Ghana has officially launched the Fifth Review of its IMF-Supported Programme, marking a critical milestone in its journey toward economic recovery and fiscal sustainability. The review, led by IMF Mission Chief Dr. Ruben Atoyan, will assess the country’s performance under the $3 billion Extended Credit Facility (ECF), which began in May 2023 and is set to conclude in May 2026.
Finance Minister Dr. Cassiel Ato Forson welcomed the IMF team in Accra, expressing confidence in Ghana’s progress despite a challenging start to the year. “We began the year with many challenges, but together we have been able to steady the tide and make significant progress,” he stated. He emphasized the importance of the review as an opportunity to receive valuable feedback and reaffirmed the government’s commitment to addressing remaining risks.
Key Focus Areas of the Review:
Inflation Control: Now trending downward, standing at 11.5% as of August 2025
Revenue Mobilization: Despite currency appreciation, revenue collection has lagged behind targets
Banking Sector Health: Recapitalization efforts for weak private and state-owned banks
Arrears Clearance: Audits of 2024 expenditures remain a priority
Social Protection: Expansion of LEAP cash transfers and school feeding programmes
A successful review will unlock $360 million in October 2025, bringing total disbursements to $2.66 billion under the programme⁽¹⁾⁽³⁾. This penultimate review precedes the final assessment scheduled for April 2026.
IMF Remarks:
Dr. Atoyan noted the team’s anticipation for the review, highlighting its importance in evaluating Ghana’s reform efforts and macroeconomic stability.
