The Executive Board of the International Monetary Fund (IMF) is expected to meet today, December 17, 2025, to consider Ghana’s Fifth Programme Review under the IMF-supported programme.
JoyBusiness understands that Ghana secured the board date following a staff-level agreement reached in October 2025, as well as significant progress made on key benchmarks and targets under the programme.
According to sources with knowledge of the meeting, the government implemented several key reforms after the October staff-level agreement, paving the way for the IMF Executive Board to review the staff report.
One of the critical requirements, including the Audit Report on Arrears, was completed and finalised in November 2025.
The staff report to be considered by the IMF Board has also undergone extensive scrutiny across various IMF departments over the past few months.
Sources close to the IMF in Washington, D.C., told JoyBusiness that once a staff report is formally scheduled for board consideration, it is usually challenging to reject, as it would have met all required preconditions.
Passing the Fifth Programme Review
There are strong indications that the IMF Board will approve Ghana’s Fifth Programme Review and authorise the disbursement of about $380 million to the Bank of Ghana.
JoyBusiness understands that the funds could hit the Bank of Ghana’s account before the end of 2025.
This expectation is based on Ghana’s current performance under the IMF programme and on progress in meeting the agreed reforms.
Impact and Benefits
Market analysts say securing board approval would significantly boost donor and investor confidence, especially as the cedi continues to stabilise.
The decision is expected to send a strong signal to both local and international investors about Ghana’s commitment to fiscal discipline and adherence to IMF programme conditions.
Government officials have also assured the markets that fiscal discipline will be maintained even after Ghana exits the IMF programme in May 2026.
While concerns persist about the risk of unsustainable spending post-programme, sources insist that Ghana’s current performance demonstrates a strong commitment to prudent economic management.
To further strengthen investor confidence, the government is reportedly considering subscribing to one of the IMF’s policy instruments, though not a full programme.
Officials believe this would provide an additional signal of stability and reassure markets that fiscal discipline will be sustained.
The IMF has acknowledged Ghana’s progress in laying the foundation for post-programme fiscal discipline.
Speaking at a press conference in Washington, D.C., IMF Director of Communications, Julie Kozack, highlighted key reforms, including a revamped fiscal responsibility framework, the establishment of an independent fiscal council, and improvements in public financial management to enhance spending efficiency.
Staff-Level Agreement and Fifth Programme Review
On October 10, 2025, the IMF announced that it had reached a staff-level agreement with Ghana after a two-week mission to assess economic developments.
The agreement was subject to IMF Management approval and Executive Board consideration.
Once the board review is completed, Ghana will gain access to SDR 267.5 million (approximately $385 million), bringing total IMF financial support since May 2023 to SDR 1,975.5 million (about $2.83 billion).
The IMF staff report also commended Ghana’s progress in key reform areas, including debt restructuring, fiscal consolidation, energy-sector reforms, foreign exchange operations, and financial-sector resilience.
“The authorities are making progress on debt restructuring, fiscal consolidation, energy sector reforms, foreign exchange operations, and financial sector resilience,” the report noted.
IMF Board to Consider Ghana’s Fifth Programme Review Today, $300m+ Disbursement Expected
The Executive Board of the International Monetary Fund (IMF) is expected to meet today, December 17, 2025, to consider Ghana’s Fifth Programme Review under the IMF-supported programme.
JOYBUSINESS understands that Ghana secured the board date following a staff-level agreement reached in October 2025, as well as significant progress made on key benchmarks and targets under the programme.
According to sources with knowledge of the meeting, the government implemented several key reforms after the October staff-level agreement, paving the way for the IMF Executive Board to review the staff report.
One of the critical requirements, including the Audit Report on Arrears, was completed and finalised in November 2025.
The staff report to be considered by the IMF Board has also undergone extensive scrutiny across various IMF departments over the past few months.
Sources close to the IMF in Washington, D.C., told JOYBUSINESS that once a staff report is formally scheduled for board consideration, it is usually challenging to reject, as it would have met all required preconditions.
Passing the Fifth Programme Review
There are strong indications that the IMF Board will approve Ghana’s Fifth Programme Review and authorise the disbursement of about $380 million to the Bank of Ghana.
JOYBUSINESS understands that the funds could hit the Bank of Ghana’s account before the end of 2025.
This expectation is based on Ghana’s current performance under the IMF programme and progress made in meeting agreed reforms.
Impact and Benefits
Market analysts say securing board approval would significantly boost donor and investor confidence, especially as the cedi continues to stabilise.
The decision is expected to send a strong signal to both local and international investors about Ghana’s commitment to fiscal discipline and adherence to IMF programme conditions.
Government officials have also assured the markets that fiscal discipline will be maintained even after Ghana exits the IMF programme in May 2026.
While concerns persist about the risk of unsustainable spending post-programme, sources insist that Ghana’s current performance demonstrates a strong commitment to prudent economic management.
To further strengthen investor confidence, the government is reportedly considering subscribing to one of the IMF’s policy instruments, though not a full programme.
Officials believe this would provide an additional signal of stability and reassure markets that fiscal discipline will be sustained.
The IMF has acknowledged Ghana’s progress in laying the foundation for post-programme fiscal discipline.
Speaking at a press conference in Washington, D.C., IMF Director of Communications, Julie Kozack, highlighted key reforms, including a revamped fiscal responsibility framework, the establishment of an independent fiscal council, and improvements in public financial management to enhance spending efficiency.
Staff-Level Agreement and Fifth Programme Review
On October 10, 2025, the IMF announced that it had reached a staff-level agreement with Ghana after a two-week mission to assess economic developments.
The agreement was subject to IMF Management approval and Executive Board consideration.
Once the board review is completed, Ghana will gain access to SDR 267.5 million (approximately $385 million), bringing total IMF financial support since May 2023 to SDR 1,975.5 million (about $2.83 billion).
The IMF staff report also commended Ghana’s progress in key reform areas, including debt restructuring, fiscal consolidation, energy-sector reforms, foreign exchange operations, and financial-sector resilience.
“The authorities are making progress on debt restructuring, fiscal consolidation, energy sector reforms, foreign exchange operations, and financial sector resilience,” the report noted.