Ghana could be forced to seek an 18th bailout from the International Monetary Fund (IMF) if deep-rooted structural issues within the economy remain unaddressed, the Institute of Economic Affairs (IEA) has warned.
Speaking at a Roundtable Discussion on “The Mining Regime in Ghana,” IEA Board Chairman Dr. Charles Mensa stressed the urgent need for bold, pragmatic reforms to strengthen the country’s fiscal resilience and reduce its dependence on external financial support.
“We’ve already gone to the IMF 17 times for bailouts. That means we’ve essentially gone bankrupt 17 times.
“Despite being one of the world’s top gold producers, we continue to face economic crises. The root of the problem is our lack of control over our natural resources,” Dr. Mensa noted.
He called on the government to take decisive action, particularly in improving domestic revenue mobilisation and ensuring Ghana reaps greater value from its natural resource wealth.
Without a shift in strategy, he warned, another IMF programme is almost inevitable.
“If we don’t take ownership of our resources and move away from this broken model, we’ll be back at the IMF’s doorstep for an 18th time,” he cautioned.
Ghana’s long history with the IMF began in 1966, after the overthrow of President Kwame Nkrumah.
The country has since returned repeatedly for support, usually during periods of fiscal crisis.
The most recent bailout, a $3 billion, three-year Extended Credit Facility, was secured in 2023 to address macroeconomic instability and soaring debt.
It is set to conclude in early 2026.
While the current programme is reportedly on track, experts caution that the true challenge lies ahead: maintaining discipline and reform momentum after the programme ends, in order to break the cycle of recurring economic instability.
