Ghana’s potential early exit from the International Monetary Fund (IMF) programme is generating more heat than light, according to Bright Simons, Vice President of IMANI Africa.
In an interview on Joy News’ PM Express Business Edition on April 24, he described the government’s posture as one of political optics over substance, and warned that Ghana may be walking away from the very structure that could have enforced needed reforms.
“IMF will do a victory lap dance. The government will join them. And then we will conclude by 2028 that we have not met those targets.
“But by that time, we’re not in the programme. So the question then becomes: do we need the programme to meet the targets?” he stated.
Bright Simons believes the core problem lies in Ghana’s tendency to treat IMF deals as transactional exercises instead of strategic reform platforms.
“The targets are still relevant,” he stressed, referring to key benchmarks like debt-to-GDP ratios.
“But I think at that time, the targets will not be relevant. They will not be relevant anymore,” he said, implying that political cycles will have diluted accountability.
He accused both the government and the IMF of prioritising messaging over measurable outcomes.
“The IMF itself has said, ‘Look, the signalling is not pretty.’ They’ve elevated the signalling above the facts,” Bright Simons charged.
“And the government will take advantage of it.”
The critique cuts deeper when he compares Ghana’s approach to peer nations.
“Look at Kenya,” Simons pointed out. Kenya decided to terminate their programme early and raised money from the Gulf. They got $1.5 billion. That mindset is going to gain ground in a lot of places.”
Even Nigeria, Simons noted, has avoided an IMF deal entirely—despite internal turbulence.
“Nigeria decided not to go for an IMF programme at all. Obviously, there are consequences. But they made the call,” he said.
Bright Simons questions the IMF’s commitment to ensuring that programme goals are met beyond the duration of the agreement.
“If the IMF really wanted us to get to those targets, it should have encouraged the government when they said they wanted to extend,” he argued.
“That was the only way from 2026 to 2028 that there could have been programme levers to deliver those targets.”
Instead, he suggested the government is betting on regaining market access rather than staying under IMF scrutiny.
“If they don’t do the IMF programme because they think they can get market access, which I think by that time they will—then the IMF targets, the 70%, 55% debt-to-GDP… those things just fade away.”
At the heart of Bright Simons’ concern is the idea that exiting the programme with pomp may be politically expedient but economically premature.
“I sense that this whole discussion about staying or leaving the IMF is increasingly irrelevant,” he said.
“The real issue is whether we are serious about structural reform or just looking for a good story to tell investors.”
SOURCE: Myjoyonline.com
