The IMF approved Ghana’s 36-month ECF arrangement in May 2023
The International Monetary Fund (IMF) has proposed a three-month extension of Ghana’s Extended Credit Facility (ECF) program to allow time for the completion of the required sixth and final review.
According to the Fund, if approved, the extension will shift the program’s end date from May 2026 to August 2026.
The IMF explained that the additional period is intended to support the implementation of outstanding policy measures and provide sufficient time for the preparation and circulation of documents for consideration by its Executive Board.
The proposal was announced following the IMF Executive Board’s approval of Ghana’s fifth program review.
The Fund is also recommending adjustments to elements of the program framework.
These include revisions to selected Indicative Targets (ITs) and the Monetary Policy Consultation Clause (MPCC) to reflect evolving macroeconomic conditions.
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Under the proposed changes, the primary balance and non-oil revenue targets for end-March 2026 will be revised, while maintaining the overall fiscal effort as a share of gross domestic product.
In addition, the MPCC bands for December 2025 and March 2026 are expected to be adjusted downward to better reflect recent macroeconomic developments and projected disinflation trends.
Ghana’s 36-month ECF arrangement was approved in May 2023, granting access equivalent to 303.8 per cent of the country’s IMF quota, amounting to SDR 2.2419 billion, or approximately US$3 billion.
The IMF has assessed Ghana’s program performance as satisfactory, noting that all performance criteria and indicative targets for end-June 2025 were met.
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