The visiting team from the International Monetary Fund (IMF) has concluded its sixth review mission in Ghana after weeks of engagements with government officials and key stakeholders in Accra.
Sources close to the discussions say Ghana made significant progress on several key programme targets and reforms under the IMF-supported Extended Credit Facility (ECF) programme.
However, some issues are understood to remain unresolved at the end of the mission.
Since Ghana entered the IMF programme in 2023, every review mission has ended with a Staff-Level Agreement between the IMF team and the Government of Ghana.
But as of the time of filing this report, it was unclear whether such an agreement had been reached following the sixth review.
There are expectations that clarity could emerge later today when the Government of Ghana and IMF officials jointly address the media at a scheduled press conference on the outcome of the review.
It is also unclear whether the IMF team will leave behind any prior actions for Ghana to complete before the programme goes before the IMF Executive Board for approval in August 2026.
Despite the outstanding issues, the final staff report is expected to commend Ghana for its commitment to implementing reforms under the programme and sustaining economic gains despite global economic pressures.
Focus of the review
The sixth review assessed Ghana’s overall programme performance since the fifth review earlier this year.
The mission examined whether delayed targets and structural reforms had been completed or were close to completion.
On the fiscal front, discussions focused heavily on the energy sector, structural reforms, and debt management.
In the monetary and banking sector, sources say significant progress was made in most areas, although one issue remains unresolved.
Ato Forson highlights economic recovery gains
Finance Minister Dr Cassiel Ato Forson, during his opening engagement with the IMF mission team, highlighted what he described as major progress since Ghana’s 2022 economic crisis.
He said the partnership between the government and the IMF had delivered “strong and measurable outcomes.”
“It has been a long, demanding, but ultimately transformative journey,” he stated.
According to the Finance Minister, the programme has helped stabilise the economy, restore credibility, and renew hope among Ghanaians.
Dr Forson also expressed appreciation to the IMF on behalf of President John Mahama and the people of Ghana, describing the gains as significant and driven by discipline and difficult policy decisions taken in the national interest.
While acknowledging the progress made, he stressed that government remains focused on sustaining the recovery momentum.
He said the next phase of the programme would prioritise policies aimed at unlocking private-sector growth and ensuring that macroeconomic stability translates into real benefits for citizens.
“We must ensure that stability translates into more investment, more jobs, and more opportunities for all,” he said.
He added that the real test of the recovery goes beyond headline economic indicators.
Programme performance and outlook
Ghana’s 36-month Extended Credit Facility arrangement was approved in May 2023, with access to SDR 2.2419 billion, equivalent to about US$3 billion.
At the fifth review, the IMF described Ghana’s performance as broadly satisfactory, despite delays in some structural reforms. The Fund noted that reforms were beginning to produce results after earlier policy slippages.
The Bank of Ghana’s reserves have also reached record levels, strengthening the country’s buffer against external shocks.
In its latest economic outlook, the IMF maintained Ghana’s 2026 growth projection at 4.8 per cent, slightly above the 4.6 per cent forecast for Sub-Saharan Africa.
The global economy, however, continues to face pressure. The IMF recently revised global growth to 3.1 per cent, citing rising energy costs and geopolitical tensions.
The Fund is also projecting Ghana’s inflation to decline to 7.9 per cent in 2026, slightly below government expectations, assuming current disinflation trends continue.
Inflation is expected to remain within single digits through 2026 and 2027.
