Ghana’s economic programme with the International Monetary Fund (IMF) enters a decisive phase today, September 29, 2025, as the Fund begins its fifth review of the country’s performance.
The two-week mission, led by Stéphane Roudet, comes just months before Ghana’s $3 billion programme concludes in May 2026. Analysts warn the review is critical, given lingering fiscal and structural challenges that could test the country’s ability to sustain stability beyond IMF support.
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Key issues expected to dominate discussions include:
- Arrears clearance — Government has yet to complete an audit of last year’s construction and project spending.
- Monetary policy direction — Questions remain on whether recent Bank of Ghana policy rate cuts are sufficient amid falling inflation.
- Reserves and forex management — Concerns about reserve build-up and interventions in the dollar market.
- Financial sector health — Recapitalisation needs of weak private banks and state-owned lenders.
- Fiscal sustainability — Revenue shortfalls, arrears in statutory funds, and gaps in social spending.
If Ghana passes this review, the country will unlock another $360 million tranche in October, bringing total disbursements so far to about $2.3 billion since the programme was signed in May 2023.
While donor partners are pushing for safeguards to prevent fiscal slippages after the programme ends, government officials insist strong measures are already in place to maintain discipline.
The final IMF review is scheduled for April 2026.
