The Fund's communications director Julie Kozack says engagement with Ghana is shifting from crisis response to building longer-term resilience.

Published 13 Nov 2026, 19:37 GMT

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The IMF says Ghana's macroeconomic stability is "becoming entrenched", and its engagement with the country is moving from crisis response towards building longer-term resilience.

The assessment came from Julie Kozack, the Fund's director of communications, at its regular press briefing in Washington on Thursday, November 12.

Growth beat expectations at 6 per cent last year and is projected at 5.7 per cent this year, she said. Debt has fallen to around 50 per cent of GDP, inflation is back in single digits, and the primary surplus is still set to meet its year-end targets.

Single-digit inflation has held even in the face of this year's global energy price shock, Kozack noted.

She also confirmed that the staff-level agreement covering the first review of the Policy Coordination Instrument, reached on November 5, still awaits approval by the IMF's Executive Board.

The new element in Thursday's remarks is the framing: the Fund sees Ghana's recovery programme as a model for other countries, citing "strong ownership" of a homegrown reform effort, difficult decisions that are "now bearing fruit", and extensive social dialogue that built public support.

"There is light at the end of the tunnel," Kozack said, recalling how difficult the mood in Ghana was a few years ago.

That is a warmer verdict than the one the Fund's resident representative in Ghana, Dr Adrian Alter, delivered in Accra on Tuesday, when he warned that Ghana's stability is real, "but it isn't yet self-sustaining", and would need five to 10 years of policy discipline to win over long-term investors.

The work is not finished, either. Kozack said the focus now is on "strengthening and bolstering that resilience that comes next for the country".

Under the review agreed last week, that means rebuilding foreign exchange reserves, greater exchange rate flexibility and a sinking fund for maturing debt, alongside unfinished reforms such as the delayed publication of the ECG collections audit.

Araba IncoomAraba Incoom writes on multiple topics with a vast knowledge across different sector. You can almost call me an AI, after all, my initials are Araba Incoom.

IMF says Ghana&#39;s stability is &quot;becoming entrenched&quot; as crisis response ends

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IMF says Ghana's stability is "becoming entrenched" as crisis response ends