An International Monetary Fund (IMF) staff mission is expected to arrive in Ghana on September 29, 2025, to begin the 5th review of Ghana’s ongoing IMF-supported economic reform programme. This mission marks a critical checkpoint as the country nears the end of its three-year Extended Credit Facility (ECF) agreement, set to conclude in May 2026.
The upcoming review will evaluate Ghana’s performance since the completion of the 4th review earlier in the year. It will also determine whether Ghana qualifies for its next disbursement of approximately $360 million, expected in October 2025. To date, Ghana has received around $2.3 billion under the $3 billion programme, which began in 2023.
A Penultimate Test for Economic Stability
This 5th review serves as the penultimate assessment before the final review scheduled for April 2026. Some financial analysts and development partners have raised concerns that Ghana may struggle to maintain fiscal discipline once IMF oversight ends. As a result, there is growing pressure to implement structural safeguards—or “shock absorbers”—to help cushion the economy post-programme.
Despite these concerns, government sources have emphasized that measures are already in place to maintain fiscal credibility and macroeconomic stability beyond May 2026. Officials have indicated that budgetary controls, improved revenue mechanisms, and investor engagement strategies are being strengthened to reassure markets.
Focus Areas of the 5th IMF Review
The IMF mission will focus primarily on economic data up to June 2025, with a particular emphasis on Ghana’s macroeconomic indicators, financial sector health, and public finance management. Eight key areas have been identified for assessment:
- Inflation performance
- Sustainability of reserve build-up
- Audit of arrears
- Recapitalization of weak private sector banks
- Support for state-owned banks
- Fiscal shortfalls
- Arrears in statutory funds
- Shortfalls in social spending
Ghana’s current IMF programme was approved in May 2023, under a 36-month ECF arrangement worth SDR 2.242 billion (about $3 billion). The programme is designed to restore macroeconomic stability, rebuild buffers, and set the country back on a path of inclusive growth.
The IMF programme is structured around several core objectives, including fiscal consolidation, structural reforms, inflation control, exchange rate and reserve stability, financial sector resilience and private sector development.
Whether Ghana can transition smoothly from IMF oversight to self-sustained discipline remains a central question. For now, the IMF’s assessment will serve as both a mirror and a milestone.
 serves as the penultimate assessment before the final review scheduled for April 2026){kind=link}