour lancer leurs propres activités génératrices de revenus. Le 25 mars 2026, SOS Villages d’Enfants a procédé à la remise officielle de kits d’installation complets, marquant une nouvelle étape dans son programme d’autonomisation. Un investissement de près de 40 millions FCFA L’opération représente un investissement global de 39 751 400 FCFA. Ce montant se répartit comme suit : 27 361 650 FCFA pour l’acquisition du matériel 12 389 750 FCFA consacrés à la formation technique des bénéficiaires L’objectif est clair : permettre un démarrage immédiat des activités avec des compétences solides. Des équipements pour plusieurs métiers Les kits distribués couvrent différents secteurs d’activité : Production d’attiéké : 32 femmes Coupe et couture : 42 bénéficiaires Transformation de produits ligneux : 56 personnes Teinture de pagnes […]
JEPPC 2026 : Émile Zerbo appelle à consommer local pour renforcer la souveraineté
Le Burkina Faso a officiellement lancé, ce 26 mars 2026, la première phase des Journées nationales d’engagement patriotique et de participation citoyenne (JEPPC). La cérémonie, organisée au ministère de la Justice, a été présidée par Émile Zerbo, ministre d’État chargé de l’Administration territoriale. Un thème centré sur la souveraineté alimentaire Pour cette troisième édition, le thème choisi est clair :« Produisons burkinabè, consommons burkinabè, notre assiette, notre fierté » À travers ce message, les autorités entendent promouvoir un changement profond des habitudes de consommation et renforcer le patriotisme économique. Un discours fort contre la dépendance aux importations Relayant le message du chef de l’État, Émile Zerbo a dénoncé une forme d’impérialisme ancrée dans le quotidien. Selon lui, la dépendance aux produits importés affaiblit l’économie nationale et marginalise les producteurs locaux. Il a notamment pointé du doigt la présence massive de […]
Related
Audit Exposes GHS427m Payroll Scandal at Defence Ministry
A shocking audit report has uncovered a massive payroll scandal involving a senior government official who allegedly received over GHS427 million in unearned salaries over 29 months. The individual at the center of the controversy, Frank Oliver Kpodo, served as Director of Procurement at the Ministry of Defence Ghana during the period under review. Millions Paid for No Work Done According to findings by the Auditor-General of Ghana, the payments were made between January 2023 and June 2025. On average, this amounts to more than GHS14 million per month—funds reportedly paid without corresponding work. The audit, which examined government payroll systems, aimed to ensure that only legitimate employees receive salaries. Instead, it exposed what appears to be a deeply flawed system. Part of a Larger Payroll Leak The report found that over 6,000 government employees collectively received more than GHS800 […]
Old Tafo MP Questions NPRA Sole Sourcing, Raises Transparency Concerns
The Member of Parliament for Old Tafo Constituency, Vincent Ekow Assafuah, has raised fresh concerns about procurement practices at the National Pensions Regulatory Authority (NPRA). He warned that the growing use of sole sourcing could undermine transparency and value for money. Questions Over High-Value Contracts Speaking on Dwaso Nsem on Adom FM, Assafuah pointed to several major contracts awarded through sole sourcing. These include: A consultancy deal worth GH¢4.2 million A vehicle procurement arrangement exceeding GH¢17 million and $160,000 According to him, the repeated reliance on sole sourcing for such high-value transactions raises serious concerns about due process. “Sole sourcing is meant for urgency and necessity, not convenience and favouritism,” he stated. Concerns Over Costly Consultancy Engagements The MP also questioned the need for certain consultancy services. He noted that a reported monthly cost of about GH¢175,000 could suggest duplication […]
Ransford Gyampo Defends Reparations Comments, Backs Mahama’s UN Efforts
The Chief Executive Officer of the Ghana Shippers Authority, Ransford Gyampo, has pushed back against criticism over his recent comments on reparations. In a Facebook post, he described the backlash as “nation-wrecking propaganda,” insisting that his remarks had been taken out of context. Comments Taken from Broader Policy Discussion According to Gyampo, the circulating statements were extracted from a wider discussion during his appearance on Key Points, a news analysis programme on TV3. He explained that the conversation examined reparations within an academic and policy framework, rather than as a standalone political statement. Reparations Must Be Matched with Internal Reforms Drawing from academic work at the University of Ghana, Gyampo noted that African development strategies have evolved through multiple phases—from import substitution policies to structural adjustment programmes and global development frameworks. Within that context, he acknowledged that the transatlantic slave […]
Asiedu Nketia Urges NDC Members to Retain Hardworking Executives
The National Chairman of the National Democratic Congress, Johnson Asiedu Nketia, is calling on party members to reward loyalty and hard work ahead of upcoming internal elections. Speaking during a thank-you tour in the Nsuta-Kwamang-Beposo Constituency, he urged supporters to vote for executives who played key roles in the party’s recent success. “Reward Hard Work, Not Money” According to Asiedu Nketia, party members must resist the influence of financial inducements and instead focus on competence and dedication. “Those who worked hard during the elections should retain their positions,” he said. He stressed that money cannot replace the effort, sacrifice, and grassroots mobilization that drive electoral victories. Focus on Loyalty and Grassroots Strength The NDC Chairman highlighted the importance of committed leadership at the grassroots level, noting that strong local structures are critical to the party’s long-term success. He encouraged members […]
Nsuta Chief Praises Road Projects, Urges Government to Fix Birim Road
The chief of Nsuta has praised ongoing road construction in the area while calling for urgent attention to key infrastructure challenges affecting residents. Nana Asamoah Gyamfi Sekyere made the appeal during a visit by Johnson Asiedu Nketia as part of his thank-you tour. Relief as Nsuta–Kwamang Road Project Progresses The traditional leader commended the government for ongoing work on the Nsuta–Kwamang road, describing it as a major relief for the community. He linked the progress to the return of John Dramani Mahama to office, noting that the project is already improving movement and easing daily life for residents. Birim Road Remains a Major Concern Despite the progress, Nana Sekyere urged authorities not to overlook other critical roads, especially the Birim road. He described it as a vital route for transporting goods within the constituency, warning that its poor condition continues […]
Depoliticise Galamsey Fight Now, Lands Ministry Official Urges
A senior official at Ghana’s Lands Ministry is calling for a reset in the fight against illegal mining, warning that political interference continues to weaken progress. Paa Kwesi Schandorf, Media Relations Officer at the Ministry, says Ghana must now treat galamsey as a national crisis—not a political battleground. “Galamsey Is a National Issue, Not a Political One” Speaking on Dwaso Nsem on Adom FM after a briefing by NAIMOS, he stressed the need for a unified approach. “We have reached a point where we must take politics out of the galamsey fight,” he said. According to him, past efforts have been affected by political considerations, making it harder to achieve lasting results. Illegal Mining Cuts Across Party Lines Schandorf pointed out that illegal mining is not tied to any single political group. Members of both the New Patriotic Party and […]