Stanbic Bank Ghana’s Manager for Global Markets, Oforiwa Attipoe, has observed that Ghana is well positioned going into the fifth review under the International Monetary Fund’s (IMF) Extended Credit Facility (ECF) programme, citing significant improvements in key economic indicators and continued fiscal discipline.

Speaking to a leading business media brand, CNBC Africa, on the extension of Ghana’s ECF, Mrs Attipoe said: “The fifth review is not just a check-in; it is a milestone that reflects how far Ghana has come”. 

“Inflation is down, fiscal controls are stronger and the country is on track to achieve its targets under the ECF programme,” she added.

Background

Since the launch of the $3 billion ECF programme in May 2023, Ghana has received $2.3 billion in disbursements to stabilise the economy and rebuild market confidence.

Two final tranches of $370 million remain pending, with the fifth review serving as a crucial milestone towards unlocking the next disbursement.

The World Bank also advanced $660 million in two tranches of $300 million received last year and $360 million received earlier this month to support economic recovery and fiscal stability.

The reforms have led to inflation declining steadily for eight consecutive months, falling from 23.5 per cent in January 2023 to 11.5 per cent in August 2025.

The stronger cedi and easing prices across both food and non-food categories have strengthened confidence that Ghana could achieve its year-end target of 10.7 per cent and return to single-digit inflation by 2026.

The Bank of Ghana has implemented measures to stabilise the cedi and improve foreign exchange market liquidity, including redirecting foreign exchange inflows from mining companies to commercial banks.

These actions have helped to maintain currency stability and support foreign trade.

The IMF’s review will focus on fiscal performance, debt restructuring, and structural reforms aimed at strengthening governance and public financial management.

Mrs Attipoe stated that Ghana’s progress on debt restructuring and fiscal discipline had been critical to reinforcing investor confidence and sustaining the economic recovery momentum.

The Global Markets Manager, who also oversees Sales, Corporate and Investment Banking of the bank, added that “with two reviews left before the programme concludes in May 2026, Ghana is determined to maintain fiscal discipline and build on the progress achieved.”

She explained that a successful fifth review would not only unlock additional funding, but also send a signal to global markets that “Ghana’s economic turnaround is firmly on course”.