IMF 5th Review Lands Sept 29: What It Means for Ghana’s Cedi After BoG’s 21.5% Cut

An IMF staff mission arrives in Accra on Monday, September 29 for Ghana’s 5th programme review under the $3bn ECF. The review—covering performance through June 2025—will examine fiscal targets, external buffers and arrears clearance and is the penultimate check before the programme ends in May 2026.

The visit follows July’s board completion of the 4th review and another disbursement, while markets are still digesting the Bank of Ghana’s record 350-bp cut to a 21.5% policy rate on September 17, after headline inflation fell to 11.5% in August, the lowest since October 2021. Analysts say a constructive IMF outcome could help steady the cedi, lower funding costs and support bank lending as disinflation continues.

What the mission will scrutinize

• Primary balance and arrears management
• Foreign-exchange reserves and external financing
• Disinflation trend after the BoG’s cut and the pass-through to lending rates

