An International Monetary Fund (IMF) staff mission is expected to arrive in Accra on April 29, 2026, to conduct Ghana’s sixth and final review under its Extended Credit Facility (ECF) programme.
The team is scheduled to remain in the country for about two weeks, with official engagements set to begin on April 30. This review marks a critical step as Ghana prepares to exit the IMF-supported programme in August 2026, following a three-year arrangement.
Focus of the review
The mission will assess Ghana’s overall performance since the fifth review and evaluate progress on delayed targets and structural reforms.
Key areas of focus will include:
Fiscal performance: Developments in the energy sector, particularly structural reforms and debt management Government spending: Allocation of resources to priority sectors, especially social protection Programme conditions: Identification of prior actions required to secure the final tranche of IMF support Financial sector health: Progress in resolving legacy challenges within the banking system Following the Accra meetings, the IMF team will return to Washington, D.C., to analyse the data and prepare a report for management and the Executive Board. This process is expected to take two to three weeks before a Board date is scheduled.
Programme extension to August 2026
Although the programme was initially set to end in May 2026, it has been extended to August. According to Adrian Alter, the extension is purely technical, allowing time to complete assessments using end-2025 and first-quarter 2026 data.
He dismissed suggestions that the extension was due to missed targets requiring corrective action.
Performance and outlook
Ghana’s 36-month ECF programme, approved in May 2023, provides access to about $3 billion in support.
At the fifth review, the IMF described Ghana’s performance as broadly satisfactory, despite some delays in structural reforms. Growth exceeded expectations through September 2025, driven by strong performance in services and agriculture.
The Fund also noted improvements in financial sector stability, including bank recapitalisation efforts and reforms involving key state-owned institutions such as the Bank of Ghana.
Analysts say Ghana’s macroeconomic position has strengthened, supported by reforms, while the Bank of Ghana’s reserves have reached record levels—boosting the country’s resilience to external shocks.
Growth and inflation outlook
The IMF projects Ghana’s economy will grow by 4.8% in 2026, slightly above the regional average for Sub-Saharan Africa.
Inflation is expected to decline to 7.9% in 2026 and remain in single digits through 2027, assuming current disinflation trends continue.
Outlook on programme exit
Speaking in Washington, D.C., Abebe Aemro Selassie expressed optimism about Ghana’s economic outlook but stressed the need for sustained fiscal discipline.
“It is critical to ensure a continued balance between addressing development needs and avoiding a return to the sustainability challenges that necessitated the programme,” he said.
He added that maintaining progress after the programme ends will depend largely on domestic policy decisions.
Strengthening financial stability
Separately, an IMF technical assistance mission recently assessed Ghana’s macroprudential policy framework at the Bank of Ghana. The review focused on strengthening oversight, improving risk monitoring tools, and enhancing coordination to better manage systemic risks within the financial sector.
Source: myjoyonline.com
