The International Monetary Fund (IMF) has commenced its fourth review mission in Ghana as part of the country’s Extended Credit Facility (ECF) program for 2023–2026.

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According to the Finance Ministry, running from April 2 to April 15, the two-week mission will assess Ghana’s economic performance and progress on structural reforms under the IMF-backed program.

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The review began with key discussions at the Ministry of Finance and the Bank of Ghana, focusing on Ghana’s fiscal performance in 2024.

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Over the coming days, the IMF delegation will engage with senior government officials, Central Bank executives, and key stakeholders to assess critical economic indicators, including inflation control, monetary policy, and structural reforms.

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The review will also evaluate Ghana’s progress in meeting IMF targets related to fiscal discipline, economic stabilization, and debt restructuring.

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The outcome of this mission will determine whether Ghana qualifies for the next tranche of IMF financial support, essential for maintaining macroeconomic stability and investor confidence.

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Finance Minister, Dr. Cassiel Ato Forson, highlighted key measures, including the passage of transformative tax amendment bills, significant reforms in public procurement, and other policies outlined in the 2025 Budget as proof of the administration’s commitment to building a resilient and dynamic economy.

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Dr. Forson expressed confidence that, with macroeconomic indicators trending positively, Ghana’s economy could stabilize by May 2025. He also stressed the importance of concluding the review on schedule.

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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.

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"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.

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"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.

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Additional meetings and technical discussions are planned over the next two weeks, culminating in a final statement from the IMF on April 15.

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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.

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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.

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