Editorial: Sixth Review of IMF programme underway

As the Sixth Review of the International Monetary Fund US$3billion Extended Credit Facility programme gets underway, the IMF mission led by Ruben Atoyan observed that the reform agenda has delivered “strong and measurable outcomes” including improved credibility and renewed confidence among investors.

Ghana has officially begun the sixth review of its programme with the International Monetary Fund (IMF). Finance minister Cassiel Ato Forson said policy discipline and difficult decisions have underpinned the recovery, but added that “progress does not permit complacency”.

The sixth review follows completion of the fifth review in December 2025, which unlocked about US$385million and confirmed that the country’s performance under the programme had been broadly satisfactory.

At that stage, all quantitative performance criteria were met and macroeconomic stabilisation was gaining traction – supported by stronger-than-expected growth and declining inflation.

The  current review’s focus is increasingly on policy execution. Dr. Forson indicated that the next phase of reforms will prioritise translating macroeconomic stability into tangible economic outcomes. “We must ensure that stability translates into more investment, more jobs and more opportunities for all.”

This emphasis reflects a broader shift in the programme’s objectives toward private sector-led growth.

Previously, the IMF identified weaknesses in state-owned enterprises – particularly in the energy sector – as ongoing fiscal risks requiring sustained policy attention.

The Bank of Ghana has begun a cautious easing cycle following a decline in inflation and improved external conditions. The IMF has advised that further easing should be gradual and data-dependent to safeguard recent disinflation gains and maintain exchange rate stability.

The  sixth review’s outcome is likely to shape Ghana’s policy direction over the near-term. In December 2025, the IMF described the fifth review as a “significant milestone” and acknowledged Ghana’s strong reform efforts.

Dr. Forson said although key macroeconomic indicators have improved significantly, government’s focus is now on the trajectory ahead – including shaping the next phase of reforms. Key decisions will be taken before the IMF mission ends to shape the next phase of Ghana’s economic reform agenda.

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