Ghana can payback debts, says IMF 

Ghana can repay its debts if it follows the US$3 billion IMF program.

Stéphane Roudet, the IMF Mission Chief for Ghana, shared this insight. He spoke during a roundtable with Ghanaian journalists at the recent IMF and World Bank meetings in Washington, DC.

Roudet mentioned that once they go to the Board, a staff report will be published. This report will show that Ghana's macroeconomic framework assumes debt repayment is possible.

He emphasized that how quickly the government can pay down debts depends on financing availability.

In the 2025 budget, the government allocated GHS13 billion to repay arrears. This is part of their efforts to meet debt obligations.

Roudet responded to a question from the Ghana News Agency about government capabilities amid rising debt in 2024. He noted that last year’s primary balance showed a deficit of about 3.25% of GDP.

This contrasts with a target surplus of 0.5% under the current IMF program. The mission discussed short-term interventions with Ghanaian authorities to improve fiscal health.

He highlighted a strong budget that aligns with program objectives for this year. The goal is a primary surplus of 1.5% of GDP through spending and revenue efforts.

The Fund has seen some fiscal reforms already implemented, including changes to the Procurement Act. These changes require Ministry of Finance authorization before public procurement agencies can issue permits.

This reform places the Ministry at the center of project implementation processes, according to Roudet.

The mission also discussed measures to address structural challenges like Fiscal Framework and Fiscal Council issues.

Effective implementation of these reforms could strengthen Ghana’s finances and help meet debt obligations.

Ghana has been working on a three-year US$3 billion Extended Credit Facility (ECF) program since 2023. This marks its 17th loan-supported package with the IMF.

The program aims to restore macroeconomic stability and ensure debt sustainability for economic resilience. It began under former President Nana Addo Dankwa Akufo-Addo and continues under President John Dramani Mahama until 2026.