IMF warns Ghana to guard against new risks after exiting US$3 billion bailout programme

Ghana officially exited its US$3 billion International Monetary Fund (IMF)-supported programme on Friday, May 15, 2026, after undergoing three years of fiscal reforms and austerity measures aimed at restoring macroeconomic stability.

Despite the progress made, the IMF has cautioned that significant risks remain and could undermine the country’s recovery if not properly managed.

Speaking at a joint press conference in Accra involving the Ministry of Finance and the IMF Staff Mission team, the IMF Mission Chief for Ghana, Ruben Atoyan, said investor confidence in Ghana was improving, with growing international interest in opportunities within the country’s economy.

“We do see a lot of interest in exposure to Ghana and that the IMF has been bombarded by requests from investors to meet and talk about Ghana going forward,” he stated.

However, Mr Atoyan warned that unresolved risks linked to state-owned enterprises (SOEs), quasi-fiscal activities, and commodity price volatility continued to pose threats to Ghana’s economic gains.

The IMF official identified those concerns as central to the country’s new three-year non-financial Policy Coordination Instrument (PCI) agreement with the Fund.

The remarks followed the completion of the IMF’s 2026 Article IV Consultation with Ghana and the Staff-Level Agreement reached on the sixth review under the Extended Credit Facility (ECF) arrangement, as well as Ghana’s request for a 36-month PCI programme.

Mr Atoyan, who also serves as a Division Chief in the IMF’s Africa Department, explained that contingent liabilities from state-owned enterprises had historically contributed significantly to Ghana’s rising debt levels.

According to him, fiscal risks originating outside the central government could trigger major economic shocks if not properly controlled.

He further highlighted commodity price volatility, particularly fluctuations in gold prices, as another major concern, noting that global geopolitical uncertainties could affect the commodity that has largely supported Ghana’s recent economic recovery.

Mr Atoyan said addressing those vulnerabilities would form a major part of the technical assistance framework expected to replace the ECF arrangement.

He explained that the new framework would focus on strengthening fiscal institutions and ensuring that state-owned enterprises do not create additional financial burdens on public resources during periods of economic stress.

“The focus there is not only adjustment, but also on strengthening domestic institutions… to ensure that no contingent liabilities are created outside of the central government,” he said.

The IMF official urged government to take advantage of the current favourable commodity prices to build stronger fiscal and reserve buffers from gold revenues while maintaining strict control over spending by state-owned enterprises.

He added that the Fund remained committed to supporting Ghana as the country transitions from stabilisation to sustainable growth.

Meanwhile, the Minister for Finance, Dr Cassiel Ato Baah Forson, said government’s priority was now shifting from economic stabilisation to growth and job creation.

He announced a new flagship initiative dubbed “The New Economy,” which he said would focus on strategic sectors capable of driving economic expansion and employment opportunities.

“Be assured that from stability, we’ll build resilience, and from resilience, we’ll build an economy that will benefit the masses, and that is exactly where we are going,” the Finance Minister stated.