{"id":15877,"date":"2026-05-07T15:35:14","date_gmt":"2026-05-07T15:35:14","guid":{"rendered":"https:\/\/gnbcc.net\/?p=15877"},"modified":"2026-05-07T15:35:20","modified_gmt":"2026-05-07T15:35:20","slug":"sixth-imf-review-puts-spotlight-on-post-stabilisation-policy-execution","status":"publish","type":"post","link":"https:\/\/gnbcc.net\/sixth-imf-review-puts-spotlight-on-post-stabilisation-policy-execution\/","title":{"rendered":"Sixth IMF review puts spotlight on post-stabilisation policy execution"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The government has begun the sixth review of its US$3 billion Extended Credit Facility programme with the International Monetary Fund, shifting attention from macroeconomic stabilisation to the execution of policies needed to sustain growth and investor confidence.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Finance minister Cassiel Ato Forson formally received an IMF mission led by Ruben Atoyan in Accra, describing the programme as a \u201ctransformative\u201d effort that has restored stability following the 2022 economic crisis. He said the reform agenda has delivered \u201cstrong and measurable outcomes,\u201d including improved credibility and renewed confidence among investors and the public.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cIt has been a long, demanding, but ultimately transformative journey,\u201d Dr. Forson said, noting that policy discipline and difficult decisions have underpinned the recovery. He added that the government remains focused on consolidating these gains, cautioning that \u201cprogress does not permit complacency.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The sixth review follows the completion of the fifth review in December 2025, which unlocked about US$385 million and confirmed that the country\u2019s 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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Inflation has since returned to single digits for the first time since 2021, while growth has been driven by services and agriculture. The external sector has strengthened on the back of gold and cocoa exports, supporting reserve accumulation and a firmer exchange rate. Ghana\u2019s fiscal position has also improved, with the country on track to achieve a primary surplus of 1.5 percent of GDP, reflecting tighter expenditure controls and enhanced revenue mobilisation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Debt restructuring has advanced, with bilateral agreements secured and ongoing negotiations with external commercial creditors. These developments have contributed to a more sustainable debt trajectory, although completion of the restructuring process remains critical to anchoring medium-term stability.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Despite these improvements, the focus of the current review is increasingly on policy execution. Dr. Forson indicated that the next phase of reforms will prioritise translating macroeconomic stability into tangible economic outcomes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe must ensure that stability translates into more investment, more jobs and more opportunities for all,\u201d he said, adding that headline indicators alone are not sufficient to define recovery.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This emphasis reflects a broader shift in the programme\u2019s objectives toward private sector-led growth. Structural reforms aimed at improving the business environment, strengthening governance, and enhancing public sector efficiency are expected to play a central role.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The IMF has previously identified weaknesses in state-owned enterprises, particularly in the energy sector, as ongoing fiscal risks requiring sustained policy attention.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Monetary policy remains aligned with stabilisation efforts. The Bank of Ghana has begun a cautious easing cycle following a decline in inflation and improved external conditions. However, the IMF has advised that further easing should be gradual and data-dependent to safeguard recent disinflation gains and maintain exchange rate stability.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The financial sector also remains under close scrutiny. Authorities have continued implementing bank recapitalisation plans and reforms to address non-performing loans, although vulnerabilities persist, particularly among state-owned banks. Strengthening supervision and resolution frameworks is expected to remain a priority under the programme.