IMF programme stabilised Ghana’s economy – Dr Richmond Atuahene

Banking consultant and financial analyst Richmond Atuahene has stated that Ghana’s economic recovery and improved macroeconomic stability were largely supported by the country’s programme with the International Monetary Fund (IMF).

According to Dr Atuahene, the IMF-supported programme played a significant role in stabilising key economic indicators, including inflation, exchange rate volatility, and Ghana’s foreign reserves during one of the country’s most challenging economic periods in recent history.

His comments follow the government’s announcement that Ghana has successfully completed its US$3 billion Extended Credit Facility programme with the IMF ahead of schedule.

Government officials say Ghana will now transition into a non-financing Policy Coordination Instrument framework, a move intended to maintain fiscal discipline and policy coordination while signalling growing confidence in the country’s economic outlook.

Authorities believe the transition reflects progress made in restoring macroeconomic stability, rebuilding investor confidence, and improving debt sustainability through a series of fiscal adjustments and structural economic reforms.

Speaking in an interview on Channel One TV on Monday, May 18, 2026, Dr Atuahene acknowledged that while some social interventions remain limited, the IMF programme has nonetheless delivered measurable economic improvements.

“The programme has shaped us; we have had inflation down, currency stability and the reserves, although we have not been able to do much on the social reforms,” he stated.

He described Ghana’s current economic direction as encouraging and said recent gains provide a strong foundation for long-term economic growth and recovery.

“We’re on the right trajectory, and it’s a good beginning to go into economic growth,” he added.

Dr Atuahene also reflected on the severe economic difficulties Ghana experienced between 2022 and 2023, a period marked by soaring inflation, rapid depreciation of the Ghana cedi, declining foreign reserves, and widening fiscal deficits.

According to him, the economic environment during that period placed enormous pressure on businesses, households, and government finances.

“Looking at where we started in 2022-2023, it was terrible as far as inflation was concerned. The fiscal deficit was about 7.9 per cent, and the currency was depreciating like Usain Bolt. Our reserves at one time were $1.7 billion,” he recalled.

Ghana entered the IMF programme as part of efforts to restore confidence in the economy after facing mounting debt challenges, rising living costs, and significant pressure on the local currency.

Since then, government and financial authorities have implemented several fiscal consolidation measures, debt restructuring initiatives, and monetary policy reforms aimed at stabilising the economy and rebuilding investor trust.

Economic analysts say the improvement in inflation trends, relative exchange rate stability, and rising reserve levels are among the clearest signs that Ghana’s economic recovery efforts are beginning to yield positive results.

However, experts continue to stress the importance of sustaining reforms, improving productivity, and expanding social protection programmes to ensure that economic gains translate into improved living conditions for ordinary Ghanaians.