IMF sets eight reform priorities for Ghana, flags delayed ECG audit
Ghana must publish an outstanding audit of the Electricity Company of Ghana’s collection accounts and accelerate seven other institutional reforms as it seeks to maintain recent economic gains, the International Monetary Fund has warned.
The audit is among eight priorities identified by the Fund following its first review of Ghana’s 36-month Policy Coordination Instrument (PCI), with the recommendations covering the management of public finances, revenue collection, monetary policy and accountability in state institutions.
The IMF’s mission chief, Ruben Atoyan, said completing the remaining commitments within the agreed timelines would be important to sustaining the country’s reform programme. He specifically highlighted the delayed ECG audit but did not provide an explanation for the delay or announce a new publication deadline.
The other outstanding priorities include:
- Reforming the Bank of Ghana’s liquidity management framework.
- Completing the rollout of the Integrated Tax Administration System (ITAS).
- Making the Fiscal Council fully operational.
- Preparing a comprehensive Fiscal Risk Statement.
- Adopting the Conduct of Public Officers Bill.
- Publishing the second National Ethics and Anti-Corruption Action Plan.
- Strengthening oversight and governance of state-owned enterprises.
Together, the measures are intended to improve how government revenue is collected, public funds are managed and financial risks within state institutions are identified and controlled.
The concerns come even as the IMF has given Ghana’s economic performance a broadly positive assessment. Following discussions with government officials between October 22 and November 4, the mission reported that most quantitative targets under the programme had been met.
Ghana’s economy expanded by 6.2 per cent in the first half of 2026, while inflation declined to 5.5 per cent in October. The Fund projects full-year economic growth of 5.7 per cent and says the government is on course to meet its end-of-year primary surplus target.
However, the recovery remains exposed to pressures from both domestic and international developments.
The IMF identified fluctuations in gold, cocoa and oil prices, geopolitical tensions and tighter global financial conditions as external threats. At home, it warned about the amount of domestic debt that must be refinanced, financial sector weaknesses and fiscal pressures arising from the energy, cocoa and gold sectors.
It has consequently urged the authorities to maintain prudent monetary policies, allow greater exchange-rate flexibility, rebuild foreign exchange reserves and establish a sinking fund to meet maturing debt obligations.
Some reforms have already progressed. Parliament has approved a new Cocoa Board Act intended to strengthen governance and financial discipline in the cocoa sector, while government has published its Fiscal Strategy Document and completed a comprehensive review of customs and excise legislation ahead of schedule.
The IMF also noted continued quarterly electricity tariff adjustments as part of efforts to address pressures in the energy sector.
The first-review agreement is still subject to approval by IMF management and the Executive Board. Ghana’s PCI is a 36-month, non-financing arrangement, meaning it does not provide fresh loans but monitors the government’s policy commitments and economic reforms.
The next phase will test whether the authorities can turn the outstanding commitments into completed reforms, particularly in areas involving public accountability, state-owned enterprise management and the financial risks weighing on government finances.
Source: CNR
About The Author
