IMF Set to Approve Staff-Level Agreement with Ghana After Fifth Programme Review
The International Monetary Fund (IMF) is set to reach a staff-level agreement with Ghana today, October 10, 2025, following the conclusion of the fifth review of the country’s $3 billion Extended Credit Facility (ECF) programme. The announcement comes after two weeks of intensive discussions between the IMF mission team, led by Dr. Ruben Atoyan, and Ghana’s key economic managers, including officials from the Ministry of Finance and the Bank of Ghana (BoG).
According to the IMF mission’s findings, Ghana has made notable strides in key economic areas, including achieving single-digit inflation, successfully restructuring public debt, implementing energy sector reforms, and maintaining overall macroeconomic stability. The Bank of Ghana’s proactive liquidity management has also helped moderate inflationary pressures while strengthening the country’s foreign exchange reserves, signalling improved resilience in the economy.
If the staff-level agreement receives final approval from the IMF Executive Board, Ghana is expected to receive a disbursement of just over US$360 million. This inflow will provide crucial support to Ghana’s balance of payments, enhance investor confidence, and reassure international donors of the country’s commitment to economic reforms and fiscal discipline.
The fifth review delved into several pressing issues, including the sustainability of reserve accumulation, gaps in fiscal policy, and the recapitalization needs of both private and state-owned banks, such as the National Investment Bank (NIB). Discussions also touched on outstanding statutory fund obligations, including the NHIL, GETFund, and Road Fund, alongside social spending shortfalls, highlighting the government’s ongoing fiscal challenges.
This review marks the penultimate assessment under Ghana’s IMF programme, with the final review scheduled for April 2026, ahead of the programme’s planned conclusion in May 2026. Launched in May 2023, the $3 billion ECF programme aims to restore macroeconomic stability, promote inclusive growth, and ensure debt sustainability through structural reforms. A confirmed staff-level agreement today would underscore the IMF’s continued confidence in Ghana’s economic management and reform trajectory
source: Citi newsroom