IMF’s Resident Representative in Ghana, Dr Adrian Alter, has declared Ghana’s programme “solid and on track”.

His comments come nearly a month after the IMF Executive Board completed the fifth review of Ghana’s Extended Credit Facility (ECF) arrangement on 18 December 2025.

During an appearance on Joy News’ PM Express Business Edition on Thursday, January 15, Dr Alter mentioned disbursements and affirmed confidence in Ghana’s economic recovery path.

“Ghana’s program remains solid and on track, with the fifth review completed and the disbursement made at the end of December,” he said.

According to him, following a board meeting at which Ghana’s performance was assessed, it was concluded that “the IMF Board has met and approved the programme on December 17 and categorised the overall performance of Ghana as generally satisfactory,” with all indicative and performance criteria targets met and most of the reform agenda implemented.

He disclosed that total disbursements under the ECF programme had now reached about $2.8 billion.

“All indicative and performance criteria targets have been met,” Dr Alter said. “Most of the reform agenda has been concluded and implemented.”

His comments come amid public debate over whether Ghana’s performance under the programme reflects real economic progress or favourable treatment by the IMF.

Responding to that concern, Dr Alter said the assessment was grounded in measurable outcomes and recent policy actions by the authorities.

“The authorities implemented strong corrective actions in the aftermath of the 2024 fiscal slippages,” he said, adding that “the 2025 macroeconomic outcomes have been better than expected.”

He pointed to improvements across key economic indicators.

“Inflation came down faster than expected,” he said. “Growth exceeded expectations. Reserves have improved. The currency appreciated and stabilised.”

Dr Alter said the gains were occurring alongside progress on debt restructuring.

“There are many, many macroeconomic indicators that perform very well at the same time the debt restructuring progress has been advanced,” he said.

Meanwhile, in late December 2025, it was announced that the Extended Credit Facility (ECF) with the International Monetary Fund (IMF) risks an extension from its initial end date.

This follows a recent proposal from the IMF Board, which requested a three-month continuation before the programme concludes. Defending its proposal, the IMF Board noted that the extension would provide sufficient time for the implementation of reforms underpinning the sixth and final review of the programme.

Ghana’s programme with the global lender is scheduled to end in May 2026, following a final review slated for April 2026. However, should the IMF’s recommendations be approved, the programme would be extended through August 2026.

Part of the IMF report reads, “The extension through August 16, 2026, would help reach an understanding on the policies supporting completion of the 6th review, while allowing sufficient time to prepare and circulate Board documents.”

So far, Ghana has secured about US$2.8 billion following the successful completion of the fifth programme review. The new development is expected to trigger the release of a sixth tranche of US$380 million.Reacting to the approval, the Minister for Finance, Dr. Cassiel Ato Forson, noted that the approval represents meaningful progress in the country’s broader economic recovery agenda.

Recently, the government announced its fifth bilateral debt restructuring agreement, with the Kingdom of Spain as the latest partner. This was announced by the Finance Minister on Wednesday, October 8, after signing the agreement with Spain’s Ambassador to Ghana, H.E. Ángel Lossada Torres-Quevedo.

“On behalf of the Republic of Ghana, I signed a Bilateral Debt Restructuring Agreement with the Kingdom of Spain, represented by their Ambassador to Ghana, H.E. Ángel Lossada Torres-Quevedo. To date, we have concluded five bilateral restructuring agreements with France, Finland, the United Kingdom, China EXIM Bank, and now Spain,” he shared on his X page.

He added that the signing marks another important milestone in Ghana’s debt restructuring journey. Mr. Ato Forson expressed optimism that Ghana will complete the process and close this challenging chapter in its economic management history by the end of the year, considering the valuable lessons learned from the experience.He said the government is determined to maintain sound fiscal discipline and never again “allow ourselves to reach such unsustainable levels of debt.”

“I remain confident that the measures we are implementing will safeguard our recovery and strengthen Ghana’s resilience,” Ato Forson expressed.

On behalf of the government and people of Ghana, he expressed deep appreciation to Spain for its cooperation, understanding, and unwavering support throughout the process.

Meanwhile, the government also formally signed a bilateral debt restructuring agreement with the United Kingdom (UK) as part of efforts with the External Creditor Committee to unlock funds for ‘The Big Push’ initiative and other government programmes.

Taking to X on Wednesday, September 24, the Minister for Finance revealed that the US$256 million deal signed between the two countries is a key step in improving Ghana’s debt management.

“On behalf of the Republic of Ghana, I signed a Bilateral Debt Restructuring Agreement with the United Kingdom, represented by His Majesty’s Trade Commissioner for Africa, Mr. John Humphrey. The agreement covers about US$256 million and represents another important step in Ghana’s debt restructuring efforts,” he wrote.

According to the Finance Minister, the UK’s participation will motivate other lenders to act swiftly and finalise their respective parts of the debt restructuring process.

In addition, Ghana is working with UK Export Finance (UKEF) to reinstate financing for several priority projects, including the Bolgatanga–Bawku–Pulimakom Road Project; the modernisation of the Komfo Anokye Teaching Hospital (KATH); the Obetsebi Lamptey Interchange and Ancillary Works Project Phase II; the construction of Phase 1 of the Tema–Aflao Road Project; and the redevelopment and modernisation of the Kumasi Central Market.

The deal was sealed in Accra on Wednesday, September 24, after UK Export Finance and His Majesty’s Trade Commissioner for Africa, John Humphrey, paid an official visit to Ghana. Also present at the signing ceremony were the UK High Commissioner to Ghana, H.E. Christian Rogg; the Chief Director of the Ministry of Finance, Mr. Patrick Nomo; and other officials.