IMF team expected in Accra late September for 5th review

An International Monetary Fund (IMF) staff mission is expected in Accra at the end of September 2025 to undertake Ghana’s fifth programme review, a critical exercise that will assess the country’s recent economic performance and progress under the ongoing Extended Credit Facility (ECF).

The visit follows Ghana’s successful completion of the fourth review earlier this year and will serve as the penultimate assessment before the programme concludes in May 2026.

The final review is scheduled for April 2026, after which Ghana will fully exit the IMF-supported arrangement.

Market analysts have described the upcoming review as particularly crucial, given persistent concerns about Ghana’s ability to maintain fiscal discipline once the programme ends.

Donor partners have repeatedly urged government to establish effective shock absorbers to safeguard economic stability in the post-IMF period, warning of possible risks if fiscal pressures are not adequately contained.

Despite such concerns, the government insists that sufficient measures are already in place to assure markets of continued expenditure discipline.

Officials maintain that reforms undertaken in revenue mobilisation, expenditure control and debt restructuring will provide the fiscal space needed to sustain stability.

If Ghana successfully passes the fifth review, the country is expected to receive a disbursement of about USD360 million in October 2025.

To date, Ghana has received approximately GHS2.3 billion since signing onto the IMF programme in May 2023.

The review will cover economic data up to June 2025 and will focus on key performance indicators such as inflation trends and the Bank of Ghana’s ability to anchor expectations, sustainability of reserve build-up to maintain currency stability, audits of arrears in statutory funds, and the health of the financial sector, including recapitalisation needs of weak private banks.

It will also assess challenges facing state-owned banks, particularly the National Investment Bank (NIB), fiscal revenue shortfalls amid a strengthening currency, and the requirement to meet the 1.5 per cent of GDP primary surplus target.

Accumulated arrears in the National Health Insurance Levy (NHIL), GETFund and the Road Fund, as well as social spending commitments and potential financing gaps, will also be reviewed.

On 17 May 2023, the IMF Executive Board approved a 36-month Extended Credit Facility arrangement worth SDR 2.242 billion (about USD3 billion).

The programme began with an immediate disbursement of SDR 451.4 million (about USD600 million), with subsequent disbursements tied to the successful completion of reviews.

The programme’s objectives are centred on restoring public finances to a sustainable path by boosting domestic revenue, improving spending efficiency and protecting the vulnerable.

Social protection commitments include doubling the benefits under the LEAP cash transfer programme and increasing allocations to the school feeding programme.

Structural reforms are also a key pillar, with a focus on strengthening tax policy, enhancing revenue administration, improving public financial management and tackling inefficiencies in the energy and cocoa sectors.

On the monetary side, the programme aims to control inflation through tighter policy, end central bank financing of the budget and maintain exchange rate flexibility to rebuild reserves.

Additionally, the IMF programme seeks to preserve financial stability while creating conditions for private investment, sustainable growth and job creation, underscoring its role as both a stabilisation and reform package.