IMF flags delayed ECG collection accounts audit, urges timely reforms

The International Monetary Fund (IMF) has flagged Ghana’s delayed publication of an audit of the Electricity Company of Ghana’s collection accounts. It urged the 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. Other domestic risks include significant debt rollover needs, pressure from the cocoa and gold sectors, and 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.

The authorities also completed a review of customs and excise legislation ahead of schedule. Work continues on the Integrated Tax Administration System, the Fiscal Council and the Fiscal Risk Statement.

The IMF team visited Accra from October 22 to November 4. It reached a staff-level agreement with the 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. The transition ended that lending programme but continued the country’s reform engagement with the Fund.

The PCI provides no IMF financing. It supports the authorities’ policy programme and signals their commitment to reforms.

The Fund described performance under the arrangement as broadly satisfactory, with most quantitative targets met. However, declining foreign exchange reserves have required corrective measures.

The audit concern also comes amid stronger economic indicators. Growth reached 6.2 per cent in the first half of 2026, while inflation fell to 5.5 per cent in October.

The IMF nevertheless stressed the need for stronger governance and improved oversight of state-owned enterprises to build public trust and support private investment.