As Ghana’s programme approaches its final phase, the International Monetary Fund (IMF) is proposing targeted modifications to some key components of the arrangement.
According to the Fund, these include adjustments to Indicative Targets and changes to the Monetary Policy Consultation Clause to reflect evolving macroeconomic conditions.
The Fund noted that by the end of March 2026, the primary balance and non oil revenue indicative targets will be modified. These changes are designed to accommodate recent macroeconomic developments while maintaining Ghana’s overall fiscal effort relative to gross domestic product.
In addition, the Monetary Policy Consultation Clause bands for December 2025 and March 2026 are expected to be adjusted downward. According to the IMF, this adjustment better reflects the impact of recent macroeconomic developments on expected disinflation trends and supports a more realistic monetary policy framework.
IMF Explains Programme Extension to August 2026
The International Monetary Fund has clarified that the extension of Ghana’s Extended Credit Facility programme to August 2026 is purely technical and intended to support the completion of the final review.
According to the IMF Resident Representative in Ghana, Dr Adrian Alter, the decision was taken to allow more time for the assessment of economic data covering the end of 2025 and the first quarter of 2026.
He explained that the extension was necessary to ensure that the sixth and final review of the programme is conducted thoroughly, with all relevant information available to IMF staff and the Executive Board. The Fund has therefore extended the programme by three months, from its original end date in May 2026 to August 2026.
Dr Alter rejected suggestions that the extension was due to Ghana missing key programme targets or struggling to meet its reform commitments. He stressed that the move should not be interpreted as a sign of programme failure or delays arising from corrective actions.
IMF Rejects Claims of Missed Targets
Addressing public speculation, the IMF Resident Representative firmly dismissed reports that Ghana had fallen short of critical indicative targets under the programme. He stated that the government has made significant progress and that this progress should be placed on record.
“The government has made significant progress under the IMF programme, and that should be put on record, and they are on course to complete the programme as scheduled.”
Dr Adrian Alter
He further explained that the extension was not unilaterally imposed by the Fund. According to him, it was a mutually agreed decision between the Government of Ghana and the IMF, which subsequently received approval from the IMF Board as part of the fifth programme review.
Background to Ghana’s 36 month Extended Credit Facility
Ghana’s 36 month Extended Credit Facility arrangement was approved by the IMF Executive Board in May 2023. The programme provides access equivalent to 303.8 percent of Ghana’s quota, amounting to SDR 2.2419 billion or about 3 billion United States dollars.
Since the programme began, Ghana has received approximately 2.8 billion dollars following the successful completion of the fifth programme review. The Fund has described programme implementation so far as broadly satisfactory, with all end June 2025 performance criteria and indicative targets met.
The IMF staff report accompanying the extension explained that extending the programme through August 16, 2026, would help reach an understanding on the policies supporting completion of the sixth review. It would also allow sufficient time for the preparation and circulation of Board documents.
Economic Outlook and Emerging Risks
Despite the progress recorded under the programme, the IMF has cautioned that Ghana’s economic outlook remains vulnerable to a number of downside risks. Dr Alter noted that while the macroeconomic outlook is generally positive, it remains subject to significant uncertainties.
He identified potential deterioration in the external environment as a major risk, particularly fluctuations in global commodity prices which could affect export revenues and foreign exchange inflows. Confidence effects arising from policy and reform slippages were also highlighted as factors that could undermine gains made under the programme.
Another key concern raised by the IMF is the pace of Ghana’s comprehensive debt restructuring. Dr Alter warned that delays in completing the process could pose additional risks to macroeconomic stability and investor confidence, especially as the country approaches the final stages of the IMF programme.
Final Review in Focus
As Ghana moves closer to the end of its IMF supported programme, attention is increasingly shifting to the successful completion of the sixth and final review. The IMF has emphasised that the technical extension and target adjustments are meant to support this process, not to signal any loss of momentum.
With most performance benchmarks already met and reforms ongoing, the final phase of the programme is expected to consolidate fiscal discipline, strengthen monetary policy credibility and lay the foundation for sustained economic recovery beyond the IMF arrangement.
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