Ghana Report 2023

The IMF programme supports Ghana’s balance of payments and underpins policy anchorage to facilitate other multilateral and development financing commitments. Together with a partial domestic debt exchange and restructuring agreement for concessional and bilateral loans, Ghana’s debt sustainability outlook has markedly improved since late 2022 when it defaulted on commercial loans and international bonds.

With the IMF programme in place and debt restructuring underway, Ghana’s economy is well placed to gradually recover in coming years. Gold mining exports are buoyant, cocoa farming productivity is improving, and crude oil production is being scaled up. Nevertheless, stubbornly high inflation, currency depreciation, and protracted defaults on external and commercial loans remain key challenges to overcome before Ghana enters next year’s election cycle.