An International Monetary Fund (IMF) staff mission is scheduled to arrive in Accra on April 29, 2026, to undertake Ghana’s sixth and final review under its Extended Credit Facility (ECF) programme. The visit, expected to last approximately two weeks, will commence formal engagements on April 30.
This review marks the concluding phase of Ghana’s three-year ECF arrangement, as the country prepares to exit the IMF-supported programme in August 2026.
Scope of the Review
The mission will evaluate Ghana’s performance since the fifth review earlier in the year, with particular attention to whether delayed targets and structural reforms have been achieved or are nearing completion.
On the fiscal side, discussions are expected to centre on developments in the energy sector, including ongoing structural reforms and debt management. Government expenditure priorities will also be assessed, especially allocations to critical sectors such as social protection.
A central component of the review will involve agreeing on prior actions required for completion. These measures will determine Ghana’s eligibility for the final disbursement under the programme.
In the monetary and financial sectors, the IMF team will review progress in addressing longstanding vulnerabilities within the banking system. Following consultations in Accra, the mission will return to Washington, D.C., where collected data will be analysed and presented to IMF management and the Executive Board. A decision on the review is expected within two to three weeks thereafter.
Programme Extension and Clarifications
Although the programme was initially due to conclude in May 2026, it has been extended technically to August 2026. The IMF Resident Representative in Ghana, Adrian Alter, has clarified that the extension is procedural, allowing sufficient time to complete the final review, including assessments of end-2025 and first-quarter 2026 data. He dismissed claims that the extension reflects missed programme targets.
Performance and Economic Outlook
Ghana’s 36-month ECF arrangement, approved in May 2023, provides access to SDR 2.2419 billion (approximately US$3 billion), equivalent to 303.8 per cent of quota. At the fifth review, the IMF assessed Ghana’s performance as broadly satisfactory, notwithstanding delays in certain structural reforms.
Economic indicators suggest gradual improvement. Growth through September 2025 exceeded expectations, supported by strong performance in services and agriculture, while reforms have contributed to enhanced financial sector stability, including ongoing bank recapitalisation efforts.
The IMF projects Ghana’s economic growth at 4.8 per cent in 2026, slightly above the Sub-Saharan Africa average of 4.6 per cent. Inflation is expected to decline to 7.9 per cent, with single-digit levels projected to persist through 2027, contingent on continued disinflation.
Outlook for Programme Exit
According to Abebe Aemro Selassie, Director of the IMF’s Africa Department, Ghana’s outlook remains positive as it approaches programme completion. However, he emphasised the need for sustained fiscal discipline to consolidate gains.
He noted that maintaining a balance between development spending and debt sustainability will be critical to preventing a recurrence of the macroeconomic challenges that necessitated IMF support.
Strengthening Financial Stability
Recent IMF technical assistance to the Bank of Ghana has focused on enhancing the country’s macroprudential policy framework. The mission reviewed institutional arrangements, assessed existing tools, and recommended reforms including the establishment of a dedicated decision-making process, a formal macroprudential strategy, improved communication, and more forward-looking risk monitoring mechanisms.
These measures are intended to reinforce financial system resilience as Ghana transitions out of the IMF programme.
