IMF Urges Bank of Ghana to Sustain Tight Monetary Policy Amid Stubborn Inflation | News Ghana
The recommendation follows Ghana’s June 2025 inflation reading of 13.7%, as reported by the Ghana Statistical Service.
Li’s remarks accompanied the IMF Executive Board’s July 7 completion of its fourth review of Ghana’s $3 billion Extended Credit Facility (ECF), approved in May 2023. He acknowledged Ghana’s “significant strides” in rebuilding reserves and curbing inflation but emphasized that further financial stability hinges on critical reforms. These include fully recapitalizing the National Investment Bank (NIB), finalizing viability plans for state-owned banks, and drafting contingency plans for undercapitalized institutions.
The IMF also urged accelerated efforts to strengthen crisis management frameworks and address legacy weaknesses in specialized deposit-taking institutions. Li praised the Mahama administration’s “bold corrective actions” to rectify policy slippages from late 2024, noting Ghana’s 2025 budget alignment with ECF objectives and enhanced fiscal responsibility laws.
“Staying the course of fiscal adjustment and completing debt restructuring are key,” Li stated, stressing that tax administration improvements, expenditure controls, and energy sector arrears resolution remain critical to containing fiscal risks. The Fund projects that sustained reforms will support Ghana’s economic stabilization and “higher, more inclusive growth.”
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