The International Monetary Fund (IMF) has proposed a three-month extension to Ghana’s Extended Credit Facility (ECF) to allow enough time to complete final reforms and prepare documents for the program’s sixth and final review.
The current 36-month agreement is scheduled to expire on May 16, 2026, but the Fund recommends an extension until August 16, 2026. This marks the end of Ghana’s 17th engagement with the IMF since independence in 1957.
The proposal emerged after the completion of the fifth program review, which secured approximately $385 million in additional funding. Ghana has currently received approximately $2.8 billion of the $3 billion package approved in May 2023.
According to the IMF staff report, the extension will help reach agreement on policies to support the final review, while allowing sufficient time for the preparation and circulation of the Board document. The Fund stressed that this is not the introduction of new conditions, but a buffer period to complete outstanding reforms.
This extension also allows for proposed adjustments to Ghana’s program framework. By the end of March 2026, the primary balance and non-oil revenue index targets (IT) will be revised to reflect current macroeconomic conditions while maintaining overall fiscal effort relative to gross domestic product.
Additionally, the Monetary Policy Consultation Clause (MPCC) bands for December 2025 and March 2026 are expected to be revised downward to better capture the impact of recent macroeconomic developments on the expected disinflationary trend.
The IMF’s assessment found that Ghana’s program implementation was generally satisfactory, although there were some delays in implementing complex structural reforms. All performance standards and indicator targets for the end of June 2025 have been met, and three preliminary actions have been completed for the fifth review, including an audit of accounts payable in 2024, a clean-up of the taxpayer register, and a submission of the 2026 budget to Parliament.
The fourth review also recorded progress on structural benchmarks that had previously been missed. The strategy for state-owned banks was originally scheduled for April 2024, but was implemented in September 2025.
Of the 11 structural benchmarks in the current ECF review, four were met, two were implemented late, one was implemented as a proactive measure, one was scheduled to be implemented in December 2025, and three were not met. The Fund noted that the end-June 2025 structural benchmarks for the integration of certain statutory funds and ministries have not been met as the authorities have chosen alternative approaches.
The broader economic situation is showing signs of recovery. Growth through September 2025 exceeded expectations, driven by strong services and agriculture, and inflation returned to the Bank of Ghana’s target range for the first time since 2021. Foreign exchange reserves could exceed $13 billion by the end of 2025, and the cedi strengthened against major currencies.
Reflecting progress in fiscal consolidation, Ghana is on track to achieve a primary balance surplus of 1.5% of GDP by the end of the year. The 2026 budget submitted to Congress is aligned with program goals and a new fiscal responsibility framework.
Significant progress was also made in public debt restructuring. Bilateral debt relief agreements have been signed with members of the Official Creditors Committee, alongside several in-principle agreements with external commercial creditors.
However, the IMF expressed concern about Ghana’s economic outlook and stressed that continued reform momentum remains essential. The Fund stressed the need for sustained efforts in revenue management, improved public financial management and strengthened supervision of state-owned enterprises, especially in the energy sector.
The final decision on whether to accept the extension proposal rests with the Ghanaian government. If approved, the program will complete its sixth and final review in August 2026, marking the end of Ghana’s latest engagement with the IMF.
