If the IMF commends Ghana for its economic recovery, such recognition should not automatically be interpreted as praise for the NDC government alone.
The 36-month Extended Credit Facility (ECF) programme was approved in May 2023, under the previous administration. By October 2023, IMF Managing Director Kristalina Georgieva had already acknowledged Ghana’s recovery efforts, including progress in addressing the country’s debt challenges.
International credit rating agencies have also recognised the contribution of debt restructuring to Ghana’s economic stabilisation efforts.
The following assessments provide important evidence for understanding the origins and evolution of Ghana’s economic recovery.
1. IMF: Debt Restructuring and Macroeconomic Stabilisation
In its 10 December 2024 Third Review of Ghana’s Extended Credit Facility (ECF) programme, the IMF reported that economic growth was recovering faster than expected, inflation was declining, and the country’s fiscal and external positions had improved considerably. The Fund also highlighted progress in domestic debt restructuring, the agreement with official creditors, and the successful Eurobond exchange. These developments demonstrate that significant elements of Ghana’s economic recovery were already underway before the change of government in January 2025.
2. S&P Global Ratings: Debt Restructuring and Fiscal Space
In its 14 October 2024 assessment, S&P Global Ratings explained that Ghana’s restructuring of US$13.1 billion in Eurobonds was intended to ease external debt-servicing pressures and restore public debt sustainability. The agency estimated that the restructuring, combined with the earlier Domestic Debt Exchange Programme (DDEP), would reduce interest expenditure to below 20% of government revenue in 2025, compared with more than 47% in 2022. It also estimated that the Eurobond restructuring would provide approximately US$4.4 billion in cash-flow relief over the lifespan of the IMF programme.
This relief was expected to ease the government’s financing constraints, reduce debt-servicing pressures, and create fiscal space for economic stabilisation. Consequently, debt restructuring constituted an important component of the recovery process initiated before the current administration assumed office.
3. IMF: The Continuity of the Economic Recovery Programme
In its June 2025 Fourth Review, the IMF reiterated the importance of Ghana’s comprehensive debt restructuring in restoring debt sustainability. The programme sought to reduce the present value of public debt relative to GDP and lower the external debt-service-to-revenue ratio.
The Fund also reported that Ghana’s real GDP growth had increased from 3.1% in 2023 to 5.7% in 2024, although favourable international gold prices and other factors also contributed to the improved performance.
The IMF’s assessment supports the conclusion that debt restructuring was a SIGNIFICANT component of the broader policy framework underpinning Ghana’s economic recovery. The recovery, THEREFORE, should not be attributed exclusively to the new administration. That assertion is completely misleading!
INDEED, THE NEW ADMINISTRATION DIDN’T BRING ON BOARD ANYTHING EXTRAORDINARY! IT ONLY CAME TO CONTINUE WHAT WAS ALREADY BEING DONE!
4. Fitch Ratings: Debt Restructuring and Improved Creditworthiness
In June 2025, Fitch upgraded Ghana’s long-term foreign-currency issuer default rating from Restricted Default to B− with a Stable Outlook. The upgrade reflected progress in debt restructuring, fiscal consolidation, and an improving macroeconomic outlook.
This rating action provides further evidence that Ghana’s debt restructuring and broader macroeconomic adjustments contributed to an improvement in the country’s credit standing.
Although the upgrade occurred under the current administration, the restructuring process and several associated policy measures had commenced under the previous government. The timing of the upgrade must therefore be distinguished from the period in which the underlying reforms were initiated and implemented.
THE EVIDENCE FROM THE IMF AND THE INTERNATIONAL CREDIT RATING AGENCIES CLEARLY INDICATES THAT GHANA’S ECONOMIC RECOVERY WAS ALREADY UNDERWAY BEFORE THE CHANGE OF GOVERNMENT IN JANUARY 2025.
The current administration inherited an ongoing IMF-supported programme that had been implemented for approximately 19 months, with measurable progress already recorded. Its contribution should therefore be evaluated within the broader context of policy continuity, while recognising that external developments may also have influenced certain economic outcomes.
The political propaganda surrounding Ghana’s economic recovery is excessive! Economic analysis must distinguish between initiating a policy programme, implementing its principal reforms, and continuing an existing programme. A balanced assessment should acknowledge the contributions of both administrations and recognise the role of the IMF-supported programme in the recovery process.