IMF Board to decide on Ghana’s fifth review in December
By Praisebell Rosemond Larbi
The Executive Board of the International Monetary Fund (IMF) is expected to meet in the first week of December 2025 to consider Ghana’s Fifth Programme Review, paving the way for the disbursement of approximately USD380 million to the Bank of Ghana.
The December date follows a staff-level agreement reached with Ghana earlier in October 2025 after a successful mission to Accra.
According to officials familiar with the process, the Board’s consideration was scheduled for December to allow sufficient time for the preparation and submission of the final staff report.
A key prerequisite for the review, the Audit Report on Arrears, is expected to be released by the government later this week.
The audit findings will be examined across several IMF departments before submission to IMF Management for review. Once cleared, a slot will be secured for the Executive Board’s assessment.
If Ghana passes this review, the country will receive a disbursement of about SDR 267.5 million (USD380 million), likely before mid-December 2025. Sources within the Fund indicate that Ghana’s current performance under the programme makes approval “highly likely.”
Market Confidence and Fiscal Discipline
Government officials have reiterated that fiscal prudence will continue even after Ghana exits the IMF programme in May 2026, amid concerns over potential spending pressures.
“Ghana’s consistent performance under the Fund-supported programme demonstrates its strong commitment to prudent economic management,” one source noted.
To further enhance market confidence, the government is reportedly exploring the option of subscribing to one of the IMF’s policy instruments post-programme, not a full bailout, as a measure to anchor fiscal discipline and reassure investors of policy continuity.
IMF Commends Ghana’s Progress
The IMF has praised Ghana for achieving meaningful progress in restoring macroeconomic stability and rebuilding confidence in the economy.
During a press briefing in Washington, D.C., IMF Director of Communications Julie Kozack highlighted Ghana’s ongoing reforms, including a strengthened fiscal responsibility framework, the creation of an independent fiscal council, and enhanced public financial management systems aimed at improving spending efficiency.
She emphasised that these reforms are crucial for sustaining fiscal discipline beyond the current programme and ensuring that Ghana avoids the boom-and-bust cycles that characterised previous recoveries.
Fifth Programme Review Highlights
On 10 October 2025, the IMF announced that its mission to Ghana had reached a staff-level agreement with the authorities following two weeks of discussions on programme implementation and macroeconomic performance.
The agreement, pending approval by IMF Management and the Executive Board, will unlock access to approximately SDR 267.5 million (USD385 million), bringing total IMF financial assistance under the three-year Extended Credit Facility (ECF) arrangement to SDR 1,975.5 million (about USD2.83 billion) since May 2023.
The staff report commended Ghana’s efforts in several areas, notably debt restructuring, fiscal consolidation, energy sector reforms, foreign exchange operations, and financial sector resilience.
“The authorities are making progress on debt restructuring, fiscal consolidation, energy sector reforms, foreign exchange operations, and financial sector resilience,” the IMF statement noted.
