IMF Expected to Announce Staff-Level Agreement with Ghana Today Under $3 Billion Programme

The International Monetary Fund (IMF) is expected to announce a staff-level agreement with Ghana today, following the successful conclusion of the Fifth Review of the country’s $3 billion Extended Credit Facility (ECF) programme

The anticipated agreement comes after two weeks of technical discussions between the IMF mission team—led by Dr Ruben Atoyan—and Ghana’s key economic managers from the Ministry of Finance and the Bank of Ghana (BoG).

According to the IMF, Ghana has made notable progress in several critical areas, including:

• Achieving single-digit inflation
• Advancing debt restructuring efforts
• Implementing energy sector reforms
• Strengthening macroeconomic stability

The Bank of Ghana’s liquidity management measures have also contributed to moderating inflation and building up the country’s foreign exchange reserves.

Next Disbursement Expected

Upon approval by the IMF Executive Board, Ghana is expected to receive a disbursement of over US$360 million, which will help support the balance of payments and boost both investor and donor confidence in the country’s economic outlook.

Key Areas of Focus in the Review

The Fifth Review evaluated several ongoing issues and policy priorities, including:

• The sustainability of reserve accumulation
• Fiscal policy gaps and underperformance
• The recapitalisation needs of state-owned and private banks, notably the National Investment Bank (NIB)
• Arrears in statutory funds such as the NHIL, GETFund, and the Road Fund
• Shortfalls in social spending and how they affect vulnerable populations

The IMF team also reviewed whether the recent monetary policy rate cuts by the Bank of Ghana align with inflation trends and broader monetary policy goals.

Final Review Ahead

This review is the penultimate assessment under Ghana’s current IMF-supported programme. The final review is scheduled for April 2026, with the programme expected to conclude in May 2026.

Background

Ghana’s $3 billion ECF programme was approved in May 2023, aiming to restore macroeconomic stability, achieve debt sustainability, and lay the groundwork for inclusive and sustainable growth through structural reforms and disciplined fiscal management.

If confirmed, today’s staff-level agreement will mark another critical milestone in Ghana’s economic recovery journey and signal continued confidence by the IMF in the country’s reform agenda.