IMF and Moody’s Endorse Ghana’s Economic Recovery

Deputy Finance Minister Thomas Ampem Nyarko

Deputy Finance Minister Thomas Ampem Nyarko says Ghana’s economy is showing strong signs of recovery under President John Dramani Mahama’s administration, citing improved fiscal indicators and renewed investor confidence that have earned international validation through an IMF staff level agreement and a Moody’s credit rating upgrade. Speaking at a press conference in Accra on Monday ahead of the 2026 budget presentation, Nyarko said prudent fiscal management has produced what he described as a significant turnaround in key economic metrics over the past ten months.

The government recorded a primary balance surplus of 1.4% of GDP, reduced the fiscal deficit to 1.5%, and lowered public debt to 46.8% as of August 2025, according to the Deputy Minister. “These achievements are not ends in themselves but foundations for sustained recovery and shared prosperity,” Nyarko told reporters gathered for the pre budget briefing.

The IMF, in a statement issued on October 10, 2025, announced a staff-level agreement with Ghana on the fifth review of its Extended Credit Facility (ECF) program. The agreement paves the way for a potential disbursement of US$385 million, pending approval by the IMF Board.

According to the Fund, Ghana’s economic indicators point to a steady turnaround marked by stronger GDP growth, easing inflation, and a more stable external balance. The statement commended government reforms that have “restored confidence and improved fiscal discipline” following one of the most challenging economic periods in recent history.

Meanwhile, Moody’s Investors Service has upgraded Ghana’s long-term foreign-currency credit rating from Caa2 to Caa1, revising the outlook from positive to stable. The credit agency cited improved debt management, enhanced revenue performance, and renewed investor confidence as key drivers of the upgrade.

Data from the Ministry of Finance shows that Ghana’s public debt-to-GDP ratio has dropped from nearly 65% to below 45% within a year, while the Cedi has shown modest appreciation against the U.S. dollar signaling a gradual restoration of market confidence.

“These developments confirm that Ghana’s economic reset is on track,” the Finance Ministry Dr Cassiel Ato Forson said in a statement. “The IMF’s endorsement and Moody’s upgrade represent a vote of confidence in Ghana’s recovery agenda and in the resilience of our economic reforms.”

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