Economist confident Ghana will pass IMF fifth review
Economist Courage Boti has expressed confidence that Ghana is on track for a successful outcome in its ongoing fifth review under the International Monetary Fund’s (IMF) bailout programme.
The review, which commenced this week, will assess Ghana’s progress in meeting the Fund’s quantitative performance targets and structural benchmarks.
Mr Boti believes the country has made significant strides in areas that often derail IMF-supported programmes.
According to him, Ghana has achieved notable progress in eliminating central bank financing, limiting arrears, enforcing external borrowing rules and building up foreign reserves.
“These represent crucial benchmarks that frequently undermine IMF-supported programmes, yet Ghana has managed to keep them firmly under control,” he observed in a media interview.
The economist further noted that corrective measures had been taken to address slippages, particularly in inflation management.
Inflation exceeded targets last year, triggering a monetary policy consultation clause, but a tighter policy stance has since guided inflation close to the IMF’s target band.
“The next sprint of inflation could likely bring us fully within the target,” he remarked.
Mr Boti indicated that other macroeconomic indicators remain stable. He cited the relative stability of the cedi, the steady build-up of reserves and the Bank of Ghana’s restraint in avoiding deficit financing as evidence of what he described as “commendable fiscal and monetary discipline.”
Looking ahead, he highlighted the IMF’s key focus areas for June 2025, including floors on non-oil public revenue and social spending, ceilings on arrears and pre-financing loans, as well as progress on structural reforms such as arrears audits, the new Fiscal Responsibility Act, the restructuring of the ECD strategy and reforms to asset declaration laws.
While acknowledging that not all structural reforms may be completed within the stipulated timeframe, Mr Boti maintained that this should not pose a significant obstacle.
“The structural benchmarks have not been the basis for not passing a review. You most likely will be, if you are not there, you’ll be allowed time to look at them over time. So I think we’re looking good for a successful review, if you ask me,” he added.
