Fresh concerns have emerged over the credibility of Ghana’s economic data following revelations in the latest staff-level agreement between the International Monetary Fund (IMF) and the Government of Ghana.
The agreement, part of the ongoing Extended Credit Facility (ECF) programme, paves the way for an additional US$370 million in support—pending IMF Executive Board approval.
But while the deal suggests progress toward macroeconomic recovery, the IMF has flagged serious issues with Ghana’s fiscal discipline—particularly in the lead-up to the 2024 general elections.
Among the IMF’s key observations were fiscal slippages, a sharp rise in unpaid government obligations, inflation exceeding target levels, and delays in implementing crucial reforms. These challenges, the Fund noted, have significantly undermined programme performance and risk derailing economic gains.
The Minority in Parliament has seized on the IMF’s findings, accusing the government of manipulating fiscal figures to project a misleading narrative of economic stability. Ranking Member of the Finance Committee, Dr. Mohammed Amin Adam, expressed concern that inconsistencies between IMF assessments and government-reported data point to deliberate distortion.
For instance, while the 2025 Budget pegged the primary fiscal deficit at 3.9% of GDP, the IMF put the figure at 3.25%—a notable deviation. Dr. Adam also questioned the IMF’s decision to alter its own fiscal performance indicators mid-programme, suggesting it created space for blurred accountability.
“The IMF’s departure from its original methodology risks undermining the integrity of fiscal evaluations, especially when multi-year arrears are assessed as if they occurred in 2024,” he said.
Despite the political tensions, Dr. Adam called on the IMF’s Executive Board to conduct an impartial and rigorous review of Ghana’s fiscal performance, warning that investor confidence and economic credibility hang in the balance.
As Ghana navigates its economic recovery path under the ECF, questions about data integrity and transparency could define both public trust and the government’s ability to steer the country out of crisis.
