The International Monetary Fund (IMF) has outlined eight key reform priorities for Ghana following the first review of its Policy Coordination Instrument (PCI), as the country seeks to consolidate macroeconomic stability and strengthen public financial management.
The priorities cover monetary policy, domestic revenue mobilisation, fiscal oversight and public sector governance.
They were outlined in the Fund’s end-of-mission statement after reaching a staff-level agreement with Ghana on the first review of the country’s 36-month programme under the PCI.
The IMF identified the following outstanding priorities:
- Reform the Bank of Ghana’s liquidity management framework.
- Complete the rollout of the Integrated Tax Administration System.
- Operationalise the Fiscal Council.
- Prepare a comprehensive Fiscal Risk Statement.
- Publish the audit of the Electricity Company of Ghana’s (ECG) collection accounts.
- Adopt the Conduct of Public Officers Bill.
- Publish the second National Ethics and Anti-Corruption Action Plan.
- Strengthen oversight and governance of state-owned enterprises.
The Fund said completing the reforms within the agreed timelines would be important for improving institutional accountability, strengthening fiscal transparency and supporting private sector investment.
However, it cautioned that Ghana’s economic recovery remained exposed to significant domestic and external risks.
External vulnerabilities include volatility in global gold, cocoa and oil prices, geopolitical tensions and tighter global financial conditions.
Domestically, the IMF identified substantial debt rollover requirements, fiscal pressures from the energy, cocoa and gold sectors, and lingering weaknesses in the financial sector as key risks.
To address these vulnerabilities, the Fund said Ghana must maintain prudent monetary policy, allow greater exchange rate flexibility and strengthen its international reserve buffers.
It also called for the country to build up a sinking fund to meet maturing debt obligations.
