Ghana’s economic program under the International Monetary Fund (IMF) is set for another critical evaluation, with the fourth review of the Extended Credit Facility (ECF) scheduled to take place from April 2 to April 15.

President John Dramani Mahama, delivering the 2025 State of the Nation Address in Parliament, indicated that the IMF Executive Board is expected to approve the review in June.

"The (fourth) review is scheduled from April 2 to April 15, and the IMF Executive Board is expected to approve it in June of this year," Mahama stated.

The upcoming assessment will be pivotal in determining Ghana’s progress under the $3 billion IMF-backed program and could influence further financial support.

A previous IMF mission, led by Stéphane Roudet, visited Ghana from February 10-14 to engage government officials and assess macroeconomic developments. Following the visit, Roudet noted that discussions had begun on key policies that would shape the 2025 budget while also reviewing the government's adherence to the IMF-supported economic framework.

"The mission team engaged the Ghanaian authorities on recent macroeconomic developments. It also started discussions on the policies that will underpin the 2025 budget. This dialogue is set to continue over the coming weeks.

"We also took stock of the authorities’ progress in meeting key commitments under the Fund-supported program. These will be formally assessed in the context of the fourth review of the Extended Credit Facility arrangement, which is expected to be undertaken in April 2025," Roudet stated.

The IMF acknowledged the cooperation of Ghanaian authorities and stakeholders, expressing appreciation for the engagement during their mission.

"IMF staff held meetings with H.E. President Mahama, Finance Minister Forson, and Bank of Ghana Acting Governor Asiama, and their teams, as well as representatives from various government agencies, and other key stakeholders. Staff would like to express their gratitude to the Ghanaian authorities and other stakeholders for their constructive engagement and support during this mission."

The Extended Credit Facility agreement, approved by the IMF Executive Board for Ghana, spans 36 months with a total allocation of $3 billion. The initiative aligns with the government’s Post COVID-19 Program for Economic Growth (PC-PEG), which aims to stabilize the economy, manage debt, and implement structural reforms to foster long-term resilience.

So far, Ghana has received approximately $1.9 billion from the IMF, with the most recent disbursement of about $360 million following the completion of the third review in December 2024. The outcome of the fourth review will determine the country’s eligibility for additional financial support under the program.