The International Monetary Fund (IMF) is expected to announce a staff-level agreement with Ghana on October 10, 2025, following the completion of the fifth Programme Review under the country’s $3 billion Extended Credit Facility (ECF).
This development follows two weeks of negotiations between the IMF mission team, led by Dr. Ruben Atoyan, and senior economic officials from the Ministry of Finance and the Bank of Ghana (BoG).
According to the mission’s assessment, Ghana has made significant progress in key areas such as maintaining single-digit inflation, restructuring debt, implementing energy sector reforms, and achieving macroeconomic stability. The Bank of Ghana’s liquidity management strategies have further contributed to moderating inflation and increasing reserves.
If approved by the IMF Executive Board, Ghana is expected to receive a disbursement of slightly more than US$360 million. This funding will support the country’s balance of payments and reinforce investor and donor confidence.
The review focused on the sustainability of reserve accumulation, fiscal policy gaps, and recapitalization needs for both private and state-owned banks, including the National Investment Bank (NIB). Further discussions addressed arrears in statutory funds such as the NHIL, GETFund, and Road Fund, as well as shortcomings in social spending.
The IMF team also evaluated whether the recent central bank policy rate reductions are consistent with Ghana’s inflation trajectory and broader monetary goals.
This fifth review is the second-to-last under Ghana’s IMF programme, with the final review planned for April 2026, prior to the programme’s conclusion in May 2026.
Ghana’s $3 billion IMF-supported programme, which was approved in May 2023, aims to restore macroeconomic stability, ensure debt sustainability, and foster inclusive growth through structural reforms and fiscal discipline.
Should the staff-level agreement be validated, it will represent yet another significant advancement in Ghana’s recovery journey, indicating sustained trust from the IMF in the nation’s economic governance and reform path.
