IMF optimistic about Ghana’s post-programme outlook

The International Monetary Fund has expressed confidence in Ghana’s economic trajectory ahead of the country’s exit from its IMF-supported programme in August 2026, while cautioning that fiscal discipline must remain a priority to protect the gains made.

Abebe Aemro Selassie, Director of the IMF’s Africa Department, made the remarks in Washington D.C. during the release of the Africa Economic Outlook, acknowledging the structural reforms Ghana has pursued over the past three years.

“We are encouraged by the reforms Ghana has undertaken and how these will shape the economy when the programme ends,” he said, noting that the country’s position had improved considerably from where it stood before the programme began.

He however stressed the need for balance going forward. “It is critical to ensure a continued balance between addressing development needs and avoiding a return to the sustainability challenges that necessitated the programme,” Selassie said.

On the question of safeguards against a relapse, Selassie placed the responsibility squarely on Ghanaians. “This is for the people of Ghana, the government, the private sector, and civil society. It is not for the IMF,” he said.

Ghana entered its $3 billion Extended Credit Facility with the IMF in May 2023. To date, approximately $2.8 billion has been disbursed following the successful completion of the fifth programme review, with the IMF describing overall implementation as broadly satisfactory.

The programme has since been extended by three months to August 2026 to allow completion of the sixth and final review. IMF Resident Representative Dr. Adrian Alter described the extension as purely technical, explaining it was necessary to assess full-year 2025 data and first-quarter 2026 outcomes.

Separately, IMF Managing Director Kristalina Georgieva revealed that the Fund is weighing a support package of between $20 billion and $50 billion for countries affected by the ongoing Middle East crisis, with African and low-income nations identified as among the hardest hit. Selassie added that options being explored include additional financing through existing instruments, rephasing access under current programmes, and considering new programme requests.