By Adnan Adams Mohammed
Ghana’s macroeconomic performance in 2025 has “exceeded expectations,” the International Monetary Fund (IMF) has announced, delivering a rare note of optimism and describing the year as a “very good year” anchored by firm policy choices and fiscal discipline.
The positive assessment comes as Ghana prepares to exit its current IMF-supported programme, but the Fund has made it clear that its engagement with the nation will not cease once the Extended Credit Facility (ECF) concludes. later this year.
Dr. Adrian Alter, the IMF Resident Representative in Ghana, speaking on Joy News’ PM Express Business Edition last week, addressed both the country’s recent successes and its future relationship with the global lender.
2025 Performance ‘Better Than Expected’
Dr. Alter robustly defended the Fund’s positive assessment against public debate, part of which is suggesting leniency in the Fund’s assessment, stressing that the IMF Board’s approval was grounded in tangible results.
“The authorities implemented strong corrective actions in the aftermath of the 2024 fiscal slippages, and the 2025 macroeconomic outcomes have been better than expected,” Dr. Alter said.
The IMF Board met on December 17 and approved Ghana’s programme as “generally satisfactory,” confirming that all indicative and performance criteria targets were met. This approval unlocked a further disbursement at the end of December, bringing total ECF support to approximately US$2.8 billion.
Key indicators pointing to success included:
-Inflation that slowed faster than projected;
-Economic growth that outperformed forecasts;
-A strengthened external position, with improved reserves and a stabilized, appreciating currency;
“There are many, many macroeconomic indicators that perform very well at the same time,” Dr. Alter noted, attributing this to coordinated policy adjustments and reforms.
Beyond the Programme: A Permanent Partnership
Amid public speculation about Ghana’s economic future after the formal ECF exit, Dr. Alter pledged ongoing collaboration.
“We will continue to be partners,” he stated firmly. He clarified that one of the IMF’s core, non-lending functions is “surveillance,” a role that ensures continued monitoring of economic developments and implemented reforms after a programme ends.
This entails “Monitoring the economic developments, (and) the reforms that will be implemented after the programme ends,” he detailed, adding that the Fund “stays ready to also assist the Government with technical assistance and other issues that may arise.”
Gains Must Not Be Reversed
The strong performance in 2025, driven by the government’s commitment to fiscal discipline and the Bank of Ghana’s tight monetary policy, helped put public finances in order and stabilize the cedi.
A key structural reform highlighted was the improvement to the Fiscal Responsibility framework and the plan to implement an independent Fiscal Council.
Dr. Alter agreed with concerns that Ghana’s frequent returns to the IMF raise questions about policy credibility. He insisted that the new checks and balances embedded within the fiscal framework are critical safeguards against past slippages.
These mechanisms are designed not just to restrain fiscal excesses, but to “eventually lead to more trust in the public institutions and the government,” ensuring that the hard-won gains of 2025 are sustained for the long term.
