IMF Board set to approve Ghana’s final Programme Review, greenlight post-bailout economic plan

The Executive Board of the International Monetary Fund (IMF) is expected to meet today to consider Ghana's sixth and final review under the country's Extended Credit Facility (ECF) programme, a decision that could unlock a final disbursement of approximately US$318 million.

The meeting marks a significant milestone in Ghana's economic recovery programme, as it is also expected to consider the country's request for a 36-month Policy Coordination Instrument (PCI), which will guide economic reforms after the conclusion of the IMF bailout programme.

According to reports, approval of the sixth review will enable Ghana to receive the final tranche of about US$318 million under the three-year ECF programme.

The funds will be released to the Bank of Ghana, completing the financial assistance package agreed between Ghana and the IMF in May 2023 to restore macroeconomic stability, support debt restructuring and implement key fiscal reforms.

Today's Board meeting follows the staff-level agreement reached in April after an IMF mission visited Accra to assess Ghana's economic performance.

Government is understood to have met the key quantitative and structural benchmarks required for Board approval, including reforms involving UMB Bank, Prudential Bank, and other agreed policy actions.

Beyond the final ECF review, the IMF Executive Board is expected to consider Ghana's request for a 36-month Policy Coordination Instrument (PCI).

Unlike the Extended Credit Facility, the PCI does not provide direct financial support.

Instead, it offers enhanced policy engagement with the IMF, helping countries maintain sound economic policies while signalling a strong commitment to reforms.

The arrangement is designed to:

• Maintain macroeconomic stability
• Strengthen resilience against external economic shocks
• Address structural weaknesses
• Promote sustainable economic growth
• Enhance investor confidence
• Support engagement with development partners

Government views the PCI as the next phase of Ghana's economic reform agenda following the successful completion of the IMF-supported programme.

Finance Minister Dr Cassiel Ato Forson has already indicated that Ghana intends to transition from the ECF to the PCI to safeguard the macroeconomic gains achieved over the past three years.

Presenting the 2026 Mid-Year Budget Review, the Minister said the new programme would focus on six major reform priorities:

• Growth-friendly fiscal consolidation
• Debt sustainability
• Fiscal transparency and governance
• Stronger monetary and exchange rate policy frameworks
• Financial sector stability
• Economic diversification

According to Dr Forson, the PCI will help preserve policy credibility, strengthen macroeconomic resilience and support broad-based economic growth.

An IMF staff team led by Dr Ruben Atoyan, the Fund's Mission Chief for Ghana, visited Accra from April 29 to May 15 for the 2026 Article IV Consultation, the sixth and final review of the ECF programme, and discussions on the proposed PCI.

At the conclusion of the mission, the IMF acknowledged that Ghana had made substantial stabilisation gains, highlighting:

• Declining inflation
• Stronger international reserves
• Improved confidence in the Ghana cedi
• Progress in external debt restructuring

However, the Fund also urged government to sustain reform efforts, particularly in the energy sector, including improving operational efficiency at the Electricity Company of Ghana (ECG) through greater private sector participation.

Ghana entered the 36-month Extended Credit Facility arrangement with the IMF in May 2023, securing access to approximately US$3 billion to help restore macroeconomic stability following severe economic challenges.

If approved, today's Board decision will formally conclude the country's ECF programme and mark the beginning of a new phase of economic management under the proposed Policy Coordination Instrument.

Government believes the transition will reinforce investor confidence, strengthen fiscal discipline and support Ghana's long-term economic transformation while maintaining the progress achieved under the IMF-supported reforms.