IMF Commends Ghana’s Progress as Fifth ECF Review Is Completed

The International Monetary Fund has assessed Ghana’s programme implementation under the Extended Credit Facility as broadly satisfactory, following the successful completion of the fifth programme review.

The Fund reported that all end-June 2025 performance criteria and indicative targets were met. As a result, Ghana has so far received approximately 2.8 billion US dollars out of the total three billion dollars available under the programme.

The IMF also disclosed that three prior actions were completed ahead of the fifth review. These included the audit of 2024 payables, the clean-up of taxpayer registry and ledger data, and the submission of the 2026 budget to Parliament in line with programme objectives.

Progress has additionally been recorded on previously missed structural benchmarks from the fourth review. Notably, the strategy for state-owned banks, which was originally due in April 2024, was implemented in September 2025.

The Fund further commended the authorities for advances in operationalising indicative targets, which have been rephased in three stages. The first phase, addressing key elements of previously missed structural benchmarks, has been reset as a new end-March 2026 structural benchmark.