Fiscal discipline will hold after IMF exit – Gov’t assures
By Praisebell Rosemond Larbi
Government is moving to reassure investors, donors and international markets that Ghana will maintain fiscal discipline even after the country formally exits the International Monetary Fund (IMF) programme in May 2026.
Concerns have been mounting in policy circles and among ratings agencies that Ghana could relapse into unsustainable spending patterns once IMF oversight ends.
However, senior officials insist such fears are misplaced, stressing that the country’s strong performance under the programme reflects deliberate fiscal choices and a deeper commitment to prudent management of public finances.
One option under consideration is to subscribe to one of the IMF’s post-programme policy instruments.
While this would not constitute a new programme, it would serve as an additional safeguard, signalling to markets and development partners that Ghana intends to remain firmly anchored in fiscal responsibility.
The move comes amid arguments from some donors and analysts who contend that Ghana’s recent macroeconomic recovery has been largely IMF-driven. One government official rejected this claim, saying: “The fiscal checks we are implementing are not simply the result of IMF enforcement. They are deliberate policy choices, aimed at ensuring lasting stability.”
Credit ratings agencies are reportedly factoring the risk of post-IMF fiscal slippages into their assessments of Ghana’s medium-term creditworthiness.
Analysts describe the ability to sustain discipline beyond May 2026 as one of the government’s biggest challenges, particularly after President John Mahama confirmed that the current IMF arrangement will not be extended.
Meanwhile, an IMF staff mission is scheduled to arrive in Accra at the end of September 2025 for the fifth review of the 36-month Extended Credit Facility (ECF) programme.
This penultimate review, covering data up to June 2025, will assess Ghana’s progress on key benchmarks, including inflation, foreign reserves, revenue mobilisation, arrears management and the recapitalisation of struggling banks.
The final review is expected in April 2026.
Special focus will also be placed on arrears in statutory funds such as the National Health Insurance Levy (NHIL), GETFund and the Road Fund, as well as spending on social protection programmes.
Approved in May 2023, the USD3 billion IMF programme has been pivotal in restoring macroeconomic stability, with reforms targeting revenue efficiency, energy sector restructuring, cocoa sector resilience and tighter monetary policy.
Donors have urged Ghana to build “shock absorbers” to sustain stability once external support winds down.
Government, however, maintains that its commitment to fiscal discipline is long-term, aimed at ensuring that post-IMF Ghana remains a credible and resilient investment destination.
