The International Monetary Fund (IMF) has called for accelerated reforms in Ghana’s energy and cocoa sectors, urging stronger private sector involvement in the Electricity Company of Ghana (ECG) to improve efficiency and reduce losses.
The IMF team mission led by Mr. Ruben Atoyan, which was in Accra from April 29 to May 15, held discussions with senior government officials and other stakeholders on Ghana’s 2026 Article IV consultation, the sixth and final review of the Extended Credit Facility (ECF), and the country’s request for a new non-financing Policy Coordination Instrument (PCI).
In the energy sector, the Fund stressed the need for urgent action to address distribution and collection inefficiencies at ECG, including the completion of private sector participation in electricity distribution, improved payment discipline, clearance of legacy arrears, and efforts to reduce generation costs.
The IMF stated that strengthening these areas is critical to safeguarding public resources and improving the financial sustainability of the power sector.
In the cocoa sector, the Fund acknowledged recent policy interventions but said deeper structural reforms are still required to address long-standing challenges.
It called for reforms to strengthen the legal and regulatory framework, improve efficiency, and ensure more frequent adjustments to farmgate prices. The IMF also urged measures to streamline costs and secure the long-term financial stability of COCOBOD.
Mr. Atoyan’s team emphasized that sustained reforms in both sectors remain essential to protecting public finances and supporting Ghana’s broader economic stability agenda.
“Protecting public resources requires continued reform efforts in the energy and cocoa sectors. In the energy sector, priority should be given to tackling distribution and collection losses at the Electricity Company of Ghana (ECG), including by finalizing the private sector participation in distribution sector, enhancing payment discipline, clearing legacy arrears, and reducing generation costs.
“In the cocoa sector, recent interventions have provided some relief, but deeper reforms are needed to address longstanding vulnerabilities. Priority should be given to strengthening the legislative framework to streamline costs, including through more frequent farmgate price adjustments, improve efficiency, and ensure Cocobod’s long-term financial sustainability,” Mr Atoyan said.
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