The International Monetary Fund has expressed confidence that Ghana can maintain fiscal discipline and debt sustainability even after the conclusion of its current programme in May 2026.
Speaking at a press briefing in Washington on October 2, 2025, the IMF’s Director of Communications, Julie Kozack, praised Ghana’s progress under the programme, noting that reforms introduced by the government are durable and designed to outlast IMF oversight.
“Ghana has made meaningful progress in laying the foundation, for fiscal discipline beyond the IMF program. Key reforms, which are lasting reforms which we expect to last beyond the program.” she said.
She highlighted three critical measures underpinning Ghana’s fiscal framework, including a revamped fiscal responsibility law, the creation of an independent fiscal council, and improvements in public financial management to enhance the efficiency of public spending.
“The fiscal responsibility framework includes a primary balance rule requiring an annual surplus of at least 1.5% of GDP, and a public debt ceiling of 45% of GDP. These reforms provide important guidance to policymakers to entrench discipline and ensure debt sustainability in a durable way.”
Fifth Review Underway
The remarks come as Ghana undergoes its Fifth Review under the three-year, US$3 billion Extended Credit Facility (ECF). An IMF mission team, led by Dr. Ruben Atoyan, arrived in Accra earlier this week and will complete its review by October 10, 2025.
To date, US$2.3 billion has been disbursed under the program, with the last tranche coming in after July’s fourth review.
The fifth assessment is crucial in determining whether Ghana secures its next disbursement of USD 360 million, expected later this month. Beyond the financing, analysts say the review will test Ghana’s fiscal credibility as IMF oversight gradually winds down ahead of the programme’s scheduled end in May 2026.
Finance Minister Dr. Cassiel Ato Forson, who officially welcomed the IMF mission team, reaffirmed the government’s commitment to maintaining macroeconomic stability.
