A team from the International Monetary Fund (IMF) is expected to conclude the final review of Ghana’s Extended Credit Facility (ECF) programme on Friday, May 15.
The mission, led by Ruben Atoyan, arrived in Ghana on April 29, 2026, for the two-week sixth review.
Progress and Challenges
Discussions between the IMF team and government officials are progressing largely as planned, despite persistent concerns in the energy sector, particularly regarding funding, restructuring, and fiscal pressures. In the banking sector, the Fund is reportedly satisfied with reforms affecting banks with significant government ownership, although issues remain with one private commercial bank.
The review will assess Ghana’s overall performance since the fifth review, with particular attention to delayed targets, structural reforms, and fiscal management. The IMF will also examine government spending priorities, including allocations to social protection, and determine prior actions required for Ghana to access the final tranche of IMF support.
Finance Minister on Ghana’s Recovery
Finance Minister Cassiel Ato Forson highlighted Ghana’s recovery since the 2022 economic crisis, emphasizing that the partnership with the IMF has stabilized the economy, restored credibility, and renewed public confidence. He said the next phase of the programme will focus on policies that drive private sector growth and translate macroeconomic stability into tangible benefits such as jobs and investment.
Programme Performance and Economic Outlook
Ghana’s 36-month ECF, approved in May 2023, provides access to SDR 2.2419 billion (about US$3 billion). The IMF described the country’s performance as broadly satisfactory, noting progress in structural reforms and a strengthened Bank of Ghana reserve position.
Ghana’s growth for 2026 is projected at 4.8 percent, above the Sub-Saharan Africa average of 4.6 percent. Inflation is expected to decline to 7.9 percent and remain in single digits through 2026 and 2027, assuming current disinflation trends continue.
Source: businesspostonline
