IMF Bailout Monitor
Program Overview
Track the progress of Ghana's $3 billion IMF Extended Credit Facility (ECF) program. This dashboard provides detailed monitoring of disbursement schedules, quantitative performance criteria, structural benchmarks, and the implementation status of key conditionalities essential for restoring macroeconomic stability.
Program Status
Data as of: Feb 13, 2026 (IMF/GSS)
GDP Growth (2026 Proj)
Projected 2026
Inflation (Jan 26)
Lowest since 2021
Debt-to-GDP (Latest)
Nov 2025
Policy Rate
Monetary Easing
Gross Reserves
Feb 2026
Program Commitment Status
36 Total Commitments12
Met
23
In Progress
1
Not Met
0
Pending
How did we get here?
Understanding Ghana's path to the IMF through historical fiscal trends and structural challenges.
The Path to Crisis
Ghana's fiscal position (2010-2025): Revenue vs Expenditure
Source: IMF Country Reports, World Bank, Bank of Ghana, Ministry of Finance (Updated: Feb 2026)
Failure to transform the Guggisberg inherited economy predicated on the export of primary commodities such as cocoa, gold, and lately oil making up over 80% of export earnings
Unproductive use of borrowed funds by government sometimes with the tacit support of lenders across bilateral/multilateral and quasi-commercial creditors
Higher borrowing costs (reflecting also the excessive opportunism by wealthy lenders or predator lending from the global north as well as the domestic market (as evidenced by the African risk premium))
Fiscal indiscipline, election-related excesses, covid-19 and Russia-Ukraine, inflation, and exchange rate development
The false hope of endowed fiscal space as a result of rebasing of the economy and the conferment of middle-income status
Unsustainable debt accumulation leading to the 2022 debt crisis and the painful Domestic Debt Exchange Programme (DDEP) that restructured GHS 137 billion in domestic bonds
IMF Disbursement Schedule
Timeline of expected funding tranches and their status upon completion of reviews.
Disbursement Schedule
Planned vs Actual quarterly disbursements
State of Implementation - Key Economic Indices
Comprehensive analysis of Ghana's key economic performance metrics from Q1 2021 to Q1 2024. This interactive dashboard presents GDP growth, nominal GDP, interest rates, inflation rates, and exchange rate trends.
| Quarter | GDP Growth (%) | Nominal GDP (Billion GHC) | Interest Rate (%) | Inflation (%) | Exchange Rate (GHC/USD) |
|---|---|---|---|---|---|
| 2021 Q1 | - | 114.02 | 14.50 | 10.30 | 5.70 |
| 2021 Q2 | -13.28 | 102.95 | 13.50 | 7.80 | 5.80 |
| 2021 Q3 | 8.42 | 114.59 | 13.50 | 9.70 | 5.90 |
| 2021 Q4 | 9.98 | 130.14 | 14.50 | 12.60 | 6.00 |
| 2022 Q1 | 3.92 | 142.79 | 17.00 | 15.70 | 7.10 |
| 2022 Q2 | 4.6 | 131.99 | 19.00 | 29.80 | 7.60 |
| 2022 Q3 | 2.97 | 153.92 | 24.50 | 37.20 | 9.60 |
| 2022 Q4 | 3.83 | 185.64 | 27.00 | 54.10 | 8.60 |
| 2023 Q1 | 3.15 | 212.07 | 29.50 | 52.20 | 11.00 |
| 2023 Q2 | 2.55 | 189.86 | 30.00 | 42.50 | 11.20 |
| 2023 Q3 | 2.16 | 206.61 | 30.00 | 38.10 | 11.50 |
| 2023 Q4 | 3.79 | 233.09 | 30.00 | 23.20 | 12.10 |
| 2024 Q1 | 4.69 | 266.68 | 29.00 | 23.20 | 12.90 |
Programme Reviews
Detailed assessment of performance against program targets for each review cycle.
First Review
September 2023The First Review assessed Ghana's economic performance and implementation of reforms. Performance was strong across QPCs and ITs, with mixed progress on Structural Benchmarks.
