The International Monetary Fund (IMF) is set to begin its fifth review of Ghana’s performance under its extended facility for the country today, Monday, September 29, 2025.
The team, led by Mission Chief Stéphane Roudet, arrived in Accra over the weekend. They are expected to be in the country for two weeks, engaging the technical staff of the Ministry of Finance and the Bank of Ghana.
Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, and Finance Minister, Dr. Cassiel Ato Baah Forson, will also be meeting the team during the review.
It is expected that unresolved arrears clearance issues will be a key focus as government is yet to finalise its audit on how much was spent on construction and projects last year.
There is also concerns of the Bank of Ghana’s recent policy rate cuts and the sharp fall in inflation, as well as questions on its 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.
According to analysts, the upcoming review is 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 programme.
However, government insists measures are in place to ensure markets of disciplined expenditure after the IMF exit.
A successful review is expected to give Ghana about $360 million in October 2025. The country has so far received about $2.3 billion since signing the programme.
The review will assess Ghana’s 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 is aimed 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 sought to curb inflation, rebuild reserves under a flexible exchange rate regime, and create conditions for private investment, growth, and jobs.
Ghana’s debt stock rises by GH¢15.8bn due to currency fluctuations, increased domestic borrowing
