Ghana’s Fifth IMF Review Nears Completion; $360m Disbursement Hinges on Outcome
Ghana’s fifth review under the International Monetary Fund’s (IMF) $3 billion Extended Credit Facility (ECF) has entered its second week, with discussions expected to conclude by October 10.
A successful review will trigger the release of a $360 million tranche, raising total disbursements under the programme to approximately $2.66 billion.
The IMF mission, led by Dr. Ruben Atoyan, has been in Accra since late September engaging with officials from the Ministry of Finance and the Bank of Ghana. The review focuses on assessing the government’s performance in areas such as fiscal consolidation, debt restructuring progress and monetary policy implementation.
Focus on Domestic Revenue Mobilisation
According to sources familiar with the talks, this phase of the review is placing particular emphasis on domestic revenue mobilisation — a key pillar of Ghana’s medium-term fiscal strategy aimed at reducing the country’s reliance on external borrowing.
The government has made notable progress in reducing the fiscal deficit and implementing structural reforms, though revenue generation continues to lag behind projections. Strengthening tax compliance and broadening the revenue base remain central to the discussions.
Restoring Confidence and Stability
A favourable outcome from the review is expected to bolster investor sentiment, enhance foreign exchange reserves, and support the ongoing macroeconomic stabilisation drive.
The IMF-supported programme, approved in May 2023, seeks to restore debt sustainability, rebuild external buffers, and promote inclusive growth through sustained fiscal discipline and structural reforms.
