Bangkok:Ghana's economic leaders have pledged to uphold the country's economic achievements following the recent IMF–World Bank Annual Meetings in Bangkok. This commitment includes reducing bad loans in the banking sector and building reserves covering 15 months of imports to ensure sustained economic recovery.
According to Ghana Web, Governor Dr. Johnson Asiama and Finance Minister Dr. Cassiel Ato Forson assured investors and development partners that the disciplined approach of the past two years will persist, despite the conclusion of the IMF’s bailout program.
Ghana has made significant progress, with inflation decreasing from 23.8% at the end of 2024 to 5.2%, public debt reducing from 73.1% of GDP to 45.9%, and the central bank’s policy rate halving from 28% to 14%. Dr. Asiama emphasized the need to maintain policy discipline to ensure durable progress, with a focus on rebuilding financial buffers.
A major focus is on reducing non-performing loan ratios to below 10% by December, a target that requires a further reduction of nearly six percentage points. Additionally, private sector credit has grown significantly, which the central bank aims to channel into productive investments, business expansion, and employment.
Dr. Asiama also reiterated the central bank’s commitment to the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), aiming for an import cover of 15 months by the end of 2028. However, this goal is challenging, requiring reserves to more than triple from the current level of about US$12 billion, equivalent to 4.5 months of imports.
Long-term commitments include establishing a Fiscal Council and recapitalizing the Bank of Ghana by 2032. Dr. Forson also expressed confidence in exceeding the IMF’s upgraded growth forecast for 2026, highlighting a primary surplus and an overall deficit within targets.
Despite the end of the IMF's financial support, Ghana remains under IMF monitoring through a 36-month Policy Coordination Instrument. Dr. Forson views this transition as an opportunity for growth, with further details to be revealed in the upcoming 2027 Budget.
The commitments were positively received by international partners, with the IMF acknowledging Ghana’s program as a success but cautioning against potential economic risks. Investors now have clear benchmarks to assess Ghana’s economic trajectory, with significant milestones expected by the end of 2028.