IMF Executive Board to Consider Ghana’s Fifth Programme Review in Early December
The Executive Board of the International Monetary Fund (IMF) is expected to convene in the first week of December 2025 to consider Ghana’s Fifth Programme Review under the ongoing $3 billion Extended Credit Facility (ECF) arrangement.
Sources familiar with Ghana’s IMF programme in Washington, D.C., confirmed that the timeline follows the staff-level agreement reached with the Government of Ghana in October 2025.
According to the sources, the December date allows adequate time for the preparation and internal review of the final staff report to be presented to the IMF Executive Board.
A critical outstanding document — the Audit Report on Arrears — is expected to be released by the government later this week. The report will undergo multi-departmental scrutiny within the IMF before being submitted to IMF Management and subsequently scheduled for board consideration.
If Ghana successfully passes the assessment, the IMF Board is expected to approve a disbursement of approximately US$380 million to the Bank of Ghana, likely before mid-December 2025.
Sources indicate that Ghana’s current programme performance makes board approval “highly likely.”
Market Implications
Analysts say the significance of the upcoming IMF Board decision extends beyond the US$380 million inflow, noting that approval will reinforce market confidence in Ghana’s fiscal trajectory and reform commitments.
“The Board’s approval would signal to development partners and investors that Ghana remains committed to fiscal discipline and structural reforms,” one market observer noted.
Government officials have equally assured that fiscal prudence will continue beyond the IMF programme, which is scheduled to conclude in May 2026.
While concerns persist about potential fiscal slippages post-programme, insiders maintain that Ghana’s current reform record demonstrates strong policy credibility and prudent management.
To further strengthen market confidence, the government is reportedly exploring the possibility of subscribing to one of the IMF’s precautionary policy instruments — not a full programme — to sustain fiscal discipline after programme completion.
IMF Commends Ghana’s Progress
The IMF, through its Director of Communications, Julie Kozack, has acknowledged Ghana’s “meaningful progress” in restoring macroeconomic stability and laying the groundwork for sustained fiscal discipline.
Speaking at a recent press briefing in Washington, D.C., Ms. Kozack highlighted Ghana’s institutional reforms, including the enhancement of its fiscal responsibility framework, the will to establish an independent fiscal council, and improved public financial management systems aimed at boosting spending efficiency.
The Fifth Programme Review follows the staff-level agreement reached on October 10, 2025, after a two-week IMF mission assessed Ghana’s economic developments.
Upon Executive Board approval, Ghana will gain access to SDR 267.5 million (approximately US$385 million), bringing total IMF disbursements under the programme since May 2023 to SDR 1,975.5 million (about US$2.83 billion).
In its assessment, IMF staff commended Ghana’s progress on debt restructuring, fiscal consolidation, energy sector reforms, foreign exchange operations, and the strengthening of financial sector resilience.
