IMF Staff Country Reports

This paper discusses Ghana’s Second Review under the Extended Credit Facility (ECF), Request for Modification of Performance Criteria and Financing Assurances Review. Ghana’s performance under the program has been generally strong. All quantitative performance criteria for the second review and almost all indicative targets were met. Good progress is being made on the debt restructuring, and key structural reforms are advancing. The authorities’ reform efforts are paying off. Growth has proven more resilient than expected, inflation has declined rapidly from its 2022 highs, and the fiscal and external positions have improved significantly. Greater focus on reforms aimed at private sector development is needed to foster inclusive growth and poverty reduction. In this regard, a key step is to ensure that the policy interventions underpinning Ghana’s National Development Policy Framework are recalibrated to reflect the socio-economic impact of the shocks that occurred after the coronavirus disease 2019 pandemic.