An International Monetary Fund (IMF) delegation is scheduled to arrive in Accra at the end of September 2025 to conduct the fifth review of Ghana’s economic reform programme.
This follows the successful completion of the fourth review earlier this year and marks the second-to-last evaluation before the programme wraps up in May 2026. The final review is expected in April.
This upcoming assessment is considered critical by financial analysts, who caution that Ghana may face challenges maintaining fiscal discipline once IMF support ends.
In response, donor organizations have encouraged the government to establish safeguards to protect economic stability.
However, officials maintain that sufficient measures are already in place to reassure investors and maintain responsible spending.
If Ghana passes the review, it stands to receive approximately $360 million in October. To date, the country has received GH¢2.3 billion under the IMF programme.
What Will Be Reviewed
What Will Be Reviewed
The IMF team will analyze economic data up to June 2025, focusing on:
- Inflation trends and reserve levels
- Outstanding government payments and arrears
- Financial health of private and state-owned banks
- Revenue performance amid currency appreciation
- Progress toward achieving a 1.5% GDP primary surplus
- Funding gaps in NHIL, GETFund, and Road Fund
- Shortfalls in social spending
Background on Ghana’s IMF Programme
Approved in May 2023, Ghana’s 36-month Extended Credit Facility totals about $3 billion. The programme aims to:
- Restore fiscal stability by increasing domestic revenue and improving spending efficiency
- Strengthen social protection, including expanded LEAP benefits and school feeding programmes
- Reform tax systems, public financial management, and key sectors like energy and cocoa
- Control inflation through tighter monetary policy and flexible exchange rates
- Promote financial stability and private sector growth
