IMF Proposes 3-Month Extension for Ghana’s Bailout Programme
- The IMF has proposed a three-month extension of Ghana’s Extended Credit Facility programme to allow more time to complete required reforms
- If approved, Ghana’s Extended Credit Facility programme will now end in August 2026 instead of the initial date in May 2026
- The Fund says the extension will support the final review and adjustments to key programme targets
The International Monetary Fund (IMF) has proposed a three-month extension of Ghana’s Extended Credit Facility (ECF) programme to allow more time for reforms needed to complete the sixth and final review. If approved, the programme’s end date would move from May to August 2026.
The extension aims to support the implementation of key policy measures and allow sufficient time to prepare and circulate Board documents.
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Alongside the extension, the IMF proposed revisions to Ghana’s Indicative Targets (ITs) and Monetary Policy Consultation Clause (MPCC) to reflect recent macroeconomic developments.
Ghana’s 36-month ECF, approved in May 2023, provides access to SDR 2.2419 billion (about $3 billion). Following the fifth programme review, Ghana has received approximately $2.8 billion.
The IMF described programme implementation as broadly satisfactory, noting that all performance criteria and indicative targets for June 2025 were met.
Three prior actions were completed ahead of the fifth review, including auditing 2024 payables, cleaning up the taxpayer registry, and submitting the 2026 budget to Parliament.
Progress has also been made on previously missed structural benchmarks, such as the strategy for state-owned banks, which was implemented in September 2025.
IMF Deal: Mahama rules out extension
In an earlier publication, YEN.com.gh reported that President John Mahama assured Ghanaians that his administration would not extend the IMF deal beyond the agreed end date.
President Mahama insisted that his administration is committed to adhering to the existing bailout programme.
He further outlined key proposals his administration presented to the IMF following a visit from the mission's staff.
Source: YEN.com.gh
