Kwesi Pratt Questions Ghana's Sovereignty Over Reported IMF Approval of 2027 Budget

Veteran journalist Kwesi Pratt Jnr has raised alarm over reports that the International Monetary Fund approved Ghana's 2027 Budget before it was presented to Parliament, questioning whether the country remains sovereign over its economic policy or is still effectively operating under an IMF programme despite government claims of exit.

Speaking on Metro TV's Good Morning Ghana ahead of the budget presentation, the Managing Editor of The Insight newspaper said he was "seriously worried" and "alarmed" by the development .

"This is our budget. This is Ghana's budget. And before the budget is released, we are told that the IMF has approved it," Pratt said. "At the time when we are boasting about exiting the IMF programme, if you have exited the IMF programme, why are we submitting our budget to IMF for approval?"

The Contradiction at the Heart of the Debate

Pratt's intervention touches on a persistent ambiguity in Ghana's relationship with the Fund. Ghana formally concluded its US$3 billion Extended Credit Facility in May 2026 and transitioned to a Policy Coordination Instrument—a non-financing arrangement that provides policy coordination and reform monitoring without direct financial support . Under the PCI, the IMF conducts regular reviews and its assessments carry weight with investors and rating agencies, but the arrangement is not legally a bailout programme.

The IMF's own staff-level agreement on the first PCI review, concluded in early November, described the 2027 Budget as "built on strong foundations," targeting a primary surplus of 0.5 percent of GDP . That language—the Fund pronouncing itself satisfied with the budget's architecture before Parliament had even seen it—is precisely what Pratt finds troubling.

"Who is in charge? Is it the IMF? Is it our Ministry of Finance? I'm confused. We are either under an IMF programme or we are not," he said .

"And the IMF is telling us that they've met government officials, government has told them what they're going to do and they're happy with it. Is it the IMF who should be happy with our budget or the people of Ghana?"

Eighteen Times and Counting

Pratt anchored his critique in Ghana's long history with the Fund, noting the country has turned to the IMF eighteen times without achieving durable stability.

"We do know we've been there eighteen times. Every time we've come out it's been more disastrous than before we went there. So what's this reliance on the IMF?" he asked .

His warning echoes concerns raised by others earlier this year. Private legal practitioner Austin Brako-Powers argued in May that Ghana's exit from the IMF programme was "not something worth celebrating" given persistent economic hardship, cautioning that "the distance between Ghana and the IMF is short" without structural reforms .

The Budget in Question

The 2027 Budget, presented by Finance Minister Dr Cassiel Ato Forson on November 12, unveiled a US$10 billion "New Economy" programme to be funded domestically through retained primary surplus and enhanced revenue measures rather than fresh external borrowing . The government projects GDP growth of 5.2 percent next year and a fiscal deficit of 3.6 percent of GDP .

The IMF's endorsement of the budget's fiscal framework—including its 0.5 percent primary surplus target—came after a staff visit to Accra in late October and early November, during which the mission also flagged risks including declining foreign exchange reserves and pressures in the energy and cocoa sectors .

For Pratt, the substantive merits of the budget are secondary to the question of who ultimately decides it.

"We want the IMF off our backs, at least for a change," he concluded .

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Background Note: The Policy Coordination Instrument under which Ghana now engages the IMF is a non-financing instrument introduced by the Fund in 2017 for countries that do not need financial assistance but seek a framework for policy coordination and reform monitoring. While it does not involve loan disbursements, PCI reviews can influence market confidence and donor perceptions, giving the IMF considerable informal leverage over budget design even after a formal programme ends.