An International Monetary Fund (IMF) team is set to finish its final review of Ghana's economic programme on Friday, May 15. This review will determine if Ghana qualifies for the last part of its financial assistance. The IMF mission has been in Ghana since April 29, 2026, for this two-week assessment.
Discussions between government officials and the IMF team are progressing well. However, some challenges remain, especially in the energy sector. Funding and restructuring issues in energy are still being discussed. The IMF team is satisfied with steps taken regarding banks that the government partially owns. Problems with one specific private bank are not yet fully resolved. It is unclear if the IMF will require prior actions before leaving.
This review measures Ghana's performance since the fifth review earlier this year. It checks if delayed targets and structural reforms are finished. Fiscal matters are a key focus, particularly energy sector reforms and debt management. The team is also looking at government spending priorities. They want to ensure enough funds are allocated to important areas like social protection. Discussions will heavily focus on prior actions needed for the sixth review. These actions are crucial for Ghana to get the final IMF support.
Finance Minister Cassiel Ato Forson stated that the partnership with the IMF has yielded good results. He called the journey transformative and beneficial for stabilizing the economy. He thanked the IMF on behalf of Ghana. Dr. Forson emphasised the government's commitment to maintaining progress. He noted that the next phase will focus on policies for private sector growth. This means turning economic stability into real benefits for citizens. He wants to see more investment and jobs. The true success of the recovery lies beyond just economic numbers.
Ghana's 36-month Extended Credit Facility programme started in May 2023. It provided SDR 2.2419 billion, about US$3 billion. The IMF previously found Ghana's performance mostly satisfactory. Some structural reforms were delayed but are now yielding results. The Bank of Ghana's reserves have reached record highs. This makes the country stronger against economic shocks. The IMF projects Ghana's economic growth at 4.8 per cent in 2026. This is faster than the Sub-Saharan Africa average of 4.6 per cent. Global growth is expected at 3.1 per cent. The IMF also anticipates Ghana's inflation to drop to 7.9 per cent in 2026. Inflation is expected to stay in single digits through 2027.