TheInternational Monetary Fund (IMF) has outlined 10 key reforms it wants Ghana to prioritise as the country transitions from its $3 billion bailout programme to a new policy support arrangement aimed at sustaining economic recovery.

The IMF Executive Board last week approved the sixth and final review of Ghana’s Extended Credit Facility (ECF), unlocking a final disbursement of about $371 million and bringing the three-year programme launched in May 2023 to a close.

With the programme completed, Ghana will now operate under a 36-month Policy Coordination Instrument (PCI), a non-financing arrangement designed to help maintain macroeconomic discipline, strengthen investor confidence and support continued structural reforms.

Although the bailout has ended, the IMF stressed that reforms must continue to safeguard macroeconomic stability, reduce debt vulnerabilities and promote long-term growth.

A key priority is maintaining the PCI as the anchor for Ghana’s economic policy, signalling to investors and development partners that the country remains committed to prudent fiscal and monetary management.

The Fund also identified stronger domestic revenue mobilisation as critical to reducing Ghana’s reliance on borrowing. It called for measures to broaden the tax base, improve tax administration and increase revenue collection to finance development spending.

The IMF further urged Ghana to preserve the operational independence of the Bank of Ghana by permanently ending quasi-fiscal operations and completing the transfer of the central bank’s domestic gold purchase programme to GoldBod.

It also called on the government to honour its commitment to recapitalise the Bank of Ghana by 2032, arguing that a stronger central bank balance sheet is essential for long-term financial stability.

On debt management, the Fund wants Ghana to conclude negotiations with the remaining external commercial creditors to complete its debt restructuring programme after reaching agreements with official creditors and most commercial bondholders.

The IMF also identified state-owned enterprises in the energy and cocoa sectors as significant fiscal risks, urging stronger governance, tighter financial oversight and reforms to prevent them from creating future debt burdens.

Maintaining fiscal discipline remains another priority, with the Fund urging the government to keep public debt on track to reach its target of 45% of GDP by 2034.

The IMF further recommended strengthening supervision of vulnerable banks and specialised deposit-taking institutions while completing reforms to Ghana’s financial sector crisis management and resolution framework.

While supporting fiscal consolidation, the Fund stressed the need to expand social protection programmes to cushion vulnerable households and ensure the benefits of economic recovery are broadly shared.

It also called for stronger governance and anti-corruption measures through effective implementation of the country’s revised asset declaration framework and the passage of the Conduct of Public Officials Bill currently before Parliament.

The IMF said sustained implementation of these reforms would help preserve macroeconomic stability, strengthen policy credibility and support private sector-led growth in the years following Ghana’s exit from the bailout programme.