The International Monetary Fund (IMF) has proposed a three-month extension of Ghana’s Extended Credit Facility (ECF) programme.
It believes this would allow additional time for reforms required to complete the sixth and final programme review.
The IMF argued that the proposed extension is necessary to support the implementation of policy measures underpinning the final review of the programme.
This came up in the IMF Staff Report issued after the Fund’s Executive Board approved Ghana’s fifth programme review.
If the proposal by the IMF is approved, it will shift the end date of Ghana’s ECF arrangement from May 2026 to August 2026.
According to the IMF, “the extension through August 16, 2026, would help reach an understanding on the policies supporting completion of the 6th review, while allowing sufficient time to prepare and circulate Board documents.”
It further proposed adjustments to Ghana’s programme framework, including revisions to the Indicative Targets (ITs) and the Monetary Policy Consultation Clause (MPCC).
The fund said that by the end of March 2026, the primary balance and non-oil revenue indicative targets will be revised to reflect prevailing macroeconomic conditions while preserving the overall fiscal effort relative to gross domestic product.
Additionally, the MPCC bands for December 2025 and March 2026 are expected to be revised downward to better capture the effects of recent macroeconomic developments on projected disinflation trends.
The IMF approved Ghana’s 36-month ECF arrangement in May 2023.
The approval provided access equivalent to 303.8 per cent of the quota, amounting to SDR 2.2419 billion, or about three billion US dollars.
Ghana has received approximately 2.8 billion dollars following the successful completion of the fifth programme review.
By: Rainbwradioonline.com/Ghana