Editorial: IMF’s 5th review passed

After two weeks of engagement between the IMF mission team led by Dr. Ruben Atoyan and Ghana’s key economic managers, the International Monetary Fund (IMF) was expected to announce a staff-level agreement with Ghana last Friday, October 10, 2025.

This follows conclusion of its 5th Programme Review under the country’s US$3billion Extended Credit Facility (ECF). Data reviewed by the mission showed that Ghana made significant progress in several key areas; including single-digit inflation, successful debt restructuring, energy sector reforms and macroeconomic stability.

When approved by the IMF Executive Board, the country is expected to receive a disbursement of slightly over US$360million – bringing additional support to the country’s balance of payments and helping bolster investor and donor confidence.

During the period, the IMF team assessed whether recent policy rate cuts by the central bank align with Ghana’s inflation trajectory and broader monetary objectives. It also reviewed the sustainability of reserve build-up, fiscal policy shortfalls and recapitalisation needs of both private and state-owned banks, including the National Investment Bank (NIB).

Discussions also centred on arrears in statutory funds such as the NHIL, GETFund and Road Fund, as well as shortfalls in social spending. This fifth review is the last-but-one hurdle under the 3-year IMF programme, with the final review scheduled for April 2026 ahead of the programme’s completion in May 2026.

Should the staff-level agreement be confirmed, it will mark another major step in Ghana’s recovery process – signalling continued IMF confidence in the country’s economic management.

Ghana’s US$3billion IMF-supported programme was approved in May 2023 and aims to restore macroeconomic stability, ensure debt sustainability and promote inclusive growth through structural reforms and fiscal discipline.

According to Mr. Atoyan, “IMF staff and the authorities have reached a staff-level agreement on the fifth review of Ghana’s economic programme under the Extended Credit Facility arrangement. Upon completion of the Executive Board review, Ghana would have access to SDR 267.5 million (about US$385million)”.

This will bring the total amount disbursed to Ghana since May 2023 to about US$2.8billion.

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