The International Monetary Fund (IMF) says Ghana can repay its debts if it stays committed to its $3 billion loan-supported programme.
Stéphane Roudet, IMF Mission Chief for Ghana, made this known during a media roundtable in Washington, DC. The event took place during the Spring Meetings of the IMF and World Bank.
“Once we go to the Board and publish the staff report, you’ll see the framework assumes that Ghana will repay its debts,” he said.
However, he noted that debt repayment depends on Ghana’s ability to raise funds. He pointed to a GHS13 billion budget provision for arrears in 2025 as a positive step.
Mr. Roudet was answering a question from the Ghana News Agency. The agency asked about Ghana’s ability to meet its payables, especially after a large build-up in 2024.
He admitted the challenge is significant. “Last year’s primary deficit was about 3.25% of GDP,” he said. That figure missed the IMF programme’s target of a 0.5% surplus.
Still, the Fund observed strong budget measures this year. “Ghana is targeting a primary surplus of 1.5% of GDP in 2025,” Mr. Roudet added. He said the government was cutting costs and improving revenue collection.
The IMF also noted key fiscal reforms. One change to the Procurement Act now requires approval from the Ministry of Finance before any public procurement permit is issued.
“This puts the Finance Ministry at the centre of the implementation process,” Mr. Roudet explained.
He said both parties also discussed long-term reforms. These include a new Fiscal Framework and the creation of a Fiscal Council. The reforms aim to improve financial discipline and reduce future debt risks.
Ghana is currently in its 17th IMF-supported programme. The three-year deal began in 2023 under former President Nana Addo Dankwa Akufo-Addo. President John Dramani Mahama’s administration is continuing the programme, which ends in 2026.
The plan aims to restore stability, ensure debt sustainability, and promote inclusive growth.
Ghana is currently executing its 17th IMF programme, a three-year Extended Credit Facility (ECF) initiated in 2023 under former President Nana Addo Dankwa Akufo-Addo. The programme has since been continued by President John Dramani Mahama’s administration and is scheduled to end in 2026.
The goal of the programme is to restore macroeconomic stability, manage debt sustainably, and lay the foundation for inclusive and resilient growth.
