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Ghana‘s economy is showing renewed strength, with Moody’s upgrading the country’s credit rating and the IMF completing its fifth program review, both of which have significantly boosted investor confidence and triggered a rally in financial markets.
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The IMF projects sustained growth, forecasting GDP expansion of 4.8% and single-digit inflation by 2026. There are also ongoing talks to extend the IMF program to August 2026, ensuring adequate time for legislative processes and introducing a post-program technical assistance package to sustain fiscal discipline.
1 IMF Program and Economic Outlook
Ghana’s current IMF program, launched in May 2023, is likely to be extended to late 2026. The extension would allow for smoother implementation of key structural reforms and safeguard fiscal stability.
- Growth Forecast: 4.8%
- Inflation: Single digits expected by next year
- Current Account: Improved surplus projected, strengthening foreign reserves
Moody’s Credit Rating Upgrade
Credit rating agency Moody’s raised Ghana’s long-term issuer rating from CAA2 to CAA1 with a Stable outlook, citing:
- Declining national debt
- Stricter government expenditure controls
- Improved fiscal management frameworks
Although still classified as “highly speculative,” the upgrade signals improved investor confidence and encourages capital inflows.
2 Market Reactions: Treasury and Stock Market Rall
Positive sentiment following the IMF review and rating upgrade has fueled a surge in Ghana’s treasury market:
| Metric | Value |
|---|---|
| Target Amount | ₵5.2 billion |
| Accepted Bids | ₵6.3 billion |
| Rejected Bids | ₵171 million |
The 23% oversubscription reflects investor optimism, supported by falling inflation and a stable cedi.
On the stock market, shares of Car Bank, FML, GGBL, and Total led the rally, while MTN Ghana showed a short-term dip but is expected to rebound before the next dividend cycle.
3 Gold Sector Strengthens Export Earnings
Gold remains the backbone of Ghana’s exports, contributing $11.6 billion in 2024 and projected to exceed $16 billion in 2025.
However, tax experts like Fred Awit are calling for tighter enforcement of the 3% withholding tax on small-scale mining and reforms to sanitise the sector.
4 Revenue Protection and Enforcement
The Ghana Revenue Authority (GRA), in collaboration with National Security, intercepted a diesel diversion syndicate, preventing a ₵2.3 million tax loss. Ten fuel trucks declared for export were diverted domestically before being seized at Aflao.
5 Customer Experience and Tourism Development
At the 5th Customer Experience Conference and Awards, industry leaders urged businesses to adopt inclusive service practices for marginalised customers.
David Eduaful, MD of Labadi Beach Hotel, also called for a new national conference centre four times the current size to position Ghana as a top MICE destination, driving tourism and hospitality growth across sectors.
