The International Monetary Fund (IMF) has cautioned that Ghana’s hard-won economic recovery remains vulnerable to fiscal risks tied to state-owned enterprises, even as Finance Minister Dr. Cassiel Ato Forson declared on Thursday in Parliament that the country has moved from economic crisis to sustained stability.
Ghana officially concluded its Extended Credit Facility (ECF) programme with the IMF this month, recording a real Gross Domestic Product (GDP) growth rate of 6 percent in 2025, the highest post-pandemic expansion, while non-oil GDP growth reached 7.6 percent, the highest in 14 years. The public debt-to-GDP ratio fell from 61.8 percent in 2024 to 44.7 percent by end of 2025, achieving the IMF target ahead of schedule.
The country will now transition to a 36-month Policy Coordination Instrument (PCI), a non-financing framework that provides structured reform guidance and policy credibility signalling to investors without direct financial support.
But the IMF attached a pointed condition to sustaining those gains. The Fund flagged elevated fiscal risks from state-owned enterprises and quasi-fiscal operations as a central vulnerability, particularly given ongoing global economic uncertainties. It noted that progress will depend heavily on implementing ambitious public financial management reforms and reducing contingent liability risks across public institutions.
To address these concerns, the PCI reform agenda prioritises stronger safeguards, improved transparency and enhanced accountability across public sector bodies. The Fund said these measures are designed to rebuild fiscal buffers and create room for priority development spending.
Gross international reserves reached approximately US$14.5 billion by February 2026, enough to cover nearly six months of imports, providing what government described as a firewall against systemic shocks.
Dr. Forson told Parliament that Ghana is entering a new phase built on fiscal discipline and structural reform. “Ghana has evolved from a position of supplicant to one of partner,” he said.
The IMF’s concerns over state enterprise liabilities signal that while the macroeconomic dashboard looks encouraging, the structural work required to lock in those numbers is still ahead.
