IMF Mission to Visit Ghana in September for 5th Programme Review
An International Monetary Fund (IMF) staff mission is expected in Accra at the end of September 2025 to conduct the fifth review of Ghana’s US$3 billion Extended Credit Facility (ECF) arrangement.
The mission follows Ghana’s completion of the fourth review earlier this year and will serve as the penultimate assessment before the programme concludes in May 2026. The final review is scheduled for April 2026.
If Ghana passes this review, the country is expected to receive about US$360 million in October 2025. So far, Ghana has received GH¢2.3 billion since signing the IMF programme in May 2023.
Market analysts describe the fifth review as crucial, cautioning that Ghana may struggle to maintain fiscal discipline after exiting the programme. Development partners have also urged the government to put in place “shock absorbers” to safeguard stability once IMF support ends.
The government has, however, downplayed such concerns, insisting that expenditure control measures already implemented will assure markets of continued fiscal discipline.
Focus of the review
According to information available to Joy Business, the review will examine economic data up to June 2025, with attention on:
Inflation performance.
Sustainability of reserve build-up.
Audit of arrears.
Fiscal revenue shortfalls amid an appreciating currency and the need to meet the 1.5% of GDP primary surplus target.
Recapitalisation needs of weak private sector banks.
Challenges facing state-owned banks, including the National Investment Bank (NIB).
Arrears build-up in NHIL, GETFund, and Road Fund allocations.
Gaps in social spending.
Programme background
On May 17, 2023, the IMF Executive Board approved a 36-month ECF arrangement worth SDR 2.242 billion (about US$3 billion). The programme aims to restore public finances to a sustainable path, expand social protection, and implement structural reforms in tax policy, revenue administration, and public financial management.
Other priorities include addressing weaknesses in the energy and cocoa sectors, controlling inflation through tighter monetary policy, eliminating central bank financing of the budget, maintaining a flexible exchange rate to rebuild reserves, and preserving financial stability to support private sector growth and job creation.
