The Institute of Economic Affairs (IEA) has warned that Ghana risks seeking an 18th bailout from the International Monetary Fund (IMF) if policymakers fail to tackle the country’s long-standing structural economic challenges.
IEA Board Chairman, Dr. Charles Mensa, said Ghana’s persistent fiscal vulnerabilities will only worsen unless bold reforms are implemented. He urged the government to harness natural resource wealth, improve domestic revenue mobilization, and strengthen resilience to avoid another cycle of dependence on external support.
“For the record, we have gone to the IMF 17 times, meaning we have gone bankrupt 17 times,” Dr. Mensa remarked at a Roundtable Discussion on “The Mining Regime in Ghana.” “We are among the world’s top gold producers, yet we continue to run bankrupt because we do not control our resources. Unless this changes, Ghana will soon be back at the IMF for the 18th time.”
Ghana first turned to the IMF in 1966 after the overthrow of President Kwame Nkrumah, when the new administration sought support from the IMF and World Bank to stabilize the economy and restructure state-owned enterprises.
The country is currently under a $3 billion IMF Extended Credit Facility, which began in 2023 and is expected to conclude in early 2026. The program aims to restore stability and reduce debt burdens. While progress has been made, analysts caution that the real challenge will come after the program ends — when Ghana must maintain fiscal discipline, sustain debt management, and avoid sliding back into the repeated crises that have made IMF bailouts a recurring feature of its economic history.
