Ghana makes impressive progress toward macroeconomic stabilisation, debt sustainability, but vulnerabilities remain – IMF

According to the Fund, the ECF arrangement, approved in May 2023, has helped ease acute financing pressures and restore stability through significant fiscal consolidation, monetary policy credibility, reserve accumulation, and comprehensive debt restructurings.

The International Monetary Fund (IMF) says Ghana has made impressive progress toward macroeconomic stabilisation and debt sustainability under the Economic Credit Facility (ECF)-supported programme.5% of GDP related to its Domestic Gold Purchase Programme (DGPP), noting further that several state-owned enterprises (SOEs) also continue to pose large fiscal risks (see Debt Sustainability Analysis (DSA)), underscoring persistent weaknesses in oversight and operational performance.