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The outcome of the sixth review is likely to shape Ghana\u2019s policy direction over the near term. Dr. Forson said \u201ccritical decisions\u201d will be taken before the IMF mission concludes, with a focus on reinforcing reform discipline, strengthening policy credibility, and sustaining investor confidence.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In December 2025, the IMF described the fifth review as a \u201csignificant milestone\u201d and acknowledged Ghana\u2019s strong reform efforts, signalling continued support as the country transitions from stabilisation to a more growth-oriented phase.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Click <strong><a href=\"https:\/\/thebftonline.com\/2026\/04\/30\/sixth-imf-review-puts-spotlight-on-post-stabilisation-policy-execution\/\" rel=\"nofollow noopener\" target=\"_blank\">here<\/a><\/strong> for source.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government has begun the sixth review of its US$3 billion Extended Credit Facility programme with the International Monetary Fund, shifting attention from macroeconomic stabilisation to the execution of policies needed to sustain growth and investor confidence. Finance minister Cassiel Ato Forson formally received an IMF mission led by Ruben Atoyan in Accra, describing the<\/p>\n","protected":false},"author":10,"featured_media":15878,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"yes","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[153],"tags":[],"class_list":["post-15877","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-articles"],"jetpack-related-posts":[{"id":15983,"url":"https:\/\/gnbcc.net\/imf-backs-post-bailout-framework-as-govt-pursues-fiscal-credibility\/","url_meta":{"origin":15877,"position":0},"title":"IMF backs post-bailout framework, as gov\u2019t pursues fiscal credibility","author":"Grace Agorigo","date":"May 22, 2026","format":false,"excerpt":"The government has secured International Monetary Fund (IMF) staff-level backing for a new three-year Policy Coordination Instrument (PCI), marking the country\u2019s transition from crisis-era financing under the Extended Credit Facility (ECF) toward a reform-focused framework aimed at preserving macroeconomic stability and restoring long-term investor confidence. The IMF said its staff\u2026","rel":"","context":"In &quot;News Articles&quot;","block_context":{"text":"News Articles","link":"https:\/\/gnbcc.net\/category\/news-articles\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/05\/SNBN-11.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/05\/SNBN-11.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/05\/SNBN-11.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/05\/SNBN-11.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/05\/SNBN-11.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":18951,"url":"https:\/\/gnbcc.net\/finance-minister-begins-consultations-with-trade-ministry-on-new-economy-programme\/","url_meta":{"origin":15877,"position":1},"title":"Finance Minister begins consultations with Trade Ministry on New Economy Programme","author":"Paul N.","date":"September 4, 2026","format":false,"excerpt":"Finance Minister Dr Cassiel Ato Forson has begun consultations on Ghana\u2019s New Economy programme, which aims to shift the country from economic stabilisation towards job creation, wealth generation and sustainable growth.","rel":"","context":"In &quot;News Articles&quot;","block_context":{"text":"News Articles","link":"https:\/\/gnbcc.net\/category\/news-articles\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/09\/ESQ-Elsie-46.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/09\/ESQ-Elsie-46.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/09\/ESQ-Elsie-46.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/09\/ESQ-Elsie-46.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/09\/ESQ-Elsie-46.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":13466,"url":"https:\/\/gnbcc.net\/govt-imf-reach-staff-level-deal-on-5th-ecf-review\/","url_meta":{"origin":15877,"position":2},"title":"Gov\u2019t, IMF reach staff-level deal on 5th ECF review","author":"Michael Teye","date":"October 17, 2025","format":false,"excerpt":"Ghana has reached a staff-level agreement with the International Monetary Fund (IMF) on the fifth review of its US$3.2 billion Extended Credit Facility (ECF), paving the way for the disbursement of about US$385 million once approved by the IMF Executive Board.","rel":"","context":"In &quot;News Articles&quot;","block_context":{"text":"News Articles","link":"https:\/\/gnbcc.net\/category\/news-articles\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2025\/10\/IMF-approves-Egypts-additional-5bn-funding-820m-to-be-disbursed-.jpeg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2025\/10\/IMF-approves-Egypts-additional-5bn-funding-820m-to-be-disbursed-.jpeg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2025\/10\/IMF-approves-Egypts-additional-5bn-funding-820m-to-be-disbursed-.jpeg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":16100,"url":"https:\/\/gnbcc.net\/ceo-summit-mahama-positions-private-sector-at-centre-of-post-imf-growth-strategy\/","url_meta":{"origin":15877,"position":3},"title":"CEO