With Ghana’s next International Monetary Fund (IMF) programme review scheduled for April 2026, the Bank of Ghana has underscored the need for strict policy discipline and transparent data reporting to safeguard recent macroeconomic gains.
Opening the 128th Monetary Policy Committee (MPC) meeting in Accra, the Governor of the Central Bank, Dr Johnson Pandit Asiama, described the session as a critical early checkpoint in assessing Ghana’s economic performance for 2025 under the IMF-supported programme.
According to Dr Asiama, the forthcoming IMF review—anchored on end-December 2025 data—will closely scrutinise whether improvements in inflation, reserves and fiscal discipline can be sustained without undermining policy credibility.
“This Committee is among the first to rigorously assess the indicators central to programme performance,” the Governor said, stressing that the integrity of economic data and adherence to agreed commitments would be decisive in the IMF’s evaluation.
He noted that the Fund’s assessment would focus on key benchmarks, including inflation dynamics, accumulation of international reserves, compliance with the zero central bank financing rule, and the management of legacy fiscal operations tied to the US$3 billion IMF programme.
While acknowledging favourable domestic and global conditions—such as easing inflation, a stronger Cedi, rising gold prices, solid reserve buffers and resilient global growth prospects—Dr Asiama cautioned policymakers against complacency.
He urged the MPC to carefully examine the quality and credibility of data used for policy decisions, warning that inconsistencies or weak reporting could undermine investor confidence and international support.
The Governor also called for prudence in policy sequencing, sustained foreign exchange stability, and a long-term approach to the Gold for Reserves programme to ensure its durability beyond short-term gains.
The IMF, in its fifth review of Ghana’s programme, has already noted that the country’s performance was broadly satisfactory, citing strong growth, single-digit inflation for the first time since 2021, improved fiscal and external balances, and progress on debt restructuring.
The Fund specifically commended the Bank of Ghana for restoring inflation to its target band, rebuilding reserve buffers, and cautiously easing monetary policy, while continuing efforts to strengthen financial sector stability through bank recapitalisation initiatives.
However, the IMF warned that vulnerabilities remain, calling for stronger central bank independence, the winding down of quasi-fiscal activities, deeper foreign exchange markets, and a reduced footprint of the central bank in the economy.
It also urged reforms in the governance of state-owned banks, full utilisation of the bank resolution framework, contingency planning for non-recapitalising banks, and more robust supervisory strategies to manage credit and operational risks.
While acknowledging that Ghana’s progress reflects strong programme ownership and improved investor sentiment, the Fund stressed that sustained commitment and disciplined implementation would be required to fully restore macroeconomic stability and long-term debt sustainability.
