The Executive Board of the International Monetary Fund (IMF) is expected to consider Ghana’s sixth and final review under the Extended Credit Facility (ECF) programme today, a decision that could unlock a final disbursement of about US$318 million to the country.
The approval of the IMF final ECF review for Ghana would formally bring the country’s three-year IMF bailout programme to an end and pave the way for a new phase of economic reforms under a 36-month Policy Coordination Instrument (PCI).
Joybusiness reports that the IMF Board will also consider Ghana’s request for the PCI, a non-financing arrangement designed to guide the country’s economic policies and reforms after the conclusion of the ECF programme.
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Unlike the ECF, the PCI does not provide direct financial assistance. Instead, it provides closer policy engagement with the IMF and demonstrates a country’s commitment to maintaining sound economic policies and implementing structural reforms.
The arrangement is also expected to help strengthen investor confidence, attract development support and maintain macroeconomic stability.
Why ECF review
The IMF Board meeting follows a staff-level agreement reached between Ghana and the Fund in April after an IMF mission to Accra.
The government has since met key quantitative and structural targets required for the IMF final ECF review to receive Board approval.
Among the measures are decisions relating to the recapitalisation and governance reforms of UMB Bank and Prudential Bank, as well as other prior actions agreed under the IMF-supported programme.
Although Ghana is expected to be considered alongside other countries on the IMF Executive Board’s agenda, approval of the review would mark the formal completion of the country’s three-year ECF programme.
Earlier this year, IMF Mission Chief for Ghana, Dr Ruben Atoyan, told JOYBUSINESS that approval of the final review would trigger the release of more than US$318 million to the Bank of Ghana.
New IMF policy phase
Finance Minister Dr Cassiel Ato Forson has already indicated that Ghana is preparing to transition from the ECF programme to the proposed 36-month PCI.
Presenting the 2026 Mid-Year Budget Review, Dr Forson said the PCI would anchor the next phase of Ghana’s economic reforms, preserve recent macroeconomic gains and strengthen the country’s resilience.
The Finance Minister identified six priority areas that would guide the new policy framework.
These are:
- Growth-friendly fiscal consolidation
- Debt sustainability
- Fiscal transparency and governance
- Stronger monetary and exchange rate policy frameworks
- Financial sector stability
- Economic diversification
Dr Forson said the PCI would help Ghana consolidate the gains made under the IMF-supported programme while strengthening investor confidence and policy credibility.
Economic gains
An IMF staff team led by Dr Ruben Atoyan visited Accra from April 29 to May 15 for Ghana’s 2026 Article IV consultation, the sixth and final ECF review and discussions on the country’s request for a PCI.
At the end of the mission, the IMF said Ghana had recorded “substantial stabilisation gains”.
The Fund highlighted lower inflation, stronger international reserves, improved confidence in the cedi and progress in the country’s debt restructuring process.
However, the IMF also urged the government to continue implementing critical structural reforms, particularly in the energy sector.
The Fund has called for measures to improve efficiency at the Electricity Company of Ghana (ECG), including greater private sector participation.
Ghana’s IMF Programme
Ghana entered into the 36-month ECF arrangement with the IMF in May 2023, with access to about US$3 billion.
The programme was designed to help restore macroeconomic stability, implement fiscal reforms and support Ghana’s debt restructuring efforts.
If the IMF Executive Board approves the sixth and final review, Ghana will receive the final ECF disbursement of about US$318 million, bringing the bailout programme to a formal close.
The transition to the PCI will then provide a framework for Ghana to continue strengthening its economic policies, maintaining fiscal discipline and deepening structural reforms without receiving direct financing from the IMF.