An International Monetary Fund (IMF) mission will arrive in Accra on September 29, 2025, to conduct Ghana’s fifth review under the three-year, US$3 billion Extended Credit Facility(ECF). The review, which is the second-to-last before the programme ends in May 2026, will determine whether Ghana secures its next US$385 million disbursement in October and signal the country’s fiscal credibility as IMF oversight winds down.
Ghana entered the ECF programme in May 2023 to restore fiscal stability, restructure debt, rebuild reserves, and implement reforms aimed at promoting sustainable growth. To date, US$2.3 billion has been disbursed, with the last tranche following July’s fourth review.
The IMF team will review Ghana’s macroeconomic scorecard, focusing on fiscal discipline, Inflation & Monetary Policy, Financial Sector Stability, and social spending.
Programme Commitments Under the ECF
Ghana must:
1. Mobilize domestic revenue through broader tax bases and compliance.
2. Strengthen public financial management and curb waste.
3. Reform State-Owned Enterprises and sectors like energy and cocoa.
4. Maintain prudent monetary policy and a flexible exchange rate.
5. Preserve financial stability and encourage private-sector-led growth.
6. Protect vulnerable groups by safeguarding essential social services.
Ghana’s Macroeconomic Scorecard — September 2025
The Bank of Ghana’s latest Summary of Economic and Financial Data points to improving fundamentals:
- Inflation: 11.5% in August, down from 12.1% in July.
- GDP Growth: 6.3% in Q2 2025; 7.8% for non-oil GDP.
- Trade Surplus: US$6.2B (Jan–Aug 2025), driven by gold exports.
- Cedi Appreciation YTD: +21% vs USD, +11.8% vs GBP, +6.9% vs EUR.
- Public Debt: Down to GH¢628.8B (44.9% of GDP) from 61.8% at end-2024.
- Reserves: US$10.7B (4.5 months import cover).
- Banking Sector: NPL ratio improved to 20.8%; CAR at 17.7%.
- Capital Markets: GSE market cap surpasses GH¢149B (60% YoY growth).
- Payments: Mobile money transactions hit GH¢354.1B in August.
A successful review would unlock US$385M in budget support, reinforce market and investor confidence, and Showcase Ghana’s ability to sustain reforms without IMF pressure.
Failure could delay financing, unsettle markets, and amplify political and fiscal risks ahead of elections. With only one review left in April 2026, the coming months will test the durability of Ghana’s fiscal discipline and structural reforms
