An International Monetary Fund (IMF) staff mission will arrive in Accra on April 29, 2026. This visit is for Ghana’s sixth and final review under its Extended Credit Facility (ECF) program. The mission expects to spend about two weeks in the country. Official discussions are likely to start on Thursday, April 30, 2026. This marks the last review before Ghana exits the IMF-supported program in August 2026. Ghana joined the three-year ECF arrangement in May 2023.
The IMF team will evaluate Ghana’s progress since the fifth review. They will check if delayed targets and structural reforms are met. Fiscal matters will be a key focus. This includes developments in the energy sector. Structural reforms and debt management in energy are important. The team also wants to see government spending priorities. They will check if critical areas like social protection have enough funds. Setting prior actions for the sixth review is crucial. These conditions will help Ghana get the final IMF cash. They are needed to complete the review successfully. In the banking world, the mission will get updates. They need to know about progress in fixing financial system problems. After Accra, the IMF team goes back to Washington, D.C. They will analyze data there. A report will go to IMF management and the Executive Board. This process takes two to three weeks. A Board date will be set then. This could lead to program completion by August 2026.
Ghana’s program was originally set to end in May 2026. However, the government and IMF agreed to extend it to August 2026. Dr. Adrian Alter, the IMF Resident Representative in Ghana, called this a technical extension. He said it allows enough time for the final review. This includes looking at data from late 2025 and early 2026. Dr. Alter denied reports that the delay was due to missed targets. He stated it was not about needing corrective actions from Ghana.
Ghana’s arrangement, approved in May 2023, provides SDR 2.2419 billion. This is about US$3 billion. The IMF found Ghana's performance broadly satisfactory at the fifth review. Some structural reforms had delays. However, earlier policy mistakes are now showing results. The IMF noted that growth through September 2025 exceeded forecasts. Strong services and agriculture sectors drove this. Progress in financial stability was also highlighted. Bank recapitalization efforts are ongoing. Steps involving key state banks are also underway. Analysts believe Ghana’s economic situation has improved. Reforms under the program are helping. The Bank of Ghana’s reserves have reached record highs. This strengthens the country's defense against external economic shocks.
The IMF predicts Ghana’s growth to be 4.8% in 2026. This is slightly higher than the 4.6% forecast for Sub-Saharan Africa. Global growth is forecast at 3.1%. Rising energy costs and global tensions affect this. The IMF also expects Ghana’s inflation to fall to 7.9% in 2026. This is below government forecasts. Current trends suggest inflation will stay in single digits through 2027. Abebe Aemro Selassie, IMF Africa Department Director, is optimistic. He stated recent reforms are encouraging. However, he stressed the need for continued fiscal discipline. Selassie said balancing development needs is critical. Avoiding past sustainability challenges is also important. Sustaining these gains depends on Ghana’s policy choices after the program ends. A recent IMF mission reviewed the Bank of Ghana's framework for financial stability. They offered guidance on managing risks and building resilience.