• Ghana begins final IMF review of $3 billion program

• Inflation fell to 3.2% by March 2026

• Government shifts focus to growth, plans IMF exit April 2026

Ghana has begun the sixth review of its program with the International Monetary Fund, the Finance Ministry said on Wednesday.

Ghana, IMF Begin Sixth Review

Ghana has officially begun the Sixth Review of its programme with the International Monetary Fund (IMF).

Finance Minister Dr. Cassiel Ato Forson received the IMF Mission team led by Dr. Ruben Atoyan in Accra, describing Ghana’s reform journey since… pic.twitter.com/IDBWtWS2vI

— Ministry of Finance, Ghana (@MoF_Ghana) April 29, 2026

The review is the final stage of the Extended Credit Facility (ECF) agreement signed in 2023, worth $3 billion. It assesses Ghana’s performance on economic reforms.

Overall positive performance

Since the program began, successive reviews have supported a gradual stabilization of the economy. The first two focused on emergency measures, including fiscal tightening, tax reforms and steps to restore macroeconomic credibility. Targets were broadly met during the crisis.

The third review found performance broadly satisfactory, the IMF said, with reforms starting to deliver results. These included a return to growth, a decline in inflation, improved fiscal and external balances, and progress on debt restructuring.

The fourth review was more mixed, reflecting fiscal slippages during the election period, inflation above targets and delays in reforms. The program, however, remained on track after corrective measures.

The fifth review pointed to a recovery, with improved macroeconomic indicators, renewed investor confidence and further progress on debt restructuring. Ghana broadly met IMF benchmarks, with only limited deviations later corrected.

Macroeconomic recovery continues

Economic indicators over the program period show significant improvement. Average inflation, at 31.9% in 2022, fell to 14.2% in 2025. By March 2026, it had dropped further to 3.2%, reflecting stabilization efforts.

The economy grew 5.5% in the third quarter of 2025, supported by stronger performance in agriculture and services, according to the Ghana Statistical Service. The IMF forecasts growth of 4.8% in 2026.

Public finances have also improved, with a narrower deficit and stronger fiscal discipline. The primary balance, at -3.25% of GDP in 2024, is projected to reach about 1.5% of GDP by end-December 2025, IMF data show.

Debt levels have declined following restructuring efforts. Public debt, which peaked at 93% of GDP in 2022, stood at 44.9% of GDP at end-July 2025, the central bank said. This reflects a stronger economic environment, with foreign exchange reserves rising to $10.7 billion in August 2025 and growth reaching 6.3% in the second quarter of 2025.

Shift toward growth-focused reforms

Finance Minister Cassiel Ato Forson said the government plans to shift from stabilization to structural transformation. The focus will be on policies that support private sector growth and turn stability into investment, jobs and opportunities.

Key decisions are expected before the IMF mission concludes, to define the next phase of reforms.

The government aims to create conditions that support investment, job creation and more inclusive growth. A central element is the “24-hour economy” program, designed to boost activity around the clock.

“Progress must not lead to complacency,” Forson said, stressing the need to consolidate gains and accelerate reforms.

Ghana plans to exit the IMF program by April 2026 and has set up an independent fiscal council to manage future economic challenges without IMF oversight.

Carelle Yourann