The International Monetary Fund (IMF) has described Ghana’s 2027 Budget as being built on strong foundations, indicating that its fiscal targets are consistent with the country’s Policy Coordination Instrument (PCI) programme.
According to the IMF mission team, which recently concluded discussions on the first review of Ghana’s PCI programme, the 2027 Budget targets a primary surplus of 0.5 per cent of Gross Domestic Product (GDP) on a commitment basis.
The target is expected to be supported by revenue measures approved by Parliament in July 2026.
The Fund said the fiscal space created would be directed towards investment in priority areas under the government’s New Economy agenda, particularly job creation, investment opportunities and efforts to address the country’s infrastructure deficit.
However, it cautioned that effective management of public investments would be essential to achieving the desired outcomes.
“Rigorous project appraisal, competitive procurement, and strict expenditure controls will be critical to ensure value for money and preserve debt sustainability,” the IMF advised.
Non-oil revenue expected to increase in 2027
Building on stronger revenue collections recorded in 2026, the IMF projected further growth in Ghana’s non-oil revenue in 2027.
It attributed the expected improvement to tax measures announced in July 2026, a review of customs and excise legislation, and gains from ongoing revenue administration reforms.
The Fund specifically highlighted the Integrated Tax Administration System and electronic fiscal devices as important tools expected to strengthen revenue mobilisation and improve tax administration.
IMF concludes first PCI review discussions
The IMF staff team, led by Ruben Atoyan, visited Accra from October 22 to November 4, 2026, to hold discussions on the first review of Ghana’s 36-month programme supported by the Policy Coordination Instrument.
Following the discussions, the Fund reaffirmed its commitment to supporting Ghana’s efforts to maintain economic stability and achieve stronger, more inclusive and job-rich economic growth.
The IMF’s assessment comes ahead of the presentation of the 2027 Budget to Parliament, which is expected to take place this month.
The budget is anticipated to outline the government’s fiscal priorities and economic policy direction for the coming year.
