The International Monetary Fund (IMF) has announced that its staff has completed the 2026 Article IV Consultation with Ghana and reached a staff-level agreement on the Sixth Review under the Extended Credit Facility (ECF) arrangement, as well as a 36-month Policy Coordination Instrument (PCI) request.

The agreement marks a significant step in Ghana’s ongoing engagement with the Fund as the country transitions from the ECF programme toward a non-financing policy coordination framework aimed at sustaining macroeconomic stability.

In its assessment, IMF staff outlined several policy concerns requiring continued attention to safeguard recent economic gains and strengthen institutional resilience.

A key area of concern relates to monetary policy transmission and central bank balance sheet stability.

The Fund stressed the need to strengthen the Bank of Ghana’s financial position, noting that losses linked to the Domestic Gold Purchase Programme (DGPP) highlight the importance of greater transparency and the need to limit quasi-fiscal activities that may undermine the central bank’s balance sheet.

It further recommended that future DGPP-related costs be properly reflected in the budget to enhance accountability and oversight.

In the energy sector, the IMF called for urgent reforms to address distribution inefficiencies and revenue collection losses within the Electricity Company of Ghana (ECG), describing them as persistent fiscal risks that require sustained corrective action.

On the cocoa sector, the Fund urged deeper structural reforms, including improvements to the legislative and pricing framework.

It recommended more frequent adjustments to farmgate prices, enhanced operational efficiency, and measures to ensure the long-term financial sustainability of the Ghana Cocoa Board (COCOBOD).

The IMF emphasized that sustaining stability beyond the ECF programme will depend on avoiding policy slippages, including recurring fiscal imbalances, rising debt levels, weakened buffers, and reversal of reforms.

It cautioned that safeguarding Ghana’s hard-won economic progress will require strong policy discipline, improved fiscal management, and continued structural reforms across key sectors of the economy.