Staff mission of the International Monetary Fund (IMF) is set to arrive in Accra on September 29, 2025, for the country’s fifth review under the US$3 billion Extended Credit Facility (ECF).
The exercise will examine the country’s progress on fiscal and economic reforms and determine whether Ghana qualifies for its next disbursement of about US$360 million, expected in October.
So far, Ghana has accessed around US$2.3 billion since joining the programme in May 2023. This latest review is particularly significant because it is the second-to-last assessment before the programme ends in May 2026.
Officials at the Ministry of Finance said the IMF would scrutinise economic data up to June 2025, with discussions focusing on inflation management, fiscal discipline, and efforts to build up foreign reserves.
Key issues likely to dominate the talks include the government’s ability to meet its 1.5 percent of GDP primary surplus target, arrears owed to statutory funds such as NHIL, GETFund, and the Road Fund, and the financial health of struggling banks and state-owned firms like the National Investment Bank (NIB).
The IMF is also expected to weigh the country’s commitment to social spending, ensuring that vulnerable groups are not left behind as fiscal tightening continues.
While the government maintains that expenditure controls and reforms are already in place to sustain stability, development partners have urged the country to prepare safeguards to avoid economic setbacks once IMF oversight ends.
The US$3 billion programme, approved in May 2023, is aimed at restoring debt sustainability, improving revenue mobilisation, strengthening public financial management, and creating conditions for private-sector-led growth.
By Belinda Adjei