IMF Flags Delayed ECG Collection Accounts Audit, Urges Timely Reforms
Story By: Deborah Adorsu
The International Monetary Fund has flagged Ghana’s delayed publication of an audit of the Electricity Company of Ghana’s collection accounts, and urged government to complete outstanding reforms on time.
The IMF raised the concern in a statement issued Thursday after an IMF mission concluded discussions on the first review of Ghana’s Policy Coordination Instrument, PCI.
“Completing the remaining reforms on time, including the delayed publication of the audit of the ECG’s collection accounts, will be important,” mission chief Ruben Atoyan said.
The statement did not explain the delay or give a publication deadline.
The outstanding audit comes as the Fund identifies fiscal pressures from the energy sector among the risks to Ghana’s economic stability.
Domestic risks include substantial debt rollover needs, fiscal pressures in the energy, cocoa, and gold sectors, and remaining weaknesses in the financial sector.
Despite the delay, the IMF said structural reforms remained on track. It cited continued quarterly electricity tariff adjustments, parliamentary approval of a new Cocoa Board Act, and publication of the Fiscal Strategy Document.
It also noted progress in reforms to the Bank of Ghana’s liquidity management framework, rollout of the Integrated Tax Administration System, operationalisation of the Fiscal Council, and preparation of the Fiscal Risk Statement.
The IMF team visited Accra from October 22 to November 4. It reached a staff-level agreement with government on the first PCI review. The agreement still requires approval from IMF Management and the Executive Board.
Ghana moved into the 36-month, non-financing PCI after completing the final review of its $3 billion Extended Credit Facility programme in July 2026.
On the broader economy, the IMF said performance was broadly satisfactory, with most quantitative targets met. Growth reached 6.2 per cent in the first half of 2026, while inflation fell to 5.5 per cent in October.
The Fund recommended prudent monetary policy, greater exchange rate flexibility, stronger reserve buffers, and buildup of a sinking fund to pay for maturing debt.