The International Monetary Fund (IMF) has identified eight outstanding reforms it expects Ghana to complete following the first review of its 36-month Policy Coordination Instrument (PCI) programme.
The reforms cover monetary policy, tax administration, fiscal management, public sector accountability, and the governance of state-owned enterprises.
The Fund outlined the priorities in its end-of-mission statement after reaching a staff-level agreement with Ghana on the first review of the programme.
The IMF has also called for the preparation of a comprehensive fiscal risk statement and publication of the audit of the Electricity Company of Ghana’s (ECG) collection accounts.
Other requirements are the adoption of the Conduct of Public Officers Bill, publication of the second National Ethics and Anti-Corruption Action Plan, and stronger oversight and governance of state-owned enterprises.
The Fund said completing the reforms within the agreed timelines would help improve institutional accountability, fiscal transparency, and the environment for private sector investment.
It also warned that Ghana’s economic recovery remained vulnerable to external and domestic pressures.
Volatility in global gold, cocoa, and oil prices; geopolitical tensions; and tighter global financial conditions were identified as external risks.
At the domestic level, the IMF cited debt rollover requirements, fiscal pressures in the energy, cocoa, and gold sectors, and weaknesses in the financial sector.
To manage the risks, it urged Ghana to maintain prudent monetary policy, allow greater exchange rate flexibility, strengthen international reserves, and build a sinking fund to meet maturing debt obligations.
