Government met only 3 out of 11 structural benchmarks, but taken strong actions to address rest – IMF

IMF: Government Met Only 3 of 11 Structural Benchmarks, But Actively Addressed Remaining Gaps
By Top Knowledge Media – July 15, 2025

The International Monetary Fund (IMF) has disclosed that Ghana met only three out of eleven structural reform benchmarks under its Extended Credit Facility (ECF)-supported program as of end-2024, but has since taken bold corrective steps to close the gaps and uphold the program’s objectives .

???? Benchmark Performance & Slippages

• Ghana achieved just 3 out of 11 structural benchmarks by the end of 2024, with delays or misses in reforms across public financial management, procurement, state-owned enterprises, and energy sectors .

• The government also missed key fiscal targets, recording a 3.9 % primary deficit against a 0.5 % surplus goal and inflation peaking at ~23.8 %, exceeding the 15 % target 

✅ Strong Corrective Actions

Following renewed engagement with the IMF earlier this year, Ghana’s authorities have:

1. Launched a full audit of payables to reconcile historic arrears and firm up fiscal data

2. Passed the 2025 Budget, targeting a 1.5 % primary surplus, and implemented revisions to the Public Financial Management Act, including a 45% debt ceiling and an independent fiscal council

3. Enacted monetary tightening through rate hikes by the Bank of Ghana to curb inflation 

4. Resumed quarterly electricity tariff adjustments and operationalised fiscal oversight tools like the single‑account and cash waterfall mechanisms to reduce energy sector arrears 

5. Strengthened governance and oversight of SOEs, reviewing procurement and PFM systems for greater transparency 

These reforms drew praise not only from IMF staff but also from Managing Director Kristalina Georgieva 

???? Implications & Outlook

• A staff-level IMF agreement in April unlocked a further US$370 million, recognizing Ghana’s robust policy response despite initial underperformance 

• The IMF Executive Board has since approved the fourth review, signaling confidence in Ghana’s corrective path .

• Yet, IMF staff emphasized that continued efforts are critical—especially in public investment control, SOE reforms, energy arrears, and revenue mobilization 

???? Summary

Despite structural bench­mark shortfalls, Ghana’s government has taken swift and significant corrective measures, restoring investor confidence and securing ongoing IMF support. The challenge now is to maintain momentum: implementing pending reforms, sustaining fiscal discipline, and ensuring long-term macroeconomic stability.

Top Knowledge Media will continue tracking Ghana’s ECF program and economic recovery.