A report from JoyBusiness suggests that a team from the International Monetary Fund (IMF) is expected to conclude the final review of Ghana’s Extended Credit Facility programme on Friday, May 15.

The Accra-based media house indicated that it picked up from sources familiar with the engagement. Per reports, the team under the leadership of Ruben Atoyan has been in Ghana since April 29, for the two-week sixth review mission.

According to JoyBusiness checks, the IMF-Ghana engagements are on track with everything progressing well amid the country’s recent worsening energy sector and fiscal pressures, which were highlighted in the Central Bank's annual audit report.

While the IMF appears satisfied with the measures taken by the government regarding state-owned banks; it, however, raised concerns about a particular private commercial bank that is yet to be resolved.

It is not yet clear whether the mission will set prior actions for the government before the team leaves to prepare its report for board consideration in August this year.

Why is the IMF in Ghana?

The mission is assessing Ghana’s overall performance since the fifth review late last year to ascertain whether delayed targets and structural reforms have been completed or are close to completion.

The IMF mission is expected to focus on reforms and debt management in Ghana’s energy sector, as well as government spending priorities, especially allocations for social protection. Discussions will also centre on key prior actions required under the programme’s sixth review. Meeting these conditions is necessary for Ghana to access the final tranche of IMF support and complete the programme. The team is also expected to assess progress in resolving long-standing challenges in the banking and financial sector.

Finance Minister Ato Forson on the Sixth Review

Reflecting on the journey of Ghana’s recovery since the start of the programme in 2022, when the country was plunged into economic crisis, Finance Minister Cassiel Ato Forson stated, “It has been a long, demanding, but ultimately transformative journey,” citing that Ghana’s partnership with the IMF has positioned the country on a path of economic stability, fiscal discipline, and renewed investor confidence.

He expressed appreciation to the IMF on behalf of the President and the people of Ghana, describing the progress as significant and anchored on discipline and difficult policy decisions taken in the national interest.

While acknowledging the gains, Dr Forson said the government remains focused on sustaining momentum and consolidating the recovery.

He said the next phase of the programme would prioritise policies that unlock private sector growth at scale and translate macroeconomic stability into tangible outcomes for citizens.

“We must ensure that stability translates into more investment, more jobs, and more opportunities for all,” he said.

He added that the true test of the recovery lies beyond headline economic indicators.

Programme performance and outlook

Ghana’s 36-month Extended Credit Facility arrangement was approved in May 2023, with access of 303.8 per cent of quota, equivalent to SDR 2.2419 billion, or about US$3 billion.

In its latest economic outlook, the IMF maintained Ghana’s 2026 growth projection at 4.8 per cent, slightly above the 4.6 per cent forecast for Sub-Saharan Africa.

This comes against a revised global growth forecast of 3.1 per cent, reflecting rising energy costs and geopolitical tensions.

The Fund also projects Ghana’s inflation to decline to 7.9 per cent in 2026, slightly below government expectations, assuming current disinflation trends continue.

Inflation is expected to remain in single digits through 2026 and 2027.

President Mahama’s earlier remarks on Ghana-IMF deal

President John Dramani Mahama reaffirmed that Ghana will exit the IMF by the first quarter of the year.

This comes after he hinted at an exit in January in his New Year's message. President Mahama said the government is preparing to exit the IMF programme while safeguarding Ghana’s economic credibility, highlighting that the reforms over the past year have strengthened macroeconomic indicators enough to support a gradual withdrawal.

He said, “We are beginning the process of exiting the IMF programme with dignity, not as supplicants, but as partners.”

Speaking at the Ghana-Zambia Business Dialogue in Lusaka on Friday, February 6, President Mahama confirmed that Ghana is on course to complete its International Monetary Fund (IMF) programme by April 2026, citing improvements in key economic indicators.

Mahama stressed that the stabilising economy positions Ghana to expand trade and investment, particularly under the African Continental Free Trade Area.

“These gains provide a solid foundation for Ghana’s development agenda, which focuses on five strategic pillars: industrialisation and value addition; export-led growth; modern infrastructure development; strong support for MSMEs, women, and youth entrepreneurs; and a predictable, transparent, investor-friendly business environment,” he said.