The International Monetary Fund (IMF) has highlighted the delayed publication of the Electricity Company of Ghana’s (ECG) collection accounts audit, identifying it as one of eight outstanding reforms Ghana must complete under its 36-month Policy Coordination Instrument (PCI).

The Fund says completing the audit and other pending commitments within the agreed timelines is important for strengthening transparency, improving public financial management and supporting economic stability.

In a statement issued on Thursday, November 5, 2026, following its first review discussions with Ghanaian authorities, the IMF outlined several reforms that still require attention.

However, the Fund did not explain why the ECG audit remains unpublished or announce a specific date for its release.

IMF outlines eight outstanding reforms

Beyond the ECG audit, the IMF identified seven other priority areas requiring government action as Ghana continues implementing its economic reform programme.

The eight outstanding priorities include:

1. Reforming the Bank of Ghana’s liquidity management framework.
2. Completing the rollout of the Integrated Tax Administration System.
3. Making the Fiscal Council fully operational.
4. Preparing a comprehensive Fiscal Risk Statement.
5. Publishing the audit of ECG’s collection accounts.
6. Adopting the Conduct of Public Officers Bill.
7. Publishing the second National Ethics and Anti-Corruption Action Plan.
8. Strengthening oversight and governance of state-owned enterprises.

According to the IMF, completing these measures will help improve accountability, strengthen institutional governance and create a more transparent environment for businesses and investors.

Delayed ECG audit raises accountability concerns

The continued delay in publishing ECG’s collection accounts audit places the electricity distributor’s financial management under renewed public scrutiny.

The audit is expected to provide greater clarity on the company’s revenue collection arrangements and support stronger oversight of its financial operations.

The IMF has also identified financial pressures in the energy sector as one of the risks facing Ghana’s economy.

Other concerns highlighted by the Fund include vulnerabilities in the cocoa and gold sectors, domestic debt refinancing requirements and weaknesses within parts of the financial sector.

The Fund has therefore emphasised the need for stronger governance and oversight of state-owned enterprises to improve their performance and reduce potential financial risks to government.

Ghana records economic progress but faces challenges

Despite the outstanding reforms, the IMF described Ghana’s performance under the Policy Coordination Instrument as broadly satisfactory.

The Fund noted that most of the quantitative targets assessed during the review had been met.

Ghana’s economy grew by 6.2 per cent in the first half of 2026, while inflation declined to 5.5 per cent in October.

However, the IMF cautioned that pressure on the country’s foreign exchange reserves remains a concern. It called for continued efforts to rebuild reserves and protect the progress made in stabilising the economy.

An IMF mission led by Ruben Atoyan visited Accra from October 22 to November 4, 2026, to hold discussions with government officials and assess progress under the programme.

The discussions resulted in a staff-level agreement on the first review of Ghana’s 36-month Policy Coordination Instrument. The agreement is still subject to approval by IMF management and the Executive Board.

What the IMF programme means for Ghana

Unlike the previous $3 billion Extended Credit Facility arrangement, Ghana’s Policy Coordination Instrument is a non-financing programme.

It is designed to support the government’s economic policies, strengthen institutional reforms and demonstrate its commitment to maintaining macroeconomic stability.

The IMF’s latest assessment indicates that Ghana has made progress in several areas, but important commitments remain outstanding.

The publication of ECG’s collection accounts audit is among the issues attracting attention as the government works to complete the agreed reforms.

For consumers, businesses and other stakeholders in the electricity sector, greater transparency over ECG’s financial operations remains an important part of the wider discussion about accountability and the financial health of Ghana’s energy sector.

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