Ghana Has Laid Right Foundation for Fiscal Discipline Post-IMF Programme – IMF

October 5,2025 

The International Monetary Fund has commended Ghana for making meaningful progress towards laying the foundation for fiscal discipline beyond the programme's completion in May 2026.

The IMF's Director of Communications, Julie Kozack, disclosed this in response during a press conference in Washington, DC. She maintained that Ghana has put in place key reforms that should last beyond the programme period.

Kozack highlighted several lasting reforms including "a revamped fiscal responsibility framework, the establishment of an independent fiscal council, and improvement in public financial management which aims at improving and supporting the efficiency of public spending."

She explained that the Fiscal Responsibility Framework includes a primary balance rule requiring an annual primary fiscal surplus of at least 1.5% of GDP, and includes a public debt target of 45% of GDP. "This fiscal responsibility framework provides some guidance for policymakers as they seek to entrench fiscal discipline in Ghana," Kozack added.

The government has given firm assurance that it is taking steps to reassure investors, donors, and markets that fiscal discipline will be maintained after Ghana exits the IMF programme. Concerns have been raised that the country could slip back to unsustainable spending once the programme ends.

Government sources told Joy Business that such fears are unfounded, insisting that Ghana's current performance under the IMF arrangement demonstrates a firm commitment to prudence. To further strengthen investor confidence, officials say the government is considering subscribing to one of the IMF's policy instruments, though not a full programme, to signal stability and ensure markets remain confident.

The IMF began its fifth review of Ghana's performance on September 29 in Accra. The mission team led by Ruben Atoyan is expected to be in the country for two weeks, engaging technical staff of the Ministry of Finance and the Bank of Ghana. Kozack disclosed the team will complete their work on October 10, 2025, and will communicate their observations after the review.

If Ghana passes this review, it is expected to receive about $360 million in October 2025. The country has so far received about $2.3 billion since signing the programme. Joy Business learned that the $360 million should likely hit the Bank of Ghana's account before mid-October.

This review is the penultimate one before Ghana concludes the IMF programme in May 2026, with the final review scheduled for April 2026. The review will focus on Ghana's economic data ending June 2025, with key areas including inflation performance, sustainability of reserve build-up, audit of arrears, weak private sector banks requiring recapitalization, and fiscal policy shortfalls.

On May 17, 2023, the IMF Executive Board approved an SDR 2.242 billion (about $3 billion) 36-month Extended Credit Facility arrangement for Ghana, with funds disbursed in tranches every six months following programme reviews.