Deloitte boss backs IMF programme extension
The Country Managing Partner of Deloitte Ghana, Daniel Kwadwo Owusu, has urged the government to consider extending the country’s current International Monetary Fund (IMF) programme beyond its scheduled conclusion in 2026, citing improved investor confidence, fiscal discipline, and macroeconomic stability.
Speaking at the 9th Ghana CEO Summit in Accra, Mr. Owusu praised the $3 billion Extended Credit Facility secured from the IMF in May 2023, describing it as a catalyst for restoring Ghana’s economic credibility. He recommended that the government explore a one-to-two-year extension to consolidate progress and deepen reforms.
“The programme has brought fiscal discipline, which we haven’t done well without the IMF,” he noted, adding that investor confidence—both local and international—has seen a marked improvement since the arrangement began.
Ghana’s economy showed signs of recovery in 2024, posting a 5.7% growth rate driven primarily by mining and quarrying. However, Mr. Owusu stressed the need for long-term transformation, particularly through industrialization and diversification of the export base.
He expressed concern over the economy’s continued overreliance on the services sector, warning that this structural imbalance could undermine job creation. Citing World Bank data, he noted that over 150,000 students graduate from tertiary institutions each year, emphasizing the need for a more deliberate job creation agenda.
Mr. Owusu identified the agricultural sector as a vital engine for inclusive growth and called for the full implementation of the 2025 Budget’s “Feed Ghana” and “Feed the Industry” initiatives.
“These policies are very important because they will not only feed the nation but also serve as raw materials for manufacturing industries, create jobs across the agriculture value chain, and help lower food inflation,” he stated. “They must be executed with clear-cut strategies and timelines.”
He also warned that Ghana’s recent improvements in its balance of payments could come under pressure when external debt servicing resumes in May 2026.
“This could affect our foreign reserves and consequently weaken the cedi,” he cautioned, urging the government to strengthen its reserves and reduce import dependency.
Mr. Owusu called for a bold strategy to expand Ghana’s non-traditional export base beyond cocoa, proposing targeted investment in oil palm, shea, rubber, and cashew as alternative foreign exchange earners.
On inflation, he projected a gradual decline toward the government’s target of 11.9% by year-end, assuming the cedi remains stable and food prices are controlled.
“If the cedi can sustain its recent stability and supply-side factors are improved to ease food price hikes, inflation will continue its downward trend,” he said.
With fiscal reforms underway and structural policies gaining traction, Deloitte Ghana’s top executive believes that extending the IMF programme would provide the fiscal discipline and policy continuity needed to anchor long-term growth and economic resilience.
