The New Patriotic Party (NPP) has recognised the latest findings of the International Monetary Fund (IMF), confirming improvements in Ghana’s macroeconomic stability.
It, however, rejected the spin by government officials that the country has fully “graduated” from IMF oversight or that the programme has conclusively ended.
In a detailed statement, the main opposition party welcomed the macroeconomic stabilisation progress acknowledged by the IMF in Ghana’s sixth and final review under the Extended Credit Facility (ECF), while reiterating that the government is misrepresenting the Fund’s assessment and overstating the country’s economic recovery.
NPP questions the interpretation of IMF assessment
The NPP said the IMF’s decision to place Ghana under a new 36-month Policy Coordination Instrument (PCI) indicates continued oversight rather than full economic independence.
The party argued that the PCI reflects the need for sustained monitoring to preserve recent gains.
It further credited much of the stabilisation progress to policy frameworks established in 2023 under the previous administration, as well as sacrifices made by Ghanaians during the domestic debt exchange programme and external debt restructuring.
According to the NPP, these measures contributed to a reduction in Ghana’s debt-to-GDP ratio from 72.5 percent in December 2023 to 61.8 percent in December 2024, and further to 45.3 percent by the end of 2025, with projections of about 53 percent in 2026.
The party also pointed to improvements in inflation trends, reserves, growth and currency performance beginning in 2023, arguing that the recovery reflects policy continuity rather than a sudden turnaround.
A key focus of the statement was what the NPP described as “misleading political framing” of the IMF report by the government.
It rejected claims that the programme had “derailed” at the end of 2024, noting that the IMF did not use such terminology.
Instead, the NPP said the Fund referred only to policy slippages, which it argued are not equivalent to a programme collapse.
It maintained that a true derailment would have involved missed reviews, waivers or renegotiations, which it says did not occur after the December 2024 review.
The party also cited past IMF arrangements, including the 2015 ECF programme, which it said went off track under a previous NDC administration before being extended and restructured.
Government announces end of IMF programme
The government had announced the successful completion of its ECF-supported programme with the IMF, describing it as the end of the country’s bailout relationship with the Fund.
In a statement issued on May 15, 2026, Presidential Spokesperson and Minister for Government Communications, Felix Kwakye Ofosu said the milestone reflects the restoration of macroeconomic stability and debt sustainability ahead of schedule.
The statement noted that the administration of John Dramani Mahama took decisive steps in 2025 to get the IMF-supported programme back on track after disruptions at the end of 2024.
It further highlighted fiscal reforms, expenditure adjustments, and structural measures that, according to the government, helped stabilise the economy.
The government said inflation has eased significantly, the cedi has strengthened, public debt has declined sharply, and economic growth has rebounded.
It also reported that Ghana’s sovereign credit rating has improved from restricted default status to a “B” rating with a positive outlook, representing multiple upgrades.
According to the statement, gross international reserves reached about US$14.5 billion by February 2026, covering nearly six months of imports.
The government said this reserve position strengthens Ghana’s resilience to external shocks and reduces reliance on bailout financing.
Following the completion of the ECF programme, Ghana will now operate under a PCI, which the government described as a non-financing arrangement aimed at supporting policy implementation and investor confidence.
It added that the PCI will help consolidate reforms, attract private capital, and support efforts toward achieving an investment-grade credit rating.
The statement also expressed gratitude to Ghanaians, bilateral partners, investors, and the Official Creditor Committee for their support during the programme period.
Structural risks and fiscal concerns flagged
Responding to what it described as the government’s twisted narrative, the NPP pointed to structural vulnerabilities highlighted in IMF assessments, including risks in state-owned enterprises such as the Electricity Company of Ghana (ECG) and COCOBOD, quasi-fiscal operations outside the budget, financial sector weaknesses, and governance concerns, including asset declaration compliance gaps.
It also referenced risks linked to the Bank of Ghana’s balance sheet, particularly costs associated with the domestic gold purchase programme, which it said should be fully reflected in the national budget to avoid hidden liabilities.
The NPP expressed concern that the central bank is operating with negative net equity and called for a transparent, time-bound recapitalisation plan.
On fiscal policy, the party cautioned against interpreting IMF projections of constrained fiscal space from 2027 as justification for expanded spending or off-budget commitments.
It urged the government to prioritise productive investments in jobs, education, healthcare, and infrastructure.
The statement also highlighted ongoing economic pressures facing households, including youth unemployment—estimated at 32.4 percent nationally and up to 49 percent in the capital—alongside high food prices, rent increases, and utility tariff pressures.
According to the NPP, these challenges point to a gap between macroeconomic stabilisation and living conditions for ordinary citizens.
The party concluded by reaffirming its support for reforms that strengthen economic recovery and institutional credibility, while insisting on continued transparency, accountability, and prudent management of public resources.
It stressed that stabilisation gains must translate into improved jobs, incomes, and living standards.
