An International Monetary Fund (IMF) staff mission is set to arrive in Accra on April 29, 2026, to begin Ghana’s sixth and final review under its Extended Credit Facility (ECF) programme.
The two-week mission, led in collaboration with the Bank of Ghana and government officials, will assess the country’s performance since the previous review and determine whether key targets and reforms have been achieved ahead of the programme’s conclusion.
Focus on fiscal and structural reforms
Central to the review will be Ghana’s fiscal performance, with particular attention on reforms in the energy sector, debt management, and government spending priorities—especially allocations to social protection.
The IMF team is also expected to define “prior actions” required for Ghana to access the final tranche of programme funding. Progress in resolving legacy issues in the banking sector will also come under scrutiny.
Following the Accra meetings, the mission will return to Washington, D.C. to prepare a report for IMF management and its Executive Board, a process that could take up to three weeks before a final decision is made.
Programme extended to August 2026
Although originally scheduled to end in May 2026, the programme has been extended to August to allow time for completion of the final review.
IMF Resident Representative, Adrian Alter, described the extension as purely technical, noting it was necessary to assess end-2025 and early-2026 economic data. He dismissed claims that the extension was due to Ghana missing key targets.
Performance and economic outlook
Ghana’s three-year ECF programme, approved in May 2023 with funding of about US$3 billion, has been described as broadly on track despite some delays in structural reforms.
The IMF has pointed to stronger-than-expected growth, driven by services and agriculture, as well as improvements in financial sector stability, including ongoing bank recapitalisation efforts.
In its latest outlook, the Fund projects Ghana’s economy will grow by 4.8 percent in 2026, while inflation is expected to ease to 7.9 percent and remain in single digits over the medium term.
Cautious optimism ahead of exit
Abebe Aemro Selassie, Director of the IMF’s Africa Department, has expressed optimism about Ghana’s progress but cautioned that sustaining gains will depend on continued fiscal discipline after the programme ends.
He emphasised the need to balance development spending with debt sustainability to avoid a relapse into economic instability.
Strengthening financial stability
Separately, an IMF technical assistance mission has reviewed Ghana’s macroprudential policy framework, recommending stronger oversight structures, improved risk monitoring tools, and clearer policy coordination to enhance financial system resilience.
As Ghana approaches its planned exit from the IMF programme in August, the outcome of the final review will be critical in determining the country’s economic trajectory and investor confidence in the months ahead.
Source: businesspostonline
