IMF begins fifth review of Ghana’s performance under Fund Programme

The International Monetary Fund (IMF) will today, September 29, 2025, commence its fifth review of Ghana’s performance under the $3 billion Extended Credit Facility.

A full team led by Mission Chief Stéphane Roudet arrived in Accra over the weekend and will spend two weeks in the country, engaging technical staff of the Ministry of Finance and the Bank of Ghana (BoG). They are also scheduled to meet BoG Governor Dr Johnson Asiama and Finance Minister Dr Ato Forson.

According to Joy Business sources, a major focus of the review will be unresolved arrears clearance issues, with government yet to finalise its audit of spending on construction and projects from the previous year. Concerns are also expected on whether the BoG’s recent policy rate cuts are adequate in light of the sharp fall in inflation, as well as on the central bank’s reserve build-up and dollar interventions.

This review is considered crucial as it is the penultimate assessment before the programme concludes in May 2026. The final review is set for April 2026. Analysts warn that Ghana could face fiscal discipline challenges after exiting the IMF arrangement, prompting donor partners to push for “shock absorbers” to maintain stability beyond the programme.

Government, however, maintains there is no cause for alarm, stressing that mechanisms are already in place to ensure disciplined expenditure post-IMF.

If Ghana successfully passes this review, it will unlock about $360 million in October 2025. So far, the country has received roughly $2.3 billion since signing onto the programme in May 2023.

The current review will assess economic data up to June 2025, focusing on:

• Inflation trends and monetary policy stance
• Reserve sustainability and FX interventions
• Arrears audits and statutory fund shortfalls
• Recapitalisation of weak private banks and state-owned banks
• Revenue mobilisation and efficiency in spending
• Social spending gaps

The IMF’s $3 billion programme is designed to restore fiscal sustainability, protect the vulnerable, strengthen financial stability, curb inflation, rebuild reserves under a flexible exchange rate regime, and create conditions for private investment, growth, and jobs