A staff mission from the International Monetary Fund (IMF) is expected in Accra on September 29, 2025, to conduct the fifth review of Ghana’s three-year Extended Credit Facility programme.
This review comes after the fourth assessment earlier this year and will be the second to last before the programme officially ends in May 2026, with the final review scheduled for April of that year.
Passing this review is critical because it will pave the way for the release of about 360 million US dollars in October, money that Ghana urgently needs to support its economy.
Since entering the IMF programme in May 2023, Ghana has so far received around 2.3 billion US dollars, making this new disbursement an important step in maintaining financial stability and policy credibility.
The IMF mission will base its assessment on economic data up to June 2025 and is expected to examine how Ghana has managed inflation and whether policy measures are yielding results.
It will also consider the strength of the country’s foreign exchange reserves and whether they are being built up in a sustainable manner.
The review will focus on the health of Ghana’s financial system, including whether private banks require recapitalization and whether state-owned banks such as the National Investment Bank need additional support to remain stable.
Another area of scrutiny will be the build-up of arrears, particularly delays in statutory payments to funds like the National Health Insurance Levy, the Ghana Education Trust Fund, and the Road Fund, which have raised concerns about fiscal discipline.
Attention will also be given to whether the government can meet its target of a 1.5 percent primary surplus despite challenges such as currency appreciation and expenditure pressures.
The IMF will further examine the government’s commitment to social spending, ensuring that programmes designed to protect vulnerable groups are not undermined by fiscal constraints.
Development partners have emphasised the need for strong “shock absorbers,” mechanisms that will protect the economy from unexpected global or domestic pressures once the IMF programme ends.
Observers note that this review is particularly important because it will signal to investors, markets, and international partners whether Ghana can continue to uphold fiscal discipline and financial stability beyond the IMF’s direct oversight.
The government has indicated that it has already begun implementing measures to demonstrate its commitment to responsible spending and long-term reforms.
For many, the outcome of this review will determine whether Ghana exits the IMF programme on a strong footing or faces renewed doubts about its economic resilience.
