Ghana’s decision to exit the International Monetary Fund (IMF) program prematurely is more about optics than impact, according to Bright Simons, Vice President of policy think tank IMANI Africa.
Speaking on Joy News’ PM Express Business Edition on April 24, he dismissed the move as “a political strategy masquerading as economic management.”
“The IMF will do a victory lap dance, the government will join them. And then we will conclude by 2028, we will not be able to meet those targets,” Bright Simons warned.
“But then by that time, we’re not in the program.”
He believes the government’s early exit undermines any genuine commitment to achieving the fiscal targets set under the program.
“The question then becomes, do we need the program to get to the targets? Because the targets are still relevant,” he said. “I think at that time, the targets will not be relevant. They will not be relevant anymore.”
The IMAN Veep accused both the IMF and the government of prioritising appearance over accountability.
“They’ve elevated the signalling above the facts,” he said. “And the government will take advantage of it.”
He argued that exiting the program strips away the very pressure and support needed to deliver reforms between 2026 and 2028.
“If the IMF itself really wanted us to get to those targets, it should have encouraged the government when the government said we wanted to extend,” Bright Simons noted.
“Because that is when it could have ensured that from 2026 to 2028, there are program levers that deliver those targets.”
Instead, he predicts that Ghana will use its newfound flexibility to seek financing elsewhere.
“They have more flexibility to decide what to do,” he said.
“If they don’t do the IMF program because they think they can get market access, which I think by that time they will get, then the IMF targets, the 70, 55% debt-to-GDP and those things, will not matter.”
Citing examples from across the continent, Bright Simons pointed to Kenya and Nigeria as models the government might be trying to emulate.
“Kenya decided to terminate the program early and go borrow money from the Gulf — they got about $1.5 billion,” he said.
“Nigeria decided not to go for an IMF program at all.”
ut Bright Simons questioned whether Ghana’s leadership has the political will or institutional strength to pursue meaningful reforms without external oversight.
“It’s an irrelevant discussion if you’re not serious about hitting the targets. What matters is: are you reforming? And we don’t see that hunger.”
He stressed that despite the program’s limited financing, especially compared to open market borrowing, its value lies in its credibility and discipline.
“The fact that the IMF program doesn’t bring a lot of money is beside the point. It forces governments to make tough choices. That’s where its strength lies.” Bright Simons concluded with a stark warning: “This is politics over purpose. And we’ve seen how that movie ends before.”
