NPP challenges govt narrative on IMF programme completion
The opposition New Patriotic Party (NPP) has welcomed the stabilisation gains acknowledged by the International Monetary Fund (IMF) under Ghana’s Extended Credit Facility (ECF) programme, but rejected what it described as the government’s “political packaging” of the fund’s latest assessment.
In a statement issued last Saturday, May 16, 2026, the NPP said the IMF’s decision to place Ghana under a 36-month Policy Coordination Instrument (PCI) showed that the country still required “structured policy monitoring” to sustain the gains achieved under the programme.
“The government must be honest about the country’s economic status,” the party stated.
The NPP said the IMF’s sixth and final review vindicated the programme “designed and negotiated” by the previous NPP administration in 2023 and commended Ghanaians for the sacrifices made during the implementation period.
It said measures such as the Domestic Debt Exchange Programme and external debt restructuring had reduced Ghana’s debt burden from 72.5 per cent of GDP in December 2023 to 45.3 per cent at the end of 2025.
“Credit goes to every Ghanaian who carried that adjustment on their shoulders,” the statement said.
Programme not derailed
The party also disputed the government's claims that the IMF programme derailed at the end of 2024.
According to the NPP, IMF documents did not describe Ghana’s programme as “derailed” and pointed instead to improved external reserves and stronger-than-expected GDP growth.
“A true derailment is reflected in a failure to meet the six Quantitative Performance Criteria,” it said, adding that Ghana did not seek waivers, rephasing arrangements or renegotiation of the programme.
The party contrasted the current programme with the 2015 ECF arrangement under the previous NDC administration, which it said had “gone off-track” and required formal extension and rephasing.
Concerns over fiscal risks
The NPP further argued that the PCI should not be interpreted as “a certificate of investment-grade economic health”.
“It is an instrument for ensuring institutional discipline that the country is not yet judged able to sustain unaided,” the statement said.
The party said the IMF had identified continuing risks, including liabilities in state-owned enterprises such as the Electricity Company of Ghana (ECG) and COCOBOD, quasi-fiscal activities, Bank of Ghana balance-sheet weaknesses and governance concerns.
It also renewed calls for transparency in the Domestic Gold Purchase Programme and urged the government to publish a “time-bound plan” to recapitalise the Bank of Ghana, which it said remained in negative equity.
Living conditions
On the economy, the NPP said many Ghanaians were yet to feel the benefits of the stabilisation programme.
It cited rising youth unemployment, high utility tariffs, elevated food prices and persistent inflationary pressures as evidence of worsening living conditions.
“The difficult parts of the IMF’s statement deserve as much amplification as the positive headlines,” the statement added.
Recall
The government, last Friday, at a joint press conference with the IMF, announced that the country had successfully ended the financial bailout programme with the IMF.
It said it had subsequently transitioned to a non-financing technical assistance of the fund to protect the gains and unlock other benefits.
The Minister of Finance, Dr Cassiel Ato Forson, who spoke at the press conference, said the technical assistance was one of the measures the government intended to leverage to ensure policy credibility and unlock the private sector to lead in job creation and solving youth unemployment.
