The International Monetary Fund (IMF) will today, September 29, begin its fifth review of Ghana’s performance under the Fund programme.
The full mission team, led by Mission Chief Stéphane Roudet, arrived in Accra over the weekend. They will spend two weeks in the country engaging the technical staff of the Ministry of Finance and the Bank of Ghana.
The team will also meet with the Governor of the Bank of Ghana, Dr Johnson Asiama, and the Minister of Finance, Dr Ato Forson.
Sources tell Joy Business that unresolved arrears clearance issues will be a key focus of discussions, as government is yet to complete its audit on last year’s spending on construction and projects.
Concerns are also expected over whether the Bank of Ghana’s recent policy rate cuts are adequate given the sharp fall in inflation, as well as questions regarding reserve build-up and dollar interventions.
This review is the penultimate one before Ghana concludes the IMF programme in May 2026, with the final review scheduled for April 2026. Analysts describe the current assessment as crucial, warning that Ghana may struggle to maintain fiscal discipline once the programme ends.
Some donor partners are therefore pushing for “shock absorbers” to ensure stability beyond the IMF exit.
Government, however, insists there is no cause for concern, maintaining that measures are already in place to ensure disciplined expenditure after the programme.
If Ghana passes this review, the country is expected to receive about $360 million in October 2025, bringing total disbursements so far to about $2.3 billion since the programme began.
The review will assess economic data up to June 2025, with discussions focusing on inflation trends, reserve sustainability, arrears audits, weak private banks requiring recapitalisation, the state of state-owned banks, revenue shortfalls, arrears build-up in statutory funds, and gaps in social spending.
The IMF Executive Board approved Ghana’s $3 billion Extended Credit Facility in May 2023. The programme aims to restore fiscal sustainability through revenue mobilisation and efficient spending, protect the vulnerable, implement structural reforms in tax and energy, and preserve financial stability.
It also seeks to curb inflation, rebuild reserves under a flexible exchange rate regime, and create conditions for private investment, growth, and job creation.
Source: Joy Business
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