Analyst urges reforms to reduce Ghana’s dependence on IMF
Economic analyst Emmanuel Boateng has called on Ghana to implement comprehensive structural reforms to prevent future reliance on International Monetary Fund (IMF) programmes, despite recent economic improvements.
In an interview on the Business Breakfast show on Zed 101.9 FM, Mr Boateng noted Ghana’s progress in stabilising the national currency and restoring investor confidence. These advances, he said, provide a solid base for building a more resilient and self-sufficient economy.
His call for reforms follows the announcement by Bank of Ghana Governor Dr Johnson Asiama during the latest IMF review meeting, confirming that Ghana is on track to conclude its current IMF programme in 2026.
Emphasising the need for economic independence, Mr Boateng urged the government to sustain policies and initiatives that have contributed to growth and strengthened the cedi.
“The fundamental lesson is this: reforms must go beyond compliance with IMF conditions. They must be institutionalised. In fact, they should be embedded in our legal framework, budgeting processes, and governance structures. Fiscal rules need teeth, not just to exist in legislation. Strong enforcement of the Debt Management Framework must be binding, and technical systems must be automated to reduce discretion and opportunities for leakage,” he said.
The economic analyst also stressed the importance of learning from past experiences with IMF programmes.
He noted that while Ghana achieved economic stability during IMF-backed periods in 2009, 2015, and 2019, challenges often arise once the programmes end.
“External shocks will continue to affect us, but their impact can be managed if we develop a robust, diversified economy capable of insulating itself,” Mr Boateng said.
