The International Monetary Fund (IMF) has called for a prudent monetary policy going forward, saying, it is instrumental to firmly anchoring inflation expectations.
According to the Bretton Woods institution, efforts to ensure effective monetary policy transmission and confidence should focus on strengthening the central bank’s balance sheet.
This advice is coming after an IMF Mission visit to Ghana from April 29 to May 15, 2026.
The Fund said the losses associated with the Domestic Gold Purchase Programme (DGPP) underscore the importance of increasing transparency and limiting quasi-fiscal activities that weaken the central bank’s balance sheet.
“Efforts to protect the Bank of Ghana’s balance sheet from DGPP-related quasi-fiscal risks and budget recognition of future costs would help enhance accountability and oversight”.
The Fund also said that reinforcing financial sector stability remains a priority, adding, it welcomed recent progress in strengthening banks’ recapitalization, unwinding temporary regulatory forbearance introduced during the debt exchange, and intensifying supervision and corrective actions for weaker institutions.
“Going forward, continued vigilance is essential to address the remaining vulnerabilities, including through effectively implementing reform and restructuring strategies for state-owned banks and specialised deposit-taking institutions, reducing high non-performing loans (NPLs), and supporting sustainable credit growth”, it added.
The IMF staff team was led by Ruben Atoyan.
