Gains achieved so far under the ECF programme fragile – IMF cautions Ghana

The International Monetary Fund (IMF) has urged Ghana to remain vigilant under its Economic Credit Facility (ECF) program, warning that the progress made so far is fragile.

In its December 10, 2024, report, the IMF emphasized the need for sustained efforts to reduce the fiscal deficit by increasing domestic revenue, controlling government spending, and strengthening public financial management.

Addressing deep-seated challenges in the energy and cocoa sectors was also highlighted as critical for long-term stability.

The IMF called for prudent monetary policies to reduce inflation and rebuild reserves while urging measures to protect vulnerable populations during reforms.

It stressed the importance of diligent program implementation, especially ahead of Ghana's December 2024 elections, warning of fiscal risks from electoral cycles and parliamentary delays. Priorities include managing debt, boosting employment, and curbing high living costs.