The International Monetary Fund (IMF) has proposed a three-month extension of Ghana’s Extended Credit Facility (ECF) programme to allow more time to complete key reforms tied to the final review.
The proposal, contained in the IMF Staff Report released after approval of Ghana’s fifth programme review, would extend the programme’s end date from May 2026 to August 2026, if approved.
According to the IMF, the extension would help reach agreement on policies needed for the sixth and final review and allow enough time for Board documentation.
The IMF is also proposing changes to parts of the programme, including adjustments to Indicative Targets and the Monetary Policy Consultation Clause.
It said the primary balance and non-oil revenue targets for March 2026 will be revised to reflect recent economic developments while preserving Ghana’s fiscal effort.
Inflation consultation bands for late 2025 and early 2026 may also be lowered to better align with improved disinflation trends.
Ghana’s 36-month ECF arrangement was approved in May 2023, providing access to about US$3 billion. So far, the country has received roughly US$2.8 billion following the successful completion of the fifth review.
The IMF noted that programme implementation has been broadly satisfactory, with all end-June 2025 performance criteria and indicative targets met.
It also confirmed that key prior actions such as the audit of 2024 payables, cleaning of taxpayer data, and submission of the 2026 budget were completed.
Progress has been made on some delayed reforms, including the state-owned banks strategy, though several structural benchmarks remain unmet or delayed.
Despite these gains, the IMF warned that Ghana’s economic outlook, while generally positive, faces significant risks.
These include global commodity price volatility, delays in debt restructuring, external shocks, and possible domestic policy slippages. The Fund also raised concerns about delays in energy sector reforms and their potential impact on public finances.
Although Ghana has reduced its debt and reached restructuring agreements with some creditors, the IMF still considers the country to be at high risk of debt distress, citing uncertainties around commodity prices, exchange rates, and ongoing debt obligations.
