Ghana has commenced the sixth review of its economic programme under the Extended Credit Facility with the International Monetary Fund (IMF), with government highlighting recovery gains while cautioning against lingering risks.
Finance Minister Cassiel Ato Forson welcomed the IMF mission team led by Ruben Atoyan, describing recent years as a “transformative” period for the economy.
“As I reflected on the journey from the depths of the 2022 crisis to this key review, one thing was clear: this has been a long, demanding, but ultimately transformative partnership between Ghana and the Fund. It is, in every material sense, a success. Together, we have stabilised the economy. We have restored credibility. we have given renewed hope to the Ghanaian people.” he said.
Ghana has so far received five disbursements under the programme. The first followed its approval in May 2023, with subsequent tranches released after successful reviews. The most recent, a $380 million disbursement approved in January 2026, brings total receipts to over $2.8 billion.
According to Dr. Forson, the programme has delivered three key outcomes: stabilising the economy after the 2022 crisis, restoring credibility with international investors and lenders, and rebuilding public confidence through clearer economic direction.
Despite these gains, he warned against complacency. “Progress does not permit complacency,” he stated, signalling a shift beyond short-term programme targets toward long-term economic sustainability.
He described the IMF engagement as a transformative partnership, driven by difficult policy decisions and disciplined fiscal management. However, youth unemployment, currently at 12.8%, remains the most pressing challenge. He cautioned that failure to generate enough private-sector jobs could place further strain on public finances.
Looking ahead, government plans to deepen reforms by strengthening policy credibility, enforcing fiscal discipline, and boosting investor confidence. The aim is to translate macroeconomic stability into tangible outcomes such as job creation, increased investment, and broader economic opportunities.
The IMF team commended Ghana’s progress, describing the sixth review as a “major milestone” in the country’s recovery journey. The review engagement included key members of the economic management team, notably Johnson Asiama and Deputy Finance Minister Thomas Ampem Nyarko.
While Ghana has made notable progress toward stabilisation, the next phase will be critical in ensuring that recovery translates into inclusive growth, particularly through job creation for the country’s expanding youth population.
Ghana’s $3 billion IMF-backed Extended Credit Facility, approved in May 2023, is designed to support post-COVID economic recovery, restore debt sustainability, and rebuild investor confidence through phased disbursements tied to reform implementation.
The IMF noted improvements in key indicators, including foreign reserves, a narrowing fiscal deficit, and stronger growth, largely driven by mining, gold exports, and gains in public sector efficiency.
Story by: Francis Sowah
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