Ghana has met just three out of eleven structural benchmarks (SBs) outlined by the International Monetary Fund (IMF) for the period between January and May 2025, according to the IMF’s latest Country Report.
The Fund noted that while some benchmarks were missed or delayed, recent months have seen strong corrective actions aimed at accelerating reforms.
One key delay involved the resumption of quarterly electricity tariff adjustments, originally due in January 2025. These only resumed in April due to delays in appointing a new board for the Public Utilities Regulatory Commission (PURC).
Additionally, the audit of the Electricity Company of Ghana’s (ECG) collections and expenditures, due by end-January, was completed in February, covering a broader timeframe than initially mandated.
Other notable progress includes:
Full integration of the Ghana Electronic Procurement System (GHANEPS) with GIFMIS, originally due by end-December 2024, was completed in May 2025.
A restructuring plan for the National Investment Bank (NIB) was finalized, and the bank was recapitalized to meet the minimum Capital Adequacy Ratio (CAR) of 13%, ahead of the end-2025 deadline.
The report also highlights early completion of two end-September 2025 targets: amending Ghana’s fiscal responsibility framework and adopting a strategy to restructure the ECG, including plans to introduce private sector participation.
However, the IMF flagged a missed indicative target (IT) related to the accumulation of net payables, which exceeded the limit by 3.9% of GDP. This was attributed to off-budget spending by Ministries, Departments, and Agencies (MDAs) ahead of the upcoming general elections.
In response, the government has adopted bold measures to reinforce spending controls and ensure compliance with the Public Financial Management Act.
