IMF Board to consider Ghana’s 4th programme review on July 7, 2025
The International Monetary Fund (IMF) will hold a crucial Executive Board meeting on July 7, 2025, to conduct the fourth review of Ghana’s $3 billion Extended Credit Facility (ECF) programme. This review will determine the release of the next tranche of financial support and assess the country's progress in implementing structural and fiscal reforms.
IMF Executive Board to Review Ghana’s Economic Programme on July 7, 2025
The International Monetary Fund (IMF) has officially scheduled July 7, 2025, as the date for its Executive Board meeting to consider Ghana’s fourth programme review under the ongoing $3 billion Extended Credit Facility (ECF) agreement.
The review is a key milestone in Ghana’s three-year IMF-supported programme, aimed at stabilizing the economy, restoring fiscal discipline, and promoting sustainable growth. A successful outcome will pave the way for the disbursement of the next tranche of funds to support Ghana's economic recovery and development agenda.
The review follows Ghana’s continued implementation of structural reforms, revenue mobilization measures, and debt restructuring efforts as part of its Post-COVID-19 Programme for Economic Growth (PC-PEG).
According to the Ministry of Finance, Ghana has made “significant progress” in meeting performance targets, including a primary fiscal surplus, reduced inflation, and enhanced central bank independence. The upcoming board review will assess the veracity of these claims, backed by IMF staff mission findings and economic data.
“We are hopeful of a positive outcome, which will reinforce market confidence and support our macroeconomic stability agenda,” a senior government source noted.
A positive review is also expected to unlock further budgetary support from bilateral and multilateral partners, including the World Bank and African Development Bank, while reinforcing Ghana’s credibility in international markets.
Ghana’s programme with the IMF was approved in May 2023, with the first tranche disbursed shortly thereafter. The third review, completed in April 2025, acknowledged improvements in revenue collection and macroeconomic indicators, but flagged the need for deeper structural reforms and stronger expenditure controls.
The fourth review will be particularly significant as it will also consider Ghana’s progress in finalizing agreements with official and private creditors under the G20 Common Framework for debt restructuring.
The outcome of the July 7 meeting will likely influence Ghana’s economic and political landscape ahead of the country’s 2024/2025 budget cycle and the upcoming 2024 general elections
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