Editorial: Can recent macroeconomic recovery be sustained?

Fiscal discipline will be maintained after Ghana exits the International Monetary Fund (IMF) programme in May 2026, Finance Minister Ato Forson has assured.

The IMF programme, approved in May 2023 under a 36-month Extended Credit Facility (ECF) worth about US$3billion, has been critical in stabilising Ghana’s finances. An IMF staff mission is expected in Accra at the end of September 2025 for the fifth review of Ghana’s programme.

This follows the fourth assessment earlier this year and will evaluate Ghana’s economic data up to June 2025. The final review is scheduled for April 2026.

Market-watchers and analysts believe the ability to sustain discipline beyond May 2026 will be one of the biggest challenges facing government. Concerns have been raised that the country could slip back into unsustainable spending once the programme ends.

In fact, some donors have argued that Ghana’s recent macroeconomic recovery has been driven mainly by the IMF’s oversight. However, government sources strongly maintain that the current fiscal checks result from deliberate policy choices and not merely IMF enforcement.

World Bank Division Director for Ghana, Liberia and Sierra Leone, Robert Taliercio, notes that Ghana’s success will depend on maintaining reform momentum and steadfast implementation. Entrenching fiscal discipline, strengthening public financial management and carefully managing inflation and exchange rate volatility will be key.

The World Bank’s 9th Economic Update for Ghana titled ‘Addressing Labour Market Challenges and Opportunities in Ghana’s Economic Landscape’ notes Ghana’s economy displayed resilience. However, the report emphasises that significant risks could undermine Ghana’s macroeconomic stability and growth prospects.

These include delays in completing external debt restructuring and challenges in fiscal consolidation, compounded by global factors such as international conflict escalations and commodity price volatility. Domestically, inflationary pressures and exchange rate volatility pose threats.

Government officials insist Ghana’s commitment to discipline is genuine and long-term.

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