Ghana can meet its debt obligations as they fall due, provided it adheres strictly to the objectives of its ongoing US$3 billion loan-supported programme with the International Monetary Fund (IMF), according to Mr. Stéphane Roudet, IMF Mission Chief for Ghana.
Speaking at a roundtable with Ghanaian journalists during the just-ended IMF and World Bank Spring Meetings in Washington, DC, Mr. Roudet said the IMF’s macroeconomic framework assumes Ghana will repay its debts, contingent on the government’s commitment to securing adequate financing.
“Once we go to the Board, we publish the staff report, [and] you will see that the macroeconomic framework that we have in there assumes that those payables are going to be repaid at some point,” Mr. Roudet said. “But the pace at which the government will be able to pay down those payables will very much depend on their ability to raise the necessary financing.”
He disclosed that Ghana’s 2025 budget includes provisions for arrears repayment amounting to GHS13 billion, which is expected to contribute towards meeting debt commitments.
Responding to questions from journalists, Mr. Roudet acknowledged the scale of the fiscal challenge, noting that the primary deficit on a commitment basis in 2024 was about 3.25% of GDP, far from the IMF programme target of a 0.5% surplus. He, however, indicated confidence in the government’s current fiscal strategy.
“For this year, the target is a primary surplus of 1.5% of GDP. It’s underpinned by strong efforts on both the spending and revenue sides,” he said.
Mr. Roudet highlighted ongoing reforms, including amendments to the Public Procurement Act, which now requires commencement authorisation from the Ministry of Finance before the Public Procurement Authority can approve any procurement. This, he said, ensures stronger fiscal control and aligns spending with national priorities.
He also cited ongoing discussions around structural reforms such as the Fiscal Framework and the establishment of a Fiscal Council as critical steps to strengthening Ghana’s long-term fiscal discipline.
Ghana is currently in the second year of its three-year US$3 billion Extended Credit Facility (ECF) programme with the IMF, which began in 2023 under the administration of former President Nana Addo Dankwa Akufo-Addo. The programme, now being implemented by President John Dramani Mahama‘s government, aims to restore macroeconomic stability, ensure debt sustainability, and lay the foundation for resilient and inclusive economic growth.
The IMF programme is Ghana’s 17th with the institution.
