The visit, led by IMF Mission Chief Stéphane Roudet from 10–14 February, aimed to evaluate Ghana’s adherence to reforms tied to its Extended Credit Facility (ECF) agreement and lay the groundwork for its 2025 budget amid persistent global headwinds.

Roudet praised Accra’s “productive” efforts to stabilize public finances, noting progress on fiscal discipline and structural reforms despite lingering challenges. “Ghana has shown resolve in navigating a complex economic crisis,” he stated, referencing high-level talks with President John Mahama, Finance Minister Dr. Ernest Forson, and Bank of Ghana Acting Governor Millison Narh. The dialogue, which included civil society groups, focused on sustaining austerity measures, curbing debt vulnerabilities, and fostering growth as the country gears up for the ECF program’s fourth review in April—a milestone that could unlock additional funding if benchmarks are met.

The IMF’s endorsement comes as Ghana wrestles with the aftermath of its worst economic downturn in decades, marked by soaring inflation, a depreciating cedi, and a debt default that necessitated the 2023 IMF lifeline. While the Fund acknowledged “constructive engagement” with local stakeholders, Roudet underscored the urgency of maintaining reform momentum. “The 2025 budget must prioritize fiscal consolidation and debt sustainability,” he emphasized, hinting at tough choices ahead for policymakers balancing public discontent over austerity with demands for economic stability.

Analysts view the April review as a litmus test for Ghana’s credibility with international creditors. A favorable assessment would not only trigger further disbursements but also bolster investor confidence ahead of potential Eurobond market re-entry. However, risks remain: commodity price volatility, election-year spending pressures, and delays in restructuring $13 billion of external debt cloud the outlook.

Civil society leaders, while welcoming the IMF’s nod, urge transparency in implementing reforms. “Progress must translate to tangible relief for households and businesses still grappling with high costs,” remarked Kofi Asante, an Accra-based economist.

As Ghana inches toward recovery, the government faces a dual challenge: satisfying IMF conditionalities while mitigating the social toll of austerity. For now, the Fund’s cautious praise offers a reprieve—but the road to lasting resilience remains steep.