Ghana’s economic recovery beats IMF expectations – Adrian Alter

Ghana’s economic rebound has been faster and stronger than the International Monetary Fund (IMF) initially projected, with inflation, growth, and foreign reserves all showing marked improvement. IMF Resident Representative in Ghana, Dr Adrian Alter, attributed the turnaround to government policy reforms, debt restructuring, and favourable global conditions, particularly higher gold prices. Speaking on Channel One TV on Monday, August 24, 2026, Dr Alter described Ghana’s recovery as “quite impressive.” Domestic Gold Purchase Programme drained Bank of Ghana's finances - IMF “Ghana’s recovery has been quite impressive, faster and better than expected. All macroeconomic indicators outperformed initial expectations in 2023, and that is quite impressive,” he said. Inflation, which had surged above 50% during the crisis, has now fallen below 5%. Foreign reserves have risen from about one month of import cover to more than four months, while economic growth remained strong at 6% in 2025 and 6.4% in the first quarter of 2026. Dr Alter noted the growth was broad‑based, with all major sectors contributing. He explained that debt restructuring and reforms under the IMF programme restored confidence and stability, while higher gold prices provided a major boost. Gold now accounts for about 60% of Ghana’s total exports, accelerating reserve accumulation and supporting the cedi. Ghana had initially targeted three months of import cover by the end of the IMF’s Extended Credit Facility (ECF) programme, but achieved four months by the end of 2025. The stronger inflows also helped reduce public debt faster than expected. 'Power outages will be resolved by end of September' – Mahama Ayariga The IMF Executive Board approved the final review of Ghana’s $3 billion ECF programme on July 28, paving the way for a last disbursement of about $371 million. The three‑year programme, launched in May 2023 after Ghana’s severe 2022 crisis, has now ended. Government has opted to transition to the IMF’s Policy Coordination Instrument (PCI) to consolidate the gains. DR/SA Ghana will not borrow simply because financing is available – Dr Ato Forson Source: www.ghanaweb.com
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