Summit: Mahama positions private sector at centre of post-IMF growth strategy","author":"Grace Agorigo","date":"June 5, 2026","format":false,"excerpt":"President John Dramani Mahama, during remarks at the 10th Ghana CEO Summit, has described the private sector as the principal driver of Ghana\u2019s next phase of economic expansion. He said the role of private enterprise had become even more critical as the country transitions from a period of crisis stabilisation\u2026","rel":"","context":"In &quot;News Articles&quot;","block_context":{"text":"News Articles","link":"https:\/\/gnbcc.net\/category\/news-articles\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/06\/ESQ-Elsie.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/06\/ESQ-Elsie.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/06\/ESQ-Elsie.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/06\/ESQ-Elsie.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/06\/ESQ-Elsie.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":14083,"url":"https:\/\/gnbcc.net\/prof-bokpin-warns-2026-budget-lacks-clear-imf-exit-plan\/","url_meta":{"origin":15877,"position":4},"title":"Prof. Bokpin warns 2026 budget lacks clear IMF exit plan\u00a0","author":"Michael Teye","date":"November 28, 2025","format":false,"excerpt":"Professor Godfred Alufar Bokpin, Professor of Finance at the University of Ghana, has issued a caution regarding the sustainability of fiscal reforms, stating that the 2026 National Budget fails to articulate a clear strategy for maintaining discipline once the country exits the International Monetary Fund (IMF) programme in the middle\u2026","rel":"","context":"In &quot;News Articles&quot;","block_context":{"text":"News Articles","link":"https:\/\/gnbcc.net\/category\/news-articles\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2025\/11\/BOG.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2025\/11\/BOG.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2025\/11\/BOG.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2025\/11\/BOG.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2025\/11\/BOG.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":17465,"url":"https:\/\/gnbcc.net\/mid-year-review-investors-need-clarity-on-post-imf-strategy-prof-bokpin\/","url_meta":{"origin":15877,"position":5},"title":"Mid-Year Review: Investors need clarity on post-IMF strategy \u2014 Prof. Bokpin","author":"Paul N.","date":"July 24, 2026","format":false,"excerpt":"Economist Prof. Godfred Bokpin has urged the government to use the 2026 Mid-Year Budget Review to provide investors and the private sector with a clear roadmap for Ghana\u2019s economic direction beyond the IMF-supported programme. He emphasised that greater policy clarity and predictability will be critical to sustaining investor confidence, encouraging\u2026","rel":"","context":"In &quot;News Articles&quot;","block_context":{"text":"News Articles","link":"https:\/\/gnbcc.net\/category\/news-articles\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/07\/ESQ-Elsie-21.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/07\/ESQ-Elsie-21.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/07\/ESQ-Elsie-21.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/07\/ESQ-Elsie-21.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/07\/ESQ-Elsie-21.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/gnbcc.net\/wp-content\/uploads\/2026\/05\/ESQ-Elsie-11.png","_links":{"self":[{"href":"https:\/\/gnbcc.net\/wp-json\/wp\/v2\/posts\/15877","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gnbcc.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gnbcc.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gnbcc.net\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/gnbcc.net\/wp-json\/wp\/v2\/comments?post=15877"}],"version-history":[{"count":1,"href":"https:\/\/gnbcc.net\/wp-json\/wp\/v2\/posts\/15877\/revisions"}],"predecessor-version":[{"id":15879,"href":"https:\/\/gnbcc.net\/wp-json\/wp\/v2\/posts\/15877\/revisions\/15879"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gnbcc.net\/wp-json\/wp\/v2\/media\/15878"}],"wp:attachment":[{"href":"https:\/\/gnbcc.net\/wp-json\/wp\/v2\/media?parent=15877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gnbcc.net\/wp-json\/wp\/v2\/categories?post=15877"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gnbcc.net\/wp-json\/wp\/v2\/tags?post=15877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}