IMF Board to Consider Ghana’s Fifth Programme Review Today, $380m Disbursement Expected
The Executive Board of the International Monetary Fund (IMF) is expected to meet today, December 17, 2025, to consider Ghana’s Fifth Programme Review under the IMF-supported programme, a decision that could unlock fresh funding of about $380 million for the country.
Ghana secured the board date after reaching a staff-level agreement with the IMF in October 2025, supported by significant progress on key quantitative targets and structural benchmarks under the programme.
Sources familiar with the process say government implemented a number of critical reforms following the October agreement, enabling IMF staff to finalise and submit their report for Executive Board consideration. One of the key outstanding requirements, the Audit Report on Arrears, was completed and finalised in November 2025.
The staff report has since undergone extensive internal reviews across various IMF departments. According to sources, once a staff report is formally scheduled for board consideration, rejection is unlikely, as all required preconditions would have been met.
Approval and disbursement outlook
There are strong indications that the IMF Board will approve Ghana’s Fifth Programme Review and authorise the release of about $380 million to the Bank of Ghana. Officials close to the process say the funds could be credited to the central bank’s account before the end of 2025.
The expected approval reflects Ghana’s current performance under the programme, particularly progress on fiscal consolidation, structural reforms, and macroeconomic stabilisation measures.
Market confidence and policy signals
Market analysts say a successful board decision would provide a further boost to donor and investor confidence, especially at a time when the cedi has shown signs of sustained stability.
The approval is expected to send a strong signal to both domestic and international investors about Ghana’s commitment to fiscal discipline and adherence to IMF programme conditions. Government officials have also assured markets that fiscal prudence will be maintained even after Ghana exits the IMF programme in May 2026.
While some analysts remain cautious about the risk of spending slippages after programme exit, sources insist Ghana’s recent performance demonstrates a strong commitment to prudent economic management.
To reinforce investor confidence, government is reportedly considering subscribing to one of the IMF’s policy instruments, short of a full programme, as a post-programme anchor. Officials believe such a move would reassure markets and signal continuity in fiscal discipline.
The IMF has acknowledged Ghana’s progress in laying the groundwork for post-programme stability. Speaking at a press conference in Washington, D.C., IMF Director of Communications, Julie Kozack, highlighted reforms including a strengthened fiscal responsibility framework, the establishment of an independent fiscal council, and improvements in public financial management aimed at enhancing spending efficiency.
Background to the Fifth Review
On October 10, 2025, the IMF announced it had reached a staff-level agreement with Ghana following a two-week mission to assess economic developments. The agreement was subject to IMF Management approval and Executive Board consideration.
Upon completion of the Fifth Programme Review, Ghana is expected to gain access to SDR 267.5 million, equivalent to about $380–385 million, bringing total IMF financial support since May 2023 to approximately SDR 1.98 billion, or about $2.8 billion.
The IMF staff report commended Ghana’s progress in several reform areas, including debt restructuring, fiscal consolidation, energy sector reforms, foreign exchange operations, and strengthening financial sector resilience.
“The authorities are making progress on debt restructuring, fiscal consolidation, energy sector reforms, foreign exchange operations, and financial sector resilience,” the report noted.
