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As Ghana begins the 5th review of its International Monetary Fund (IMF) bailout programme this week, economist Courage Boti has voiced strong optimism about the country’s prospects, citing solid progress on key performance targets.
According to Boti, Ghana has largely met the IMF’s quantitative benchmarks, which form the core of the assessment criteria. He highlighted several achievements, including the cessation of central bank financing, better control of arrears, adherence to external borrowing rules, and improved foreign reserve levels—areas that often derail IMF-backed programmes but have been well-managed by Ghana.
Boti acknowledged past challenges, such as inflation overshooting targets last year, which triggered a monetary policy consultation clause. However, he pointed out that a more aggressive monetary policy stance has since helped bring inflation closer to the IMF’s target band. “The next leg of disinflation could place us firmly within the target range,” he stated. Other macroeconomic indicators also show positive trends. The Ghanaian cedi has stabilized, reserves have grown, and the Bank of Ghana has refrained from deficit financing—signals that Boti interprets as evidence of “commendable fiscal and monetary discipline.”
Looking ahead, he noted that the IMF will focus on several critical targets leading up to June 2025, including minimum thresholds for non-oil public revenue and social spending, caps on arrears and pre-financing, and progress on structural reforms such as arrears audits, the new Fiscal Responsibility Act, asset declaration reforms, and the restructuring of the ECD strategy.
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While acknowledging that not all structural benchmarks may be fully achieved by the time of the review, Boti clarified that such delays rarely disqualify countries from passing. The IMF typically provides flexibility and additional time to implement these reforms.“The structural reforms aren’t usually deal-breakers. If progress is evident, the Fund often allows more time,” he explained. “In my view, Ghana is in a strong position for a successful review.” His positive assessment is encouraging, as a successful review would unlock further donor support, bolster investor confidence, and sustain Ghana’s ongoing economic recovery.
