Ghana Macro Stability Improves as IMF Flags SOE and Fiscal Risks

Mintesinot Niggusie

Ghana’s macroeconomic conditions have improved on the back of easing inflation, stronger external buffers and progress in debt restructuring, but structural fiscal risks tied to state-owned enterprises continue to weigh on the outlook, the International Monetary Fund (IMF) said.

The assessment was issued at the end of a mission to Accra led by Ruben Atoyan, which combined the 2026 Article IV consultation, the sixth and final review under the Extended Credit Facility (ECF), and discussions on a proposed 36-month Policy Coordination Instrument (PCI).

The IMF said Ghana’s ECF-supported programme had delivered “substantial stabilisation gains”, including a sharp decline in inflation, improved confidence in the cedi, strengthened fiscal performance and a significant reduction in the public debt ratio.

Debt restructuring progress was identified as a key driver of the improved fiscal trajectory. The Fund said Ghana had concluded bilateral agreements with about half of its official creditors under the G20 Common Framework, with negotiations ongoing with remaining official and commercial creditors.

However, the Fund warned that risks remain elevated, particularly from state-owned enterprises and quasi-fiscal operations, which continue to pose challenges to fiscal transparency and debt sustainability.

The IMF said future engagement with Ghana would shift beyond crisis support under the ECF toward a reform-focused Policy Coordination Instrument, aimed at sustaining fiscal adjustment, strengthening debt sustainability, and reinforcing financial sector stability.