IMF urges government to publish Electricity Company of Ghana audit

The International Monetary Fund (IMF) has called on the Ghanaian government to immediately publish the audit of the Electricity Company of Ghana (ECG) collection accounts. This request follows the conclusion of a mission visit from October 22 to November 4 to conduct the first review of Ghana’s 36-month Policy Coordination Instrument (PCI). While a staff-level agreement has been reached between the Fund and the government, IMF mission chief Ruben Atoyan highlighted the audit delay as a significant concern that must be addressed to maintain the momentum of broader energy sector reforms.

The PCI is a non-financing arrangement designed to support Ghana's commitment to structural reforms. During the review, the IMF team noted that while performance under the program remains satisfactory, the energy sector continues to present fiscal pressures. Ruben Atoyan emphasized that the timely publication of the ECG audit is a critical component of the review process. Despite the specific delay regarding the collection accounts, other structural reforms are reportedly on track, including recent adjustments to electricity tariffs and necessary legislative approvals intended to stabilize the utility sector.

The call for transparency comes amid a generally positive outlook for the Ghanaian economy. According to IMF data, the country recorded a growth rate of 6.2% in the first half of 2026, with inflation dropping to 5.5% in October. However, the mission noted some risks, specifically regarding declining foreign exchange reserves which have necessitated corrective measures. The IMF team stressed that completing the energy sector reforms without further delay is essential to mitigate fiscal risks and sustain the current economic trajectory.

The staff-level agreement reached at the end of the mission is now subject to approval by IMF Management. Once finalized, the completion of this first review will provide a roadmap for the remainder of the 36-month PCI period. Moving forward, the government is expected to prioritize the publication of the ECG audit to satisfy the conditions of the coordination instrument and ensure continued international confidence in its management of the energy sector.