The International Monetary Fund (IMF) will today, September 29, commence its fifth review of Ghana’s performance under the ongoing Extended Credit Facility programme.
Led by Mission Chief Stéphane Roudet, the IMF delegation arrived in Accra over the weekend and will spend the next two weeks engaging technical teams from the Ministry of Finance and the Bank of Ghana.
They are also scheduled to meet 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 will dominate discussions, particularly government’s delay in completing audits on expenditures related to construction and other projects in 2024.
The IMF team is also expected to question whether recent policy rate cuts by the central bank are adequate in the face of falling inflation, while probing the strength of foreign reserve buffers and the frequency of dollar market interventions.
Analysts warn that the outcome of this review is critical, as it is the penultimate assessment before Ghana exits the IMF programme in May 2026.
If Ghana successfully passes this round, the country is expected to receive an additional $360 million in October 2025, bringing total disbursements to roughly $2.6 billion since the programme’s approval in 2023.
However, donor partners are pushing for safeguards to prevent a relapse into fiscal indiscipline once IMF supervision ends. Government, meanwhile, insists there is no cause for concern, assuring that expenditure controls and social protections will remain intact beyond the programme.
