An International Monetary Fund (IMF) staff mission will arrive in Accra on September 29, 2025, to conduct Ghana’s fifth review under the $3 billion Extended Credit Facility (ECF) programme, assessing progress since the fourth review completed in July 2025.
This penultimate evaluation, ahead of the final review in April 2026 and programme conclusion in May 2026, could unlock $360 million in disbursements by October 2025 if successful, bringing total funding to about $2.7 billion from the initial $2.3 billion received.
The review will scrutinize economic data up to June 2025, focusing on inflation trends, reserve sustainability, arrears audits, bank recapitalization needs (for weak private and state-owned institutions like NIB), fiscal shortfalls amid cedi appreciation, and shortfalls in social spending and arrears in NHIL, GETFund, and Road Fund.
Analysts warn of potential fiscal slippage post-programme, urging “shock absorbers” for stability, though the government maintains measures are in place to ensure continued discipline.
Launched on May 17, 2023, the 36-month ECF aims to restore fiscal sustainability, curb inflation, stabilize reserves, and boost private investment through reforms in revenue mobilization, public financial management, energy, and cocoa sectors.
Recent progress includes a 2025 budget targeting a 1.5% GDP primary surplus and doubled allocations for LEAP cash transfers and school feeding programmes. Growth in 2024 and Q1 2025 exceeded expectations, driven by mining, agriculture, ICT, and construction.
