The International Monetary Fund has proposed a three-month extension of Ghana’s Extended Credit Facility (ECF) programme, aimed at enabling the completion of outstanding reforms and facilitating the sixth and final review under the arrangement.
The proposal is contained in the IMF’s Fifth Review under the ECF arrangement, documented in IMF Country Report No. 25/343, which was completed on December 3, 2025, following discussions with Ghanaian authorities that ended on October 10, 2025.
According to the Fund, the current ECF arrangement is scheduled to expire on May 16, 2026, but the proposed extension would run through August 16, 2026.
“A three-month ECF extension is proposed to implement reforms underpinning the sixth and last review,” the IMF stated in the report.
The Fund explained that the extension would provide additional time for policy discussions and procedural requirements necessary for programme completion. “The extension through August 16, 2026, would help reach an understanding on the policies supporting completion of the sixth review, while allowing sufficient time to prepare and circulate Board documents,” the report noted.
The IMF said the proposal follows policy and reform setbacks recorded in 2024, which required corrective measures by the new administration after assuming office in January 2025.
“Facing policy and reforms setbacks in 2024, the new authorities introduced strong measures to steer the IMF-supported program back on track,” the Fund observed.
The proposed extension was discussed as part of the IMF Executive Board’s meeting on December 17, 2025, when the Board completed the Fifth Review and approved further disbursements under the programme.
While acknowledging that macroeconomic stabilization is now taking hold, the IMF stressed that additional time under the programme is necessary to fully entrench reforms, particularly in public financial management, revenue mobilization, governance and state-owned enterprise oversight.
The Fund also pointed to Ghana’s continued exposure to downside risks, including commodity price volatility, external shocks and delays in completing debt restructuring, as justification for maintaining programme engagement through the final review.
“Steadfast implementation of the policy and reform agenda remains essential to fully restore macroeconomic stability and debt sustainability,” the IMF emphasized.
Despite the risks, the IMF maintained a positive medium-term outlook, projecting that Ghana’s economic growth would return to its estimated potential rate of about 5 percent from 2026 onwards, provided fiscal discipline is preserved and reforms continue.
The proposed three-month extension remains subject to approval by the IMF Executive Board and agreement with the Ghanaian authorities.
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