The International Monetary Fund (IMF) has clarified that the recent extension of Ghana’s Extended Credit Facility (ECF) programme to August 2026 is a
The International Monetary Fund (IMF) has clarified that the recent extension of Ghana’s Extended Credit Facility (ECF) programme to August 2026 is a technical adjustment aimed at finalising reviews, not a reflection of missed targets by the government.
Dr Adrian Alter, the IMF Resident Representative in Ghana, explained that the extension provides additional time to assess economic data for the end of 2025 and the first quarter of 2026.
Dr Alter dismissed reports suggesting the extension was prompted by Ghana’s failure to meet critical performance indicators.
“The government has made significant progress under the IMF programme and remains on track to complete it as scheduled,” he stated.
He further clarified that the extension was mutually agreed upon between Ghana and the IMF and subsequently approved by the IMF Board during the fifth programme review.
Background to the programme reveals that the 36-month ECF arrangement was approved in May 2023, granting access equivalent to about US$3 billion.
Following the successful completion of the fifth review, Ghana has already received approximately US$2.8 billion.
According to the IMF, the programme’s extension, initially scheduled to end in May 2026, will now run through August 16, 2026, to allow for implementation of reforms underpinning the sixth and final review.
The IMF also announced proposed modifications to the programme, including adjustments to the primary balance and non-oil revenue indicative targets at the end of March 2026 to reflect macroeconomic developments, while maintaining the fiscal effort relative to GDP.
Additionally, the Monetary Policy Consultation Clause bands for December 2025 and March 2026 are expected to be revised downward to account for evolving disinflation trends.
Despite the positive trajectory of programme implementation, Dr Alter cautioned that the macroeconomic outlook remains vulnerable to external shocks, such as commodity price volatility and confidence effects from potential policy slippages.
He also highlighted the risks posed by delays in the country’s comprehensive debt restructuring.
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