By Ghana News
Copyright ghanamma
The International Monetary Fund (IMF) is set to begin its fifth review of Ghana’s performance on September 29, 2025, under the $3 billion Extended Credit Facility (ECF) programme.
The fund’s mission, led by Chief Stéphane Roudet, arrived in Accra over the weekend and will spend two weeks engaging with technical staff from the Ministry of Finance and the Bank of Ghana (BoG).
Meetings will also be held with the Governor of the Bank of Ghana, Dr Johnson Asiama; and the Minister of Finance, Dr Cassiel Ato Forson.
Sources close to GhanaWeb Business indicate that arrears clearance remains a key concern, with the government yet to finalise its audit of expenditures on construction and projects from 2024.
Attention is also expected to focus on whether recent cuts to the monetary policy rate are sufficient, given the sharp decline in inflation, as well as on the central bank’s reserve accumulation and interventions in the foreign exchange market.
This review is crucial for Ghana as it approaches the conclusion of its IMF programme in May 2026, with the final review scheduled for April 2026.
IMF team to begin 5th review of Ghana’s programme on September 29
Market watchers caution that maintaining fiscal discipline after the programme ends will be challenging, prompting some donor partners to call for additional “shock absorbers” to safeguard economic stability.
Barring any setbacks from the meetings, Ghana is expected to receive approximately US$360 million in October 2025, bringing total disbursements under the programme to US$2.66 billion.
To date, Ghana has received roughly US$2.3 billion since signing onto the programme in May 2023.
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