Accra: The International Monetary Fund (IMF) has called on Ghana to leverage the fiscal space created by its robust policy reforms and economic stabilization program to make strategic investments and generate employment opportunities for its citizens. This call was made by Mr. Ruben Atoyan, IMF Chief Mission for Ghana, during a joint briefing with Ghana's Ministry of Finance in Accra, following a Staff-Level Agreement on the sixth review under the Extended Credit Facility (ECF) arrangement.
According to Ghana News Agency, the briefing marked the completion of Ghana's 2026 Article IV Consultation and announced the conclusion of the country's three-year, US$3 billion loan-supported program. The country is now entering a new 36-month Policy Coordination Instrument request. Mr. Atoyan, also a Division Chief for the IMF's African Department, highlighted Ghana's fiscal and economic turnaround, noting the opportunity to use policy dividends to accelerate growth and job creation.
Mr. Atoyan emphasized the importance of the fiscal space created by the government's strong policies, which can now be used to support economic growth, employment, and strategic investment in critical sectors. He also identified two primary risks for Ghana as it transitions from stabilization to growth: maintaining strong fiscal safeguards and exposure to gold price volatility.
Regarding fiscal measures, Mr. Atoyan recommended improved expenditure control, particularly for state-owned enterprises through public-private partnerships, and advised against spending outside the central government's budget perimeter. On gold price volatility, he cautioned about the unpredictable nature of commodity prices, especially amid uncertain geopolitical conditions, and urged authorities to use favorable trade terms to build adequate buffers.
Dr. Cassiel Ato Baah Forson, Ghana's Minister of Finance, stated that the country's post-ECF program focus would be on stability, resilience, and development. He emphasized the importance of building resilience from stability and using it to develop the economy and create jobs. He indicated that plans would soon be announced for a 'new economy,' focusing on development and job creation, assuring that the economy will be built to benefit the masses.