Ghana

This paper highlights Ghana’s Fifth Review under the Extended Credit Facility Arrangement and Financing Assurances Review. Ghana’s performance under the program has been broadly satisfactory, despite some delays in implementing complex structural reforms. The Ghanaian authorities have continued to make significant headways on their public debt restructuring. They have signed bilateral debt relief agreements with many members of Ghana’s Official Creditor Committee and finalized several Agreements in Principle with other external commercial creditors. Program implementation has been broadly satisfactory. All end-June 2025 performance criteria and indicative targets were met. Three prior actions have been implemented for this review: the audit of the 2024 payables, the cleansing of the taxpayer registry and ledger data, and submission to parliament of the 2026 budget in line with program objectives. Progress was made on some missed structural benchmarks from the 4th review with the strategy for state-owned banks implemented in September 2025. The macroeconomic outlook remains generally positive though subject to significant downside risks.