The Country Managing Partner of Deloitte Ghana, Daniel Kwadwo Owusu, has called on the government to consider extending the ongoing International Monetary Fund (IMF) programme by one or two years to solidify the economic progress achieved so far under the bailout initiative.

Ghana entered into a $3 billion Extended Credit Facility (ECF) agreement with the IMF in May 2023, aimed at stabilising the country’s struggling economy. The programme is scheduled to end in June 2026.

Speaking at the 9th Ghana CEO Summit, Mr. Owusu highlighted the significant improvements in investor confidence and fiscal discipline that the programme has brought, noting that such discipline had been lacking in the absence of IMF support.

“The programme has elevated investor confidence, both domestic and international. It has instilled fiscal discipline which we have historically struggled to maintain without the IMF,” he stated.

According to Mr. Owusu, Ghana’s economy demonstrated notable resilience in 2024, growing at a rate of 5.7%, driven largely by the mining and quarrying sub-sector. However, he stressed that sustaining this momentum requires a deliberate restructuring of the economy to create sustainable jobs and boost government revenue.

“This is why I support the President’s call for a national economic reset,” he said.

He cautioned against Ghana’s continued over-reliance on the services sector, warning that it may not generate sufficient employment opportunities for the large number of graduates entering the job market each year. Citing World Bank figures, he noted that over 150,000 students graduate annually from Ghanaian universities, necessitating a bold and strategic approach to job creation.

Mr. Owusu also emphasized the importance of implementing key agricultural programmes outlined in the 2025 Budget, particularly the ‘Feed Ghana’ and ‘Feed the Industry’ initiatives. These, he said, are critical for ensuring national food security, supplying raw materials to the manufacturing sector, creating jobs across the agricultural value chain, and addressing food inflation.

“These policies must come with well-defined strategies and timelines to achieve the government’s vision,” he urged.

Maintaining Reserves to Protect the Cedi

Turning to Ghana’s external sector, Mr. Owusu warned that the current positive balance of payments could come under pressure when the country begins servicing its external debt from May 2026. He cautioned that this could erode foreign reserves and affect the stability of the Ghanaian cedi.

He commended the government’s economic management so far but stressed the need to build up foreign reserves to maintain currency stability.

“We must not continue to rely solely on cocoa. It’s imperative to diversify our Non-Traditional Export base by investing in other high-potential cash crops like oil palm, shea nut, rubber, and cashew,” he said. “These can become major sources of foreign exchange earnings.”

Cedi Stability Key to Lower Inflation

On inflation, Mr. Owusu noted that if the cedi remains stable and supply-side challenges—especially those affecting food prices—are addressed, inflation could trend downward toward the government's projected year-end target of 11.9% as stated in the 2025 Budget.

In conclusion, Mr. Owusu reiterated his call for an extension of the IMF programme to ensure policy continuity and further entrench the reforms needed to place Ghana on a sustainable growth path.