The Executive Board of the International Monetary Fund (IMF) is expected to meet in the first week of December to consider Ghana’s Fifth Programme Review.
Sources with knowledge of Ghana’s IMF programme in Washington, D.C., told Joy Business that this date follows a staff-level agreement reached with Ghana in October 2025.
According to insiders, the board meeting is scheduled for December to allow sufficient time for the final staff report on Ghana to be prepared for the Executive Board’s consideration.
A key document currently awaited is the Audit Report on Arrears, which is expected to be released by the government later this week.
The report will undergo scrutiny across several IMF departments before submission to IMF Management for review.
Following this process, a slot will be secured for the Executive Board to assess the report. If Ghana passes the assessment, the board is expected to approve a disbursement of approximately $380 million to the Bank of Ghana, likely before mid-December 2025.
Sources indicate that, given Ghana’s current performance, it is highly likely the Executive Board will approve the Fifth Programme Review.
Impact on Markets and Investors
Market analysts note that the significance of the board approval goes beyond the US$380 million disbursement.
The decision will send a strong signal to donors and investors about Ghana’s commitment to fiscal discipline and adherence to IMF programme conditions.
Government officials have also assured markets that fiscal discipline will continue after Ghana exits the IMF programme in May 2026.
While concerns have been raised about the risk of unsustainable spending post-programme, sources insist that Ghana’s current performance under the IMF demonstrates a strong commitment to prudent economic management.
To further bolster investor confidence, the government is reportedly considering subscribing to one of the IMF’s policy instruments, though not a full programme.
Officials argue this would provide an additional signal of stability and assure markets that fiscal discipline will be maintained.
IMF Highlights Ghana’s Progress
The IMF has acknowledged Ghana’s meaningful progress in establishing a foundation for fiscal discipline post-programme.
During a press conference in Washington, D.C., IMF Director of Communications Julie Kozack highlighted key initiatives, including a revamped fiscal responsibility framework, the establishment of an independent fiscal council, and improvements in public financial management aimed at enhancing the efficiency of public spending.
Fifth Programme Review Details
On October 10, 2025, the IMF announced it had reached a staff-level agreement with Ghana following a two-week mission to assess developments on the ground.
The agreement is subject to IMF Management approval and Executive Board consideration.
Once the Executive Board review is complete, Ghana will have access to SDR 267.5 million (approximately $385 million), bringing total IMF financial support under the arrangement since May 2023 to SDR 1,975.5 million (about $2,825 million).
The IMF staff report also commended Ghana’s progress in key areas, including debt restructuring, fiscal consolidation, energy sector reforms, foreign exchange operations, and financial sector resilience.
“The authorities are making progress on debt restructuring, fiscal consolidation, energy sector reforms, foreign exchange operations, and financial sector resilience,” the report noted.
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