Ghana must seize hard-won fiscal space to drive growth, jobs - IMF 

The International Monetary Fund (IMF) urged Ghana on Friday, May 15, to "take full advantage of the significant fiscal space created by its strong policy reforms and economic stabilisation programme to drive strategic investments and create jobs for its people." This occurred during a joint briefing with the Ministry of Finance in Accra. The briefing followed a Staff-Level Agreement on the sixth review under the Extended Credit Facility (ECF) arrangement.

The briefing also concluded the country's 2026 Article IV Consultation and announced the end of Ghana's three-year US$3 billion loan-supported programme. This ushers the country into a new 36-month Policy Coordination Instrument. IMF Chief Mission for Ghana, Ruben Atoyan, described Ghana's fiscal and economic turnaround as "remarkable," noting that the country was now in a position to use the gains from its reforms to accelerate growth and create jobs. Mr. Atoyan identified two key risks Ghana must manage: maintaining strong fiscal safeguards and exposure to gold price volatility.

Ghana's Minister of Finance, Dr. Cassiel Ato Forson, said the country's focus after the ECF programme would centre on three priorities: stability, resilience, and development. Dr. Forson said, "Stability will build resilience, and then we will use that resilience to develop...It is now time for us to develop and create jobs." Dr. Forson added, "In the coming days, we will announce our flagship development strategy, the 'new economy,' which will focus on key areas of development and job creation."