Global risks remain despite Ghana's economic progress - IMF

The International Monetary Fund (IMF) has warned that despite Ghana’s recent macroeconomic gains, the global environment remains highly uncertain and could still pose significant risks to the country’s recovery path.

The caution was issued by the IMF staff team led by Ruben Atoyan following discussions with Ghanaian authorities during its April 29 to May 15 mission to Ghana, as part of the country’s 2026 Article IV consultation and final review of its Extended Credit Facility (ECF) programme.

According to the Fund, while Ghana has recorded improvements in inflation, fiscal performance, and external buffers, these gains remain vulnerable to external shocks, particularly from geopolitical tensions and volatile commodity markets.

The staff team noted that spillovers from the war in the Middle East have so far been limited, but cautioned that the indirect effects could still be felt through global price movements.

“The global environment remains uncertain. While direct spillovers from the war in the Middle East have so far been limited, the impact of the war is expected to be transmitted through higher energy, food, and fertilizer prices,” the IMF Mission Chief said.

Ruben Atoyan explained that such price pressures could have implications for inflation management, fiscal stability, and external sector performance in Ghana, especially given the country’s dependence on imported fuel and food inputs.

The Fund further stressed that uncertainty in global financial conditions and commodity markets reinforces the need for prudent macroeconomic management.

It added that Ghana must continue to strengthen policy buffers, maintain disciplined fiscal and monetary policies, and build resilience to withstand potential external shocks.

“The volatile external environment underscores the importance of preserving prudent policies and strengthening resilience,” the IMF Mission Chief noted.

The IMF concluded that while Ghana’s reform efforts under the Extended Credit Facility programme have delivered tangible progress, sustaining these gains will depend heavily on the country’s ability to navigate an increasingly unpredictable global economic landscape.





MA