The International Monetary Fund (IMF) says it remains optimistic about Ghana’s economic outlook as the country prepares to exit its current programme in August 2026, while stressing that sustained fiscal discipline will be essential to maintaining recent gains.
Speaking to JoyBusiness in Washington, D.C., during the release of the Africa Economic Outlook, Abebe Aemro Selassie, Director of the IMF’s Africa Department, said the Fund is encouraged by the structural reforms Ghana has implemented over the past three years.
“We are encouraged by the reforms Ghana has undertaken and how these will shape the economy when the programme ends,” he noted, adding that Ghana has made significant progress compared to its pre-programme position.
He cautioned, however, that sustaining macroeconomic stability will require a careful balance between development spending and fiscal prudence.
“It is critical to ensure a continued balance between addressing development needs and avoiding a return to the sustainability challenges that necessitated the programme,” he said.
On safeguards against a potential policy reversal, Mr Selassie emphasised that responsibility lies primarily with domestic actors.
“This is for the people of Ghana, the government, the private sector, and civil society. It is not for the IMF,” he stated, expressing hope that lessons from recent economic challenges will guide future decisions.
IMF considers broader support amid global shocks
Meanwhile, IMF Managing Director Kristalina Georgieva has revealed that the Fund is considering a support package of between $20 billion and $50 billion to assist countries affected by ongoing developments in the Middle East.
Speaking at the launch of the Global Policy Agenda on the sidelines of the IMF/World Bank Spring Meetings, she said early assessments suggest that African and other low-income countries are among the hardest hit.
Abebe Aemro Selassie further noted that discussions are ongoing on how best to support affected countries, particularly those requesting financial assistance.
“We are exploring options to provide additional financing through existing instruments or by rephasing access under current programmes,” he said, adding that new programme requests are also under consideration.
Ghana’s IMF programme progress
Ghana entered a $3 billion Extended Credit Facility (ECF) programme with the IMF in May 2023 to help stabilise the economy.
So far, the country has received about $2.8 billion following the successful completion of the fifth review.
The IMF has described programme implementation as broadly satisfactory, noting that all end-June 2025 performance criteria and indicative targets were met during the latest assessment.
Three prior actions required for the fifth review were also completed, including the audit of 2024 payables, cleansing of the taxpayer registry and ledger data, and submission of the 2026 budget to Parliament in line with programme commitments.
Progress has also been made on previously delayed structural benchmarks. Notably, the strategy for state-owned banks, initially due in April 2024, was implemented in September 2025.
Of the 11 structural benchmarks under the programme, four have been met, two implemented with delays, one completed as a prior action, one expected by December 2025, while three were missed.
Programme extended to August 2026
In its latest staff report, the IMF confirmed a three-month extension of Ghana’s programme from May to August 2026 to allow completion of the sixth and final review.
The Fund said the extension will provide additional time to conclude policy discussions and prepare documentation for approval by its Executive Board.
“The extension through August 16, 2026, will help reach an understanding on policies supporting completion of the sixth review,” the report stated.
IMF Resident Representative to Ghana, Dr Adrian Alter, later clarified that the extension is purely technical, explaining that it allows time to assess full-year 2025 data and first-quarter 2026 performance ahead of the final review.