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The Executive Board of the International Monetary Fund (IMF) is set to meet in the first week of December 2025 to consider Ghana’s Fifth Programme Review, following the staff-level agreement reached with the country in October 2025. Sources familiar with Ghana’s IMF programme in Washington, D.C., told Joy Business that the timing of the board meeting allows for the completion of the final IMF staff report ahead of the board’s deliberations. A key requirement ahead of the review is the Audit Report on Arrears, which the Government of Ghana is expected to release later this week. The document will be vetted across multiple IMF departments before being submitted to IMF Management for approval. If all procedures go as planned, the Executive Board will assess Ghana’s performance and, upon approval, authorize a disbursement of about US$380 million to the Bank of Ghana, likely before mid-December 2025. According to the sources, Ghana’s performance under the programme has been strong, and the board is highly likely to approve the Fifth Review.Market Confidence and Fiscal Discipline Analysts say the expected board approval carries significance beyond the US$380 million disbursement, as it will reinforce confidence among donors, investors, and financial markets regarding Ghana’s commitment to fiscal discipline and adherence to IMF conditions. Government officials have reiterated that fiscal prudence will be maintained even after Ghana exits the IMF programme in May 2026. While some observers have warned of possible fiscal slippage post-programme, officials close to the matter insist that Ghana’s performance demonstrates a sustained commitment to sound economic management. To further strengthen investor confidence, the government is also considering subscribing to one of the IMF’s policy instruments—though not a full programme—to signal long-term stability and policy consistency. IMF Commends Ghana’s Economic Progress At a press briefing in Washington, D.C., IMF Director of Communications Julie Kozack highlighted key reforms underway, including: The implementation of a revamped fiscal responsibility framework. The establishment of an independent fiscal council. Improvements in public financial management systems to enhance spending efficiency. Details of the Fifth Programme Review Once the Executive Board approves the review, Ghana will receive SDR 267.5 million (approximately US$385 million), bringing total disbursements under the Extended Credit Facility (ECF) since May 2023 to SDR 1,975.5 million (about US$2.83 billion). The IMF staff report commended Ghana for progress in several key areas, including: Debt restructuring and fiscal consolidation. Energy sector reforms. Foreign exchange operations. Financial sector stability and resilience. The upcoming Executive Board review is expected to mark another milestone in Ghana’s economic recovery efforts, reinforcing both domestic and international confidence in the country’s fiscal and monetary reforms.
