The International Monetary Fund (IMF) has concluded its sixth review mission in Ghana after several weeks of engagements with government officials and key stakeholders in Accra.
Sources close to the discussions indicate that Ghana recorded significant progress in meeting major programme targets and implementing reforms under the IMF-supported Extended Credit Facility (ECF) programme. However, some issues reportedly remained unresolved at the end of the mission.
Since Ghana entered the IMF programme in 2023, each review mission has ended with a Staff-Level Agreement between the IMF and the Government of Ghana. As of the filing of this report, it remained unclear whether such an agreement had been reached after the sixth review.
Further clarity is expected later today when officials from both the Government of Ghana and the IMF jointly address the media during a scheduled press conference on the outcome of the review.
It also remains uncertain whether the IMF team will leave behind any prior actions for Ghana to complete before the programme is presented to the IMF Executive Board for approval in August 2026.
Despite the unresolved matters, the final staff report is expected to commend Ghana for its commitment to reforms and efforts to maintain economic recovery despite ongoing global economic challenges.
Focus of the Review
The sixth review assessed Ghana’s overall performance under the programme since the fifth review earlier this year.
Discussions focused on whether delayed targets and structural reforms had either been completed or were nearing completion.
Key areas examined included the energy sector, fiscal reforms, debt management, and structural adjustments. In the monetary and banking sector, sources say substantial progress was achieved, although one issue reportedly remains unresolved.
Ato Forson Highlights Economic Recovery
Finance Minister Dr. Cassiel Ato Forson, during his opening engagement with the IMF mission team, highlighted what he described as significant improvements since Ghana’s economic crisis in 2022.
According to him, the partnership between the government and the IMF has produced “strong and measurable outcomes.”
“It has been a long, demanding, but ultimately transformative journey,” he stated.
Dr. Forson explained that the IMF programme has helped stabilise the economy, restore credibility and renew hope among Ghanaians.
On behalf of President John Mahama and the people of Ghana, he expressed appreciation to the IMF, describing the progress achieved as the result of discipline and difficult policy decisions taken in the national interest.
While acknowledging the gains made, the Finance Minister stressed the need to sustain the recovery momentum.
He noted that the next phase of the programme would focus on policies aimed at boosting private-sector growth and ensuring that macroeconomic stability translates into tangible benefits for citizens.
“We must ensure that stability translates into more investment, more jobs, and more opportunities for all,” he said.
He added that the true measure of economic recovery goes beyond headline economic indicators.
Programme Performance and Economic Outlook
Ghana’s 36-month Extended Credit Facility arrangement was approved in May 2023, giving the country access to SDR 2.2419 billion, equivalent to approximately US$3 billion.
During the fifth review, the IMF described Ghana’s programme performance as broadly satisfactory despite delays in some structural reforms. The Fund noted that reforms were beginning to yield positive results after earlier policy setbacks.
The Bank of Ghana’s foreign reserves have also risen to record levels, strengthening the country’s resilience against external economic shocks.
In its latest economic outlook, the IMF maintained Ghana’s 2026 growth forecast at 4.8 per cent, slightly higher than the projected 4.6 per cent growth rate for Sub-Saharan Africa.
Globally, however, economic pressures persist. The IMF recently revised global growth projections to 3.1 per cent due to rising energy costs and geopolitical tensions.
The Fund also projects Ghana’s inflation rate to decline to 7.9 per cent in 2026, slightly below government expectations, provided current disinflation trends continue.
Inflation is expected to remain within single-digit levels throughout 2026 and 2027.
Source: myjoyonline.com
