By Ashiadey Dotse
The International Monetary Fund (IMF) has expressed concern over the delay in publishing an audit of the Electricity Company of Ghana’s (ECG) collection accounts, urging government to complete the outstanding reform without further delay.
The concern was raised in a statement issued on Thursday, November 5, after an IMF mission concluded discussions with Ghana on the first review of its 36-month Policy Coordination Instrument (PCI).
The IMF mission chief, Ruben Atoyan, said publishing the audit on time was important to completing the country’s outstanding reforms.
“Completing the remaining reforms on time, including the delayed publication of the audit of the ECG’s collection accounts, will be important,” he said.
The Fund, however, did not explain the reasons for the delay or indicate when the audit would be published.
The audit is considered important as the IMF continues to identify 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.
It pointed to the continued quarterly adjustment of electricity tariffs, Parliament’s approval of a new Cocoa Board Act, and the publication of the Fiscal Strategy Document as some of the progress made.
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 visited Accra from October 22 to November 4 and reached a staff-level agreement with the government on the first review of the PCI. The agreement must still be approved by IMF Management and the Fund’s Executive Board.
Ghana entered the 36-month PCI in July 2026 after completing the final review of its $3 billion Extended Credit Facility programme.
Unlike the previous lending arrangement, the PCI does not provide financial support to Ghana. Instead, it allows the IMF to monitor the government’s economic policies and assess its commitment to reforms.
The Fund described Ghana’s performance under the arrangement as broadly satisfactory, saying most of the agreed economic targets had been met. However, it noted that declining foreign exchange reserves had 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 Fund has nevertheless stressed the need for stronger governance and better oversight of state-owned enterprises to improve public confidence and encourage private investment.
