IMF to Review Ghana's Programme, $300m Disbursement Expected
The International Monetary Fund (IMF) Executive Board is scheduled to meet today, December 17, 2025, to deliberate on Ghana’s Fifth Programme Review.
JOYBUSINESS has learned that the board date was secured following a staff-level agreement reached in October 2025, coupled with substantial progress on key benchmarks and targets outlined in the IMF-supported programme.
Sources familiar with the meeting indicate that the government has diligently implemented crucial reforms since the October agreement, clearing the path for the IMF Executive Board to review the staff report. A key requirement, the Audit Report on Arrears, was finalised in November 2025.
The staff report itself has undergone rigorous examination by various departments within the IMF over recent months. According to sources close to the IMF in Washington, D.C., once a staff report reaches the board consideration stage, approval is highly probable, as it signifies fulfillment of all necessary preconditions.
Positive Outlook for Review Approval
Strong indications suggest the IMF Board will approve Ghana’s Fifth Programme Review, authorising the disbursement of approximately $380 million to the Bank of Ghana. JOYBUSINESS understands these funds could be available to the Bank of Ghana before the year concludes.
This optimistic outlook is rooted in Ghana’s current performance under the IMF programme and its commitment to implementing agreed-upon reforms.
Boosting Confidence and Ensuring Stability
Market analysts believe securing board approval will significantly bolster donor and investor confidence, particularly given the ongoing stabilisation of the cedi. “This approval is a strong signal to both local and international investors, demonstrating Ghana’s dedication to fiscal discipline and adherence to IMF conditions,” one analyst stated.
Government officials have consistently reassured the markets that fiscal prudence will be maintained even after the IMF programme concludes in May 2026. While concerns remain regarding potential unsustainable spending post-programme, sources emphasize Ghana’s current performance as evidence of a firm commitment to responsible economic management.
To further solidify investor confidence, the government is reportedly exploring subscription to one of the IMF’s policy instruments, though not a full-fledged programme. Officials believe this move would provide an additional layer of stability and reassure markets about sustained fiscal discipline.
The IMF has acknowledged Ghana’s strides in establishing a foundation for post-programme fiscal stability. IMF Director of Communications, Julie Kozack, speaking at a press conference in Washington, D.C., 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.
Background: Staff-Level Agreement and Review Process
On October 10, 2025, the IMF announced a staff-level agreement with Ghana following a two-week assessment of economic developments. This agreement was contingent upon approval by IMF Management and subsequent consideration by the Executive Board.
Upon completion of the board review, Ghana will have access to SDR 267.5 million (roughly $385 million), bringing the total IMF financial support since May 2023 to SDR 1,975.5 million (approximately $2.83 billion). The IMF staff report also praised Ghana’s progress in crucial areas such as debt restructuring, fiscal consolidation, energy-sector reforms, foreign exchange operations, and strengthening the financial sector. “The authorities are making progress on debt restructuring, fiscal consolidation, energy sector reforms, foreign exchange operations, and financial sector resilience,” the report noted.
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