All eyes will be on Ghana as officials from the International Monetary Fund (IMF) arrive in Accra on September 29, 2025, for the much-anticipated fifth review of the country’s $3 billion Extended Credit Facility programme.
This penultimate review, before the programme ends in May 2026, is expected to determine whether Ghana secures another US$360 million disbursement, bringing total IMF support so far to over US$2.3 billion.
According to programme insiders, the IMF team will scrutinise Ghana’s economic performance up to June 2025, with special focus on:
Fiscal discipline and the government’s ability to sustain a primary surplus of about 1.5% of GDP.
Management of arrears owed to statutory funds and independent power producers.
Banking sector recapitalisation, particularly state-owned banks like the National Investment Bank.
Social spending commitments, including school feeding and cash transfers.
Ghana has chalked up some notable gains. Inflation has fallen, the cedi has shown relative stability, and a $2.8 billion debt relief package with external creditors has been approved by Parliament. The Bank of Ghana has also cut its policy rate, citing continued disinflation.
But concerns remain. Fiscal slippages, mounting arrears, and delays in energy sector and financial reforms still cast shadows. Analysts also warn that Ghana’s debt remains at high risk of distress, despite recent restructuring successes.
With just one review left after this, the stakes are high. “This review is about credibility,” one economic observer noted. “It will show whether Ghana can sustain fiscal discipline and reforms even after IMF oversight ends.”
For government, the challenge is to reassure both the IMF and Ghanaians that the painful reforms are yielding results and that stability will endure beyond the life of the programme.