Quantitative Performance
Ghana successfully met most Quantitative Performance Criteria, particularly excelling in fiscal consolidation and reserve accumulation. The fiscal primary balance showed marked improvement due to strong reform efforts.
Economic Growth and Outlook
GDP growth for 2023 was revised to 1.5%, reflecting challenges from energy production constraints, elevated inflation, and fiscal adjustment measures. Inflation began declining from its peak of 54%.
Fiscal Performance
The fiscal deficit was targeted to narrow to 1.5% of GDP in 2023 from 6.9% in 2022. Government revenues increased through improved tax collection and enhanced fiscal measures.
Debt Sustainability
Ghana continued negotiations with creditors to restructure public debt. Domestic debt restructuring made progress, while external debt restructuring discussions advanced with international partners.
Quantitative Performance Criteria (QPCs)
| Indicator | Target | Performance Detail | Status |
|---|---|---|---|
| Fiscal Primary Balance | Achieve positive primary balance | Strong fiscal consolidation efforts | Achieved |
| Intl. Reserves (Commitment) | Increase reserve accumulation | Improved by over 4 percentage points of GDP | Exceeded |
| Intl. Reserves (Cash Basis) | Reduce fiscal deficit impact | Significant improvement through fiscal measures | Achieved |
| Non-Concessional Borrowing | Limit external borrowing | Borrowing limits maintained | Achieved |
| Net Domestic Financing | Control domestic borrowing | Financing kept within agreed limits | Achieved |
Indicative Targets (ITs)
| Indicator | Target | Performance Detail | Status |
|---|---|---|---|
| Social Protection Spending | Increase spending on social programs | Safety net programs expanded | Achieved |
| Inflation Control | Reduce inflation rate | Declined from 54% to 23% | Achieved |
| Domestic Arrears Clearance | Reduce outstanding arrears | Partial achievement, challenges remain | In Progress |
Structural Benchmarks (SBs)
| Indicator | Target | Performance Detail | Status |
|---|---|---|---|
| Tax Reform | Broaden tax base | Revenue improvements implemented | Achieved |
| PFM Reform | Strengthen PFM systems | Improvements ongoing | In Progress |
| Energy Sector Reforms | Reduce inefficiencies | Additional reforms needed | In Progress |
Key Conditions of the IMF Bailout
Comprehensive guide to Ghana's Economic Recovery Framework outlining prior actions, performance indicators, structural reforms, and indicative targets.
Prior Actions
The ECF for Ghana outlined 5 key prior actions necessary for the approval of the program. These actions were to ensure that Ghana was taking the necessary steps to stabilize the economy and meet the IMF's requirements.
Fiscal Consolidation Measures
2023 Budget Approval: Ghana had to pass a budget that emphasized revenue enhancement and expenditure rationalizations.
Revenue Mobilization: Implementation of measures to improve tax collection and broaden the tax base.
Debt Restructuring
Agreement with External Creditors: Reaching agreements with external creditors to restructure debt, addressing severe financing constraints unsustainable public debt.
Strengthening Public Financial Management
Implementing steps to enhance transparency and efficiency in the public spending through better audit and control mechanisms e.g. publication of Audit Report on Covid-19 Expenditure
Banking Sector Reforms
Financial Sector Stability: Measures aimed at strengthening banking regulations and improving financial sector oversight to ensure stability
Energy Sector Reforms
Utility Tariffs: Adjusting utility tariffs to ensure cost recovery and reduce the financial burden on the government
IMF Conditionality Tracker
Monitor compliance with detailed verification sources
Implement E-Levy reforms
Enhance electronic transactions levy to improve revenue collection
Reduce fiscal deficit to 7.7% of GDP
Achieve primary fiscal deficit target through revenue mobilization and expenditure rationalization
Limit wage bill to 35% of tax revenue
Control public sector wage expenditure relative to tax revenue
Complete domestic debt restructuring
Finalize Domestic Debt Exchange Program (DDEP)
Implement Treasury Single Account
Consolidate government cash balances in single account
Gold-for-Oil Program Risk Assessment
Risk assessment and exit strategy for "gold-for-oil" program to reduce contingent liabilities.
