The International Monetary Fund (IMF) is expected to announce a staff-level agreement with Ghana today, October 10, 2025, following the conclusion of its 5th Programme Review under the country’s $3 billion Extended Credit Facility (ECF).
This development follows two weeks of engagement between the IMF mission team, led by Dr. Ruben Atoyan, and Ghana’s key economic managers from the Ministry of Finance and the Bank of Ghana (BoG).
According to data reviewed by the mission, Ghana has made significant progress in several key areas, including single-digit inflation, successful debt restructuring, energy sector reforms, and macroeconomic stability. The Bank of Ghana’s liquidity management efforts have also helped moderate inflation and strengthen reserves.
If approved by the IMF Executive Board, Ghana is expected to receive a disbursement of slightly over US$360 million, bringing additional support to the country’s balance of payments and helping bolster investor and donor confidence.
The review focused on the sustainability of reserve build-up, fiscal policy shortfalls, and the recapitalisation needs of both private and state-owned banks, including the National Investment Bank (NIB). Other discussions centred on arrears in statutory funds, such as the NHIL, GETFund, and Road Fund, as well as shortfalls in social spending.
The IMF team also assessed whether recent policy rate cuts by the central bank align with Ghana’s inflation trajectory and broader monetary objectives.
This fifth review is the penultimate one under Ghana’s IMF programme, with the final review scheduled for April 2026, ahead of the programme’s completion in May 2026.
Ghana’s $3 billion IMF-supported programme, approved in May 2023, aims to restore macroeconomic stability, ensure debt sustainability, and promote inclusive growth through structural reforms and fiscal discipline.
If the staff-level agreement is confirmed, it will mark another major step in Ghana’s recovery process, signalling continued confidence from the IMF in the country’s economic management and reform trajectory.
