A mission from the International Monetary Fund (IMF) is set to arrive in Accra on September 29, 2025, to conduct Ghana’s fifth programme review under the US$3 billion Extended Credit Facility (ECF).
This review, which comes after the completion of the fourth assessment earlier this year, will assess Ghana’s progress regarding essential fiscal and macroeconomic objectives.
Additionally, it is anticipated that the review will determine if the country is eligible for the next disbursement of approximately US$360 million in October.
So far, Ghana has received around US$2.3 billion since entering the programme in May 2023.
The fifth review is particularly significant as it represents the second-to-last assessment before the programme concludes in May 2026.
The forthcoming IMF mission will evaluate Ghana’s economic data up to June 2025, with discussions likely to concentrate on critical areas of concern.
These areas include trends in inflation and the effectiveness of policy measures, the sustainability of reserve accumulation, and fiscal discipline—especially progress towards achieving the primary surplus target of 1.5% of GDP.
The review will also investigate the accumulation of arrears in statutory funds such as the National Health Insurance Levy (NHIL), GETFund, and the Road Fund, along with the recapitalisation needs of struggling private banks and state-owned entities, including the National Investment Bank (NIB).
Moreover, deficiencies in social spending and protection programmes are expected to be significant topics, as the IMF assesses Ghana’s capacity to balance fiscal adjustments while protecting vulnerable populations.
Ghana faces the risk of fiscal pressures once IMF oversight concludes, raising concerns regarding post-programme discipline.
Development partners have urged the government to implement “shock absorbers” to avert economic setbacks, yet authorities maintain that reforms and expenditure controls are already established to reassure the markets.
The International Monetary Fund (IMF) sanctioned an arrangement of SDR 2.242 billion (approximately US$3 billion) for Ghana in May 2023, aimed at restoring debt sustainability, rebuilding reserves, and facilitating structural reforms.
The primary objectives of the program encompass enhancing revenue mobilization, refining public financial management, controlling inflation, safeguarding financial stability, and establishing an environment conducive to private-sector-led growth.
With a final review planned for April 2026, the forthcoming evaluation will act as a pivotal assessment of Ghana’s capacity to uphold reforms and maintain market confidence as the nation prepares to transition away from IMF support.
