The International Monetary Fund (IMF) has proposed a three-month extension of Ghana’s Extended Credit Facility (ECF) programme to allow more time for the country to complete reforms required for the sixth and final review.
The Fund explained that the extension is intended to support the implementation of outstanding policy measures necessary to conclude the final programme assessment.
The proposal was contained in the IMF Staff Report released after the Executive Board approved Ghana’s fifth programme review.
If approved, the extension would move the end date of Ghana’s ECF arrangement from May 2026 to August 2026. According to the IMF, extending the programme through August 16, 2026, would create sufficient time to reach agreement on policies underpinning the sixth review and to prepare and circulate the required Board documentation.
Beyond the proposed extension, the IMF is also recommending changes to Ghana’s programme framework.
These include revisions to the Indicative Targets (ITs) and the Monetary Policy Consultation Clause (MPCC) to reflect current macroeconomic conditions.
The Fund noted that by the end of March 2026, indicative targets for the primary balance and non-oil revenue will be adjusted while maintaining the overall fiscal effort relative to gross domestic product.
Additionally, the MPCC bands for December 2025 and March 2026 are expected to be revised downward to better account for the impact of recent macroeconomic developments on projected disinflation trends.
The IMF also reported progress on structural benchmarks that were missed during the fourth review. It disclosed that the strategy for state-owned banks, initially scheduled for completion in April 2024, was eventually implemented in September 2025.
Furthermore, the Fund commended Ghanaian authorities for advances in operationalising indicative targets, which have been rephased into three stages.
The first phase, which addresses key elements of previously missed structural benchmarks, has now been reset as a new end-March 2026 structural benchmark.
