An International Monetary Fund (IMF) staff mission will arrive in Accra on September 29, 2025, to conduct Ghana’s fifth programme review under the Extended Credit Facility (ECF).
The review will assess Ghana’s progress since the fourth assessment earlier this year. It marks the second-to-last stage of the three-year programme, with the final review scheduled for April 2026 before the programme concludes in May 2026.
This particular review is seen as critical because of concerns among analysts about whether Ghana can sustain fiscal discipline once the IMF-backed programme ends.
Development partners have urged the government to establish safeguards to prevent potential economic instability after May 2026.
Government officials, however, remain confident, stressing that measures have already been taken to assure markets of prudent spending and fiscal responsibility beyond the programme period.
If Ghana passes the fifth review, the country is expected to receive a disbursement of about US$360 million in October 2025. So far, Ghana has accessed approximately US$2.3 billion since signing onto the facility.
The IMF Executive Board approved the 36-month ECF arrangement for Ghana on May 17, 2023, granting access to Special Drawing Rights (SDR) 2.242 billion, equivalent to about US$3 billion.
The approval led to an initial disbursement of SDR 451.4 million, or about US$600 million, with the remaining funds released in tranches after successful programme reviews.
The programme aims to restore public finances through revenue mobilisation and more efficient spending while protecting vulnerable groups.
It also seeks to strengthen fiscal resilience through structural reforms in tax policy, revenue administration, public financial management, the energy sector, and cocoa.
At the same time, it supports efforts to curb inflation, with the Bank of Ghana raising interest rates, ending monetary financing of the budget, and maintaining a flexible exchange rate to rebuild reserves.
The broader objective is to safeguard financial stability, encourage private investment, and stimulate growth and job creation.
Ghana’s performance in this review will be closely watched by investors and development partners as a key signal of the country’s ability to transition from IMF support to self-managed economic stability.
