IMF returns to Accra Sept 29 for key US$3bn programme review
An International Monetary Fund (IMF) staff mission is expected in Accra on 29 September 2025 to conduct Ghana’s fifth programme review under the USD3 billion Extended Credit Facility (ECF).
The review, following the completion of the fourth assessment earlier this year, will measure Ghana’s performance against key fiscal and macroeconomic targets.
It will also determine whether the country qualifies for its next disbursement of about USD360 million in October.
Since signing onto the programme in May 2023, Ghana has received approximately USD2.3 billion. The fifth review is particularly significant, as it is the penultimate assessment before the programme concludes in May 2026.
The IMF team will assess economic data up to June 2025, with discussions expected to centre on pressing issues such as inflation trends, the effectiveness of policy measures, reserve accumulation and fiscal discipline, especially progress toward achieving the 1.5 per cent of GDP primary surplus target.
Other areas of concern include the build-up of arrears in statutory funds such as the National Health Insurance Levy (NHIL), GETFund and the Road Fund, as well as the recapitalisation needs of financially weak private banks and state-owned institutions, notably the National Investment Bank (NIB).
Gaps in social spending and protection programmes are also likely to feature prominently, as the IMF weighs Ghana’s capacity to balance fiscal adjustments with safeguarding vulnerable groups.
Observers warn that Ghana could face fiscal pressures once IMF oversight ends, raising questions about the country’s ability to sustain discipline after May 2026.
Development partners have urged the government to establish economic “shock absorbers” to guard against potential slippages, though authorities maintain that reforms and expenditure controls already in place are sufficient to reassure markets.
The IMF approved the SDR 2.242 billion (about USD3 billion) programme for Ghana in May 2023 to restore debt sustainability, rebuild reserves and support structural reforms.
Its core priorities include strengthening revenue mobilisation, improving public financial management, taming inflation, preserving financial stability and creating conditions for private-sector-led growth.
With the final review slated for April 2026, the upcoming assessment will serve as a crucial test of the country’s ability to maintain reforms and sustain market confidence as it prepares to exit IMF support.
