Ghana At Risk Of Failing Fourth IMF Programme Review

Financial experts are warning that Ghana risks failing the upcoming fourth review of the International Monetary Fund (IMF) programme, which is scheduled for April 2025.

Chief Executive of Delax Finance, Joe Jackson, and Senior Country Partner of PWC Ghana, Vish Ashiagbor, expressed concerns following revelations by Finance Minister Dr Cassiel Ato Forson that Ghana has likely missed several key performance indicators under the IMF programme, which ended in December 2024.

Speaking on PM Express Business Edition on March 14, 2025, the financial experts noted that unless Ghana secures a waiver from the IMF, the country could fail the review and face setbacks in its economic recovery efforts.

Dr Ato Forson, while presenting the 2025 Budget Statement to Parliament, admitted that Ghana had fallen short on most of the programme’s key targets.

“All structural benchmarks due by end-December 2024 are likely missed, suggesting a comprehensive failure to meet reform commitments,” he stated.

One of the most concerning indicators was inflation, which ended 2024 at 23.8%—far exceeding both the government’s budget target of 15% and the IMF’s central target of 18%.

“The end-of-year inflation target was missed, as the 23.8% recorded in December 2024 far exceeded the budget target of 15% and the IMF’s central target of 18% by 5.8 percentage points,” Dr Forson added.

With the fourth IMF review fast approaching, Ghana’s ability to stay on track with its $3 billion IMF programme depends on whether the IMF grants waivers for the missed targets. If not, the country could lose access to further disbursements, affecting government spending and investor confidence.

Experts warn that failing the review could also impact Ghana’s ability to restore economic stability, manage its rising debt levels, and secure future financial assistance.