The International Monetary Fund (IMF) on Friday, May 15, urged Ghana to take full advantage of the significant fiscal space created by its strong policy reforms and economic stabilisation programme to drive strategic investments and create jobs for its people.

IMF Chief Mission for Ghana, Ruben Atoyan, made the call during a joint briefing with the Ministry of Finance in Accra, following a Staff-Level Agreement on the sixth review under the Extended Credit Facility (ECF) arrangement.

The briefing, which also concluded the country’s 2026 Article IV Consultation, saw the announcement of the end of Ghana’s three-year US$3 billion loan-supported programme. This ushers the country into a new 36-month Policy Coordination Instrument.

Mr Atoyan, who is also a Division Chief in the IMF’s African Department, described Ghana’s fiscal and economic turnaround as “remarkable,” noting that the country was now in a position to use the gains from its reforms to accelerate growth and create jobs.

“The fiscal space is ultimately the space the Government generated through strong policies and can now be used to support economic growth, employment, and strategic investment in key sectors. This was much of our discussion,” he said.

Looking ahead, the IMF official identified two key risks Ghana must manage carefully as it transitions from stabilisation to growth: maintaining strong fiscal safeguards and exposure to gold price volatility.

On fiscal measures, he recommended tighter expenditure controls, particularly among state-owned enterprises (SOEs), through public-private partnerships and by avoiding spending outside the central government’s budget framework.

On gold price volatility, he cautioned that commodity prices remain inherently unpredictable, especially in the current uncertain geopolitical environment, and urged authorities to use the current favourable terms of trade to build adequate buffers.

Ghana’s Minister of Finance, Dr Cassiel Ato Forson, said the country’s focus after the ECF programme would centre on three priorities: stability, resilience, and development.

“Stability will build resilience, and then we will use that resilience to develop. Clearly, stability has been achieved — we’ve announced it, and it has been confirmed by the Fund. It is now time for us to develop and create jobs,” he said.

“In the coming days, we will announce our flagship development strategy, the ‘new economy,’ which will focus on key areas of development and job creation,” he added.

“Be assured that from stability, we will build resilience, and from resilience, we will build an economy that benefits the masses.”

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Ghana needs to use saved money to grow economy and create jobs - IMF

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