IMF Proposes Three-Month Extension of Ghana’s ECF Programme

The International Monetary Fund (IMF) has proposed a three-month extension of Ghana’s Extended Credit Facility (ECF) programme to allow additional time for reforms required to complete the sixth and final programme review.

According to the Fund, the proposed extension is intended to support the implementation of key policy measures underpinning the final review. If approved, the extension would shift the end date of Ghana’s ECF arrangement from May 2026 to August 2026.

The proposal was disclosed in the IMF Staff Report released after the Fund’s Executive Board approved Ghana’s fifth programme review. The IMF stated that extending the programme through August 16, 2026, would help the authorities and the Fund reach an understanding on policies supporting the completion of the sixth review, while also allowing sufficient time to prepare and circulate Board documents.

Ghana’s 36-month ECF arrangement was approved in May 2023, providing access equivalent to 303.8 per cent of quota, amounting to SDR 2.2419 billion, or about three billion US dollars.