Vice President of IMANI Africa, Bright Simons
Vice President of policy think tank IMANI Africa, Bright Simons, has expressed concern that Ghana is unlikely to meet its International Monetary Fund (IMF) targets by 2028, regardless of whether the current program is extended or not.
He argued that without genuine structural reforms, the country’s economic benchmarks could become meaningless.
Speaking on Joy News’ PM Express Business Edition on April 25, 2025, Simons questioned the government’s approach, describing it as focused more on “political optics” than real progress.
He warned that merely extending the IMF program without addressing underlying issues would not ensure Ghana’s economic recovery or achievement of its fiscal goals.
Simons painted a stark picture of what an early exit could mean, stating, “The IMF will do a victory lap dance. The government will join them. And then we will conclude by 2028 that we have not met those targets.”
He stressed that while benchmarks like debt-to-GDP ratios (55% by 2028) remain crucial, Ghana’s tendency to treat IMF programs as mere financial transactions rather than structural reform opportunities undermines long-term stability.
“The targets are still relevant, but I think by that time, the targets will not be relevant. They will not be relevant anymore,” he said.
Simons further accused both the IMF and Ghanaian authorities of favoring positive messaging over measurable progress.
“The IMF itself admits the ‘signaling isn’t pretty,’ yet they’ve elevated optics above facts. The government will exploit this,” he pointed out.
He contrasted Ghana’s stance with that of peer nations, including Kenya, which exited its IMF program early but secured $1.5 billion from Gulf investors, and Nigeria, which avoided an IMF program altogether despite economic turbulence.
“If the IMF really wanted us to reach those targets, it should have encouraged the government when they said they wanted to extend,” he argued.
“That was the only way, from 2026 to 2028, that there could have been program levers to deliver those targets,” he added.
According to him, Ghana’s early exit is more about political expediency than economic prudence.
“This debate isn’t about staying or leaving the IMF; it’s about whether Ghana is serious about reform or just crafting a good story for investors,” he said.
ID/MA
Watch the latest edition of BizTech below:
Click here to follow the GhanaWeb Business WhatsApp channel