The International Monetary Fund (IMF) has raised concerns over the delay in publishing an audit of the Electricity Company of Ghana's (ECG) collection accounts. In a statement issued on November 5, the IMF urged the Ghanaian government to complete the outstanding reform without further delay. The audit's timely publication is crucial to completing the country's reforms, according to IMF mission chief Ruben Atoyan.
The IMF's concern was expressed after a mission concluded discussions with Ghana on the first review of its 36-month Policy Coordination Instrument (PCI). The mission visited Accra from October 22 to November 4 and reached a staff-level agreement with the government on the review. The agreement must still be approved by IMF Management and the Fund's Executive Board. Ghana entered the PCI in July 2026 after completing the final review of its $3 billion Extended Credit Facility programme.
The audit is considered important as the IMF identifies financial pressures in the energy sector as one of the major risks to Ghana's economic stability. Other concerns include the country's debt repayment needs, financial challenges in the cocoa and gold sectors, and weaknesses in the financial sector. Despite the delay, the IMF said Ghana's broader structural reform programme remained on track. The Fund pointed to progress made, including the continued quarterly adjustment of electricity tariffs and Parliament's approval of a new Cocoa Board Act.
The government has also completed a review of customs and excise legislation ahead of schedule. However, work is still ongoing on the Integrated Tax Administration System, the establishment of a Fiscal Council, and the preparation of a Fiscal Risk Statement. The IMF mission chief, Ruben Atoyan, emphasized the importance of completing the remaining reforms on time. The Fund did not explain the reasons for the delay or indicate when the audit would be published.
Ghana's performance under the previous lending arrangement was described as broadly satisfactory, with most agreed economic targets met. However, declining foreign exchange reserves made corrective measures necessary. The IMF's concerns come at a time when Ghana is recording improvements in some key economic indicators. The economy grew by 6.2 per cent in the first half of 2026, while inflation declined to 5.5 per cent in October.
The IMF has stressed the need for stronger governance and better oversight of state-owned enterprises to improve public confidence and encourage private investment. The Fund described Ghana's broader structural reform programme as being on track, with several key reforms completed or underway. The PCI allows the IMF to monitor the government's economic policies and assess its commitment to reforms, but does not provide financial support to Ghana.
The IMF's statement highlights the importance of transparency and accountability in Ghana's economic management. The publication of the ECG accounts audit is seen as a crucial step in addressing financial pressures in the energy sector. The government's commitment to completing the outstanding reform will be closely watched by the IMF and other stakeholders.
Key points
- The IMF has urged the Ghanaian government to publish the ECG accounts audit without further delay.
- The audit's timely publication is crucial to completing the country's reforms.
- Ghana's broader structural reform programme remains on track, despite the delay in publishing the audit.
