Finance

IMF: Ghana’s Stabilization Leaves Banking Risks Elevated

The Tip Desk · September 13, 2026 · 1 min read

IMF staff identifies lingering banking and fiscal risks in Ghana, coal-linked revenue shortfalls in Mongolia, and infrastructure constraints in Guatemala.

IMF staff says Ghana's Extended Credit Facility program has helped restore macroeconomic stability after the 2022 debt crisis. The Fund reports sharply lower inflation, rebuilt international reserves and eased financing pressures, supported by fiscal consolidation, debt restructuring and renewed confidence in the cedi.

Those gains have not removed Ghana's domestic risks, according to the IMF staff report. Fiscal adjustment still relies heavily on spending compression despite development and security needs. Staff also points to high non-performing loans, particularly at state-owned and some private banks, and sizable fiscal risks from state-owned enterprises.

For Mongolia, IMF staff says lower coal prices since early 2025 have already caused revenue shortfalls, even as a multi-year mining boom helped reduce external and fiscal vulnerabilities. Staff projects the fiscal position will deteriorate amid large public wage and pension increases and non-mining tax cuts, reversing recent gains in reducing vulnerabilities.

In Guatemala, the IMF describes low and stable inflation, solid fiscal and external buffers, and current account surpluses as strengths under uncertainty. Its staff says poor public infrastructure constrains potential growth by dampening private investment. Large remittances support consumption, the report says, while complicating monetary policy and putting pressure on competitiveness.

*Source: International Monetary Fund. Reproduced with attribution.*