Extend IMF programme, it has brought us numerous gains – Deloitte Boss to government

The Country Managing Partner of Deloitte Ghana has urged the government to extend the IMF programme. He suggested a one or two-year extension due to the gains achieved.

Ghana joined an IMF bailout programme in May 2023. This secured a $3 billion Extended Credit Facility to stabilize the economy. The programme is set to end in June 2026.

At the 9th Ghana CEO Summit, Mr. Owusu highlighted increased investor confidence. He noted that fiscal discipline improved with the IMF's support.

He mentioned that despite past turbulence, the economy showed resilience in 2024. It grew at a rate of 5.7%, mainly driven by mining and quarrying.

Mr. Owusu believes restructuring is necessary for job creation and revenue growth. He supports the President’s idea of an economic reset.

He expressed concern about over-reliance on the Services sector for jobs. The World Bank estimates over 150,000 students graduate annually from universities. A bold plan is needed to create opportunities for these graduates.

He also urged the government to implement agriculture programmes from the 2025 Budget. Initiatives like ‘Feed Ghana’ are crucial for food security and job creation.

These policies should have clear strategies and timelines for success, he added.

On balance of payments, he warned that servicing external debt could impact reserves starting May 2026. This may affect foreign reserves and weaken the cedi.

He praised the government's efforts but called for increased reserves to support currency stability.

Mr. Owusu emphasized diversifying cash crops beyond cocoa. Targeting oil palm, shea nut, rubber, and cashew can boost foreign exchange earnings.

Regarding inflation, he stated that if cedi stability continues, prices may ease. Improved supply-side factors could help achieve a year-end inflation target of