IMF to Begin Ghana’s Fifth $3bn Bailout Review Ahead of October Disbursement
a International Monetary Fund mission is due in Accra on September 29 for Ghana’s fifth review under its $3bn Extended Credit Facility, a visit that will decide whether the country qualifies for a further $360m disbursement in October.
The assessment comes at a pivotal moment for Ghana, which has so far drawn $2.3bn from the programme agreed in May 2023 to restore debt sustainability and rebuild foreign reserves. With just one review left before the facility ends in May 2026, the outcome will be closely watched by creditors and markets alike.
The Fund’s team will scrutinise economic data up to June 2025, focusing on inflation, reserve accumulation and fiscal consolidation — including whether the government is on course to meet its 1.5 per cent of GDP primary surplus target.
The mission will also examine arrears in statutory funds such as the National Health Insurance Levy and GETFund, and assess the recapitalisation needs of struggling private lenders and state-owned banks, notably the National Investment Bank.
Social protection spending is expected to feature in the discussions, as the IMF weighs Ghana’s capacity to pursue fiscal adjustment while shielding vulnerable groups from the impact of austerity.
Analysts warn of renewed fiscal risks once IMF supervision ends, though Ghanaian officials insist that ongoing reforms and tighter expenditure controls are sufficient to reassure investors.
The ECF’s priorities include boosting tax revenues, strengthening public financial management, containing inflation, and fostering conditions for private-sector growth.
The September review will be seen as a key test of the government’s ability to entrench reforms and maintain market confidence beyond the IMF’s exit.