Maintain positive real interest rates
Keep policy rate above inflation to anchor expectations
Publish beneficial ownership register
Establish public register of beneficial owners of companies
Increase tax revenue to 15.5% of GDP
Enhance domestic revenue mobilization through tax policy reforms and improved administration
Strengthen VAT compliance
Improve VAT registration and compliance monitoring systems
Finalize external debt restructuring
Reach agreement with external creditors under Common Framework
Strengthen public financial management
Enhance budget preparation, execution, and monitoring
Strengthen anti-corruption framework
Enhance transparency and accountability in public procurement
Reform state-owned enterprises
Improve governance and reduce fiscal risks from SOEs
Improve electricity sector viability
Reduce losses and improve cost recovery in power sector
Electricity Tariff Adjustment (Cost-Recovery)
Prior action: upfront weighted-average tariff adjustment to achieve cost-recovery levels.
Reduce inflation to single digits
Achieve inflation target through tight monetary policy
Rebuild foreign exchange reserves
Accumulate reserves to cover at least 3 months of imports
Enhance social protection programs
Expand Livelihood Empowerment Against Poverty (LEAP) coverage
Implement petroleum revenue management reforms
Strengthen governance of oil and gas revenues
Beneficial Ownership Framework (FATF Standards)
Introduce beneficial ownership framework amendments to Companies Act to meet FATF standards.
Establish New Tax Enforcement Capacities
Establish new tax enforcement units and enhance GRA capacity for revenue mobilization.
Medium-Term PFM Reform Strategy
Prepare and implement medium-term Public Financial Management Reform Strategy & Action Plan.
Strengthen Procurement Transparency (E-Procurement)
Publish large contracts and beneficiaries on designated website; complete e-procurement roll-out.
Debt Restructuring (G20 Common Framework & DDEP)
Complete debt restructuring under G20 Common Framework and domestic debt exchange measures.
Power Sector Restructuring & Arrears Reduction
Prepare power-sector restructuring strategy and implement measures to reduce arrears and fiscal risks.
Maintain Social Spending Floors
Protect social spending while consolidating overall fiscal position (maintain minimum spending floors).
Tax & Revenue Measures (Non-Oil Revenue Floor)
Implement tax and revenue measures to meet non-oil revenue targets (floor on central government tax revenue).
Publish Quarterly Debt Bulletins
Publish quarterly debt bulletins and strengthen public debt transparency.
Strengthen PFM & Transparent Budget Execution
Strengthen Public Financial Management using GIFMIS and GHANEPS for transparent budget execution.
Primary Fiscal Consolidation (Non-Oil Revenue & Primary Surplus)
Deliver primary fiscal consolidation by raising non-oil revenue and achieving primary surplus targets.
Maintain Limits on Treasury & FX Guarantees
Maintain strict ceilings on treasury guarantees and foreign exchange guarantees.
Cap Net Credit to Government from Central Bank
Reduce and maintain ceiling on net credit to government from central bank.
Program Quantitative Performance Criteria
Meet all quantitative performance criteria (fiscal, monetary, external) on each review date.
Achieve NIR / Reserves Targets
Achieve specified program net official international reserves (NIR) floors.
Quarterly Electricity Tariff Formula Adjustments
Maintain electricity tariffs at cost-recovery levels through quarterly formula adjustments.
Program Review Timeline
Key milestones and disbursement reviews
IMF Board Approval
Executive Board approves US$3 billion ECF arrangement for Ghana.
First Disbursement
Initial disbursement of SDR 600 million
First Review
Successful completion of first program review
1st Review Completion
Board completes first review, enabling US$600 million disbursement.
Second Review
Second program review completed with waivers
2nd Review Completion
Completion of second review; US$360 million disbursement approved.
3rd Review Completion
Completion of third review; US$360 million disbursement approved.
Third Review
Third program review scheduled
Fourth Review
Fourth program review scheduled
4th Review Completion
Completion of fourth review; US$367 million disbursement approved.
5th Review Completion
Completion of fifth review after corrective actions; US$385 million disbursement.
6th Review Mission
IMF staff mission expected to conduct 6th review of program performance.
Program Completion
Expected completion of 36-month ECF program
6th Review Board Date
Expected Board approval for 6th review and disbursement.