Banking consultant Dr. Richmond Atuahene has credited the International Monetary Fund (IMF) programme with playing a pivotal role in stabilizing key areas of Ghana’s economy, particularly inflation, exchange rates, and foreign reserves.
His remarks come as Ghana continues its broader economic recovery after successfully concluding the $3 billion Extended Credit Facility (ECF) with the IMF. The government recently announced that Ghana exited the IMF-supported program earlier than planned and will now transition to a non-financing Policy Coordination Instrument (PCI). Authorities say this shift signals improved macroeconomic stability and progress toward sustainable debt levels, driven by fiscal and structural adjustments.
In a May 18, 2026, interview on Channel One TV, Dr. Atuahene noted that the program has produced clear stabilization results. He observed that inflation has dropped, the currency has stabilized, and reserve levels have improved—though he admitted less progress has been made on social reforms.
He described the current situation as a promising sign for Ghana’s economic future, stating that the country is on the right path and that the progress marks a strong foundation for growth.
Reflecting on the harsh economic climate of 2022–2023, when Ghana faced soaring inflation, large fiscal gaps, and a rapidly depreciating currency, he painted a stark contrast. He recalled that the fiscal deficit hovered around 7.9 percent, the currency was depreciating at an alarmingly fast pace—like “Usain Bolt”—and at one point, reserves had dropped to just $1.7 billion.
