Ghana has made strong progress under the International Monetary Fund’s (IMF) Extended Credit Facility (ECF) programme and is well-placed for its upcoming fifth review, according to Stanbic Bank Ghana.
The Manager for Global Markets at Stanbic Bank Ghana, Oforiwa Attipoe, said the country’s improved economic performance, fiscal discipline and progress in debt restructuring had boosted investor confidence and placed the economy on a firmer footing.
“The fifth review is not just a check-in; it is a milestone that reflects how far Ghana has come,” Mrs Attipoe told CNBC Africa. “Inflation is down, fiscal controls are stronger, and the country is on track to achieve its targets under the ECF programme.”
Since the $3 billion programme was launched in May 2023, Ghana has received $2.3 billion in disbursements aimed at stabilising the economy and restoring market confidence. Two tranches worth $370 million remain outstanding, with the fifth review expected to be key in unlocking the next release of funds.
Inflation has declined consistently for eight consecutive months, dropping from 23.5 per cent in January 2023 to 11.5 per cent in August 2025. Analysts expect Ghana to meet its year-end inflation target of 10.7 per cent, with a return to single-digit inflation projected in 2026.
The Bank of Ghana has also introduced measures to stabilise the cedi and enhance liquidity in the foreign exchange market, including redirecting inflows from mining companies through commercial banks. These actions have helped strengthen the currency and support trade flows.
The IMF’s fifth review will assess fiscal performance, debt restructuring and structural reforms designed to improve governance and public financial management. Mrs Attipoe emphasised that Ghana’s efforts in these areas were central to maintaining recovery momentum and reinforcing global investor trust.
“With two reviews left before the programme concludes in May 2026, Ghana is determined to maintain fiscal discipline and build on the progress achieved. A successful fifth review will not only unlock additional funding but also signal to global markets that Ghana’s economic turnaround is firmly on course,” she said.