The opposition New Patriotic Party (NPP) has challenged the government’s portrayal of Ghana’s latest agreement with the International Monetary Fund (IMF), insisting that the country has not exited IMF supervision despite the successful completion of the sixth and final review of the Extended Credit Facility (ECF) programme.
In a statement issued on May 16, 2026, the NPP acknowledged the “stabilization gains” announced by the IMF but accused the government of engaging in what it described as “political packaging” of the Fund’s findings.
“The Finance Minister’s description of today’s announcement as the ‘definitive end’ of Ghana’s relationship with the IMF, and the wider public messaging that suggests an economic graduation, overreaches what the IMF has actually said,” the statement noted.
According to the party, the IMF’s decision to place Ghana under a 36-month Policy Coordination Instrument (PCI) demonstrates that the economy still requires close monitoring and policy discipline.
“It is the story of an economy that requires another three years of structured policy monitoring to guard the gains. The Government must be honest about the country’s economic status,” the NPP stressed.
The party argued that the gains currently being celebrated were rooted in economic reforms initiated under the previous NPP administration in 2023, including the Domestic Debt Exchange Programme and external debt restructuring under the G20 Common Framework.
It stated that those measures reduced Ghana’s debt burden “from 72.5% of GDP in December 2023 to 61.8% in December 2024, and further to 45.3% at the end of 2025.”
“The stabilisation the Government celebrates today rests on your sacrifice,” the statement said in reference to Ghanaian citizens who endured the economic adjustment programme.
The NPP also rejected suggestions by government officials that the IMF programme had “derailed” at the end of 2024.
Citing IMF records, the party said, “The IMF’s own statements do not use the word ‘derailment’,” adding that no waivers, rephasing arrangements, or renegotiations were requested after the December 2024 review.
The statement contrasted the current programme with the 2015 IMF arrangement under the previous National Democratic Congress (NDC) administration, which it claimed “went significantly off-track” before the NPP assumed office in 2017.
The opposition party further argued that the new PCI arrangement should not be interpreted as a vote of confidence in the current administration.
“A PCI is not, and was never designed to be, a certificate of investment-grade economic health,” the statement said.
“It is an instrument for ensuring institutional discipline that the country is not yet judged able to sustain unaided.”
According to the NPP, the IMF has identified several persistent vulnerabilities in the Ghanaian economy, including liabilities within state-owned enterprises such as the Electricity Company of Ghana (ECG) and COCOBOD, quasi-fiscal activities outside the national budget, financial sector weaknesses, governance concerns, and external risks tied to cocoa and gold prices.
“The difficult parts of the IMF’s statement deserve as much amplification as the positive headlines. Anything less is selective storytelling,” the statement asserted.
The NPP also raised concerns over the financial condition of the Bank of Ghana, particularly the impact of the Domestic Gold Purchase Programme on the central bank’s balance sheet.
The party said the IMF had acknowledged that the programme generated “quasi-fiscal costs” which should be transparently accounted for in the national budget.
“We also reiterate our call on the Government to publish a transparent time-bound plan to recapitalize the Bank of Ghana, which is currently in negative net equity of GHS 96.1 billion cedis according to the Bank’s own statements,” the NPP stated.
On fiscal policy, the party warned the government against using any new fiscal space for “off-budget commitments” or “politically motivated spending in an election cycle.”
The statement nonetheless indicated that the NPP would support reforms aimed at protecting the national interest and improving living standards.
“Where the Government uses any new fiscal headroom responsibly, for job creation, education, healthcare, infrastructure, and credible support for small businesses, it will find the NPP a constructive partner,” the statement added.
Touching on living conditions, the party argued that many Ghanaians had yet to feel the benefits of the macroeconomic recovery.
“Utility tariffs continue to rise while citizens struggle to get access to water and electricity. Rent and food prices remain elevated as services inflation continues to be high,” the statement said.
It further claimed that youth unemployment had risen to 32.4 percent nationally and 49 percent in Accra, despite government promises on job creation.
The NPP further pledged to support reforms that deepen institutional credibility while demanding “full transparency, accountability, and the prudent use of every cedi of public resource.”
