Economy shows strong progress ahead of IMF Fifth Review – Standard Bank

Oforiwa Attipoe, Manager for Global Markets at Stanbic Bank Ghana has said Ghana is well-positioned going into the International Monetary Fund’s (IMF) fifth review under the Extended Credit Facility (ECF) arrangement, citing significant improvements in key economic indicators and continued fiscal discipline.

Since the launch of the $3 billion ECF program in May 2023, Ghana has received $2.3 billion in disbursements to stabilize the economy and rebuild market confidence. Two final tranches of $370 million remain pending, with the fifth review serving as a crucial milestone toward unlocking the next disbursement.

Speaking to CNBC Africa on the extension of Ghana’s ECF, Mrs. Attipoe said “The fifth review is not just a check-in; it is a milestone that reflects how far Ghana has come,” Attipoe said. “Inflation is down, fiscal controls are stronger, and the country is on track to achieve its targets under the ECF program.”

Inflation has steadily declined for eight consecutive months, falling from 23.5% in January 2023 to 11.5% in August 2025. The stronger cedi and easing prices across both food and non-food categories have strengthened confidence that Ghana could achieve its year-end target of 10.7% and return to single-digit inflation by 2026.

The Bank of Ghana has implemented measures to stabilize the cedi and improve foreign exchange market liquidity, including redirecting FX inflows from mining companies to commercial banks. These actions have helped maintain currency stability and support foreign trade.

The IMF’s review will focus on fiscal performance, debt restructuring, and structural reforms aimed at strengthening governance and public financial management. Mrs. Attipoe noted that Ghana’s progress on debt restructuring and fiscal discipline has been critical to reinforcing investor confidence and sustaining the economic recovery momentum.

Mrs. Attipoe concluded that “With two reviews left before the program concludes in May 2026, Ghana is determined to maintain fiscal discipline and build on the progress achieved. A successful fifth review will not only unlock additional funding but also signal to global markets that Ghana’s economic turnaround is firmly on course.”

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