Ghana’s successful completion of the 4th review under the IMF-supported programme is a significant vote of confidence in the country’s economic management and fiscal direction, according to Courage Boti, Manager for Macroeconomic Research at GCB Bank PLC.
Speaking on Morning Target on Bullet TV, hosted by Selikem Acolatse Apaloo, Mr. Boti said the development affirms Ghana’s commitment to macroeconomic stability despite previous fiscal setbacks and target deviations.
“The IMF’s endorsement—pending board approval—is a powerful signal to the market that Ghana’s programme is on track,” – he stated.
Boti emphasized that this review is critical not only for policy credibility but also for unlocking key funding streams.
“More than 50 percent of the external funding required for the 2025 budget hinges on the outcome of this and subsequent IMF reviews,” – he explained.
He added that multilateral partners such as the World Bank and other donors were waiting on this signal before disbursing catalytic financing to support Ghana’s economic recovery.
Beyond the fiscal space, Boti noted that the review will bolster market confidence, both domestically and internationally.
“Private capital inflows, though slow, have started trickling in. This approval could strengthen investor appetite further,” – he told Selikem.
On Ghana’s ongoing debt restructuring, Boti revealed that 93 percent of the total debt has already been restructured, with the remaining portion—mainly commercial debt—still under negotiation. He acknowledged that while there has been considerable progress, Ghana’s credit rating remains in a restricted default category due to this unresolved portion.
“We are not quite out of the woods yet,” – he cautioned. “Finalising this last leg of the debt restructuring will be essential to move Ghana out of default status and re-enter international capital markets.”
He expressed optimism that completing this phase would eventually lead to improved credit ratings and open up opportunities for Ghana to attract capital at favorable rates.
Boti also praised the 2025 budget for aligning with the IMF programme and showing signs of corrective measures, calling it an important factor in the IMF’s decision to grant waivers and endorse the country’s progress despite earlier deviations.
While cautioning that the road ahead remains challenging, Courage Boti said Ghana’s trajectory is showing promise—with the IMF’s endorsement serving as both a validation and a motivator for continued reforms and investor re-engagement.
Ghana|Atinkaonline.com|Ebenezer Madugu