Ghana is approaching a critical milestone in its economic recovery programme as the International Monetary Fund prepares to conclude the final review of the country’s Extended Credit Facility (ECF) arrangement on Friday, May 15.
The IMF mission, led by Ruben Atoyan, has been in Ghana since April 29 for the sixth and final review of the country’s $3 billion support programme, assessing progress on fiscal reforms, debt management and broader economic recovery efforts.
Sources familiar with the discussions say negotiations between government officials and the IMF remain largely on track, although concerns persist over funding challenges, restructuring efforts and fiscal pressures in the energy sector.
The Fund is also reviewing developments in Ghana’s banking sector, where progress has reportedly been made in addressing challenges involving state-owned banks, though issues linked to a private commercial bank remain unresolved.
A major focus of the review is whether Ghana has completed delayed structural reforms and met key programme targets required to unlock the final tranche of IMF support.
Finance Minister Cassiel Ato Forson described the programme as a turning point for Ghana’s economy, saying reforms introduced since the 2022 crisis have helped restore macroeconomic stability and investor confidence.
He said government’s next priority is ensuring that economic stability translates into private sector growth, job creation and improved living conditions for citizens.
Ghana’s 36-month IMF programme was approved in May 2023 with support worth about $3 billion, and the country has since recorded improvements in foreign reserves, inflation and growth prospects.
The IMF currently projects Ghana’s economy to grow by 4.8 per cent in 2026, while inflation is expected to decline to 7.9 per cent, maintaining single-digit levels through 2027 if current trends continue.
