Ghana faces spending pressure after IMF exit – Joe Jackson warns

The Chief Executive Officer (CEO) of Dalex Finance, Joe Jackson, has warned that Ghana could face renewed fiscal pressure after exiting its International Monetary Fund (IMF) bailout, with government spending at risk of spiralling without external oversight.

Speaking on The Big Issue on May 16, 2026, Jackson said the government’s shift from the IMF’s Extended Credit Facility to a non-financing Policy Coordination Instrument reflects concerns about maintaining discipline post-bailout.

“In my opinion, my interpretation of what has happened… there’s going to be a lot of pressure on the government to spend. A lot of pressure; horrendous amount of pressure,” he said.

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Jackson argued that retaining a policy support arrangement shows authorities still see IMF oversight as key to investor confidence and curbing excessive spending.

“All the government is doing is that, don’t let the IMF go away completely,” he stated.

He added that keeping a working relationship with the IMF could improve Ghana’s standing with credit rating agencies and lower borrowing costs.

“When the rating agencies look at us, and having the IMF in the background to confirm that you’re doing the right thing, will actually save us money,” he said.

The comments follow the government’s announcement of the successful conclusion of the ECF programme, marking a move away from direct bailout support.

Presidential Spokesperson and Minister of Government Communications, Felix Kwakye Ofosu, said the conclusion reflects restored macroeconomic stability and progress on debt sustainability ahead of schedule.

The turnaround, he said, followed aggressive fiscal and structural reforms after setbacks in late 2024.

Ghana will now engage the IMF through the Policy Coordination Instrument, a non-financing deal, providing technical support, policy coordination, and market confidence without direct disbursements.

The PCI is expected to help maintain policy credibility with investors as Ghana pursues post-bailout recovery.

NAD/AE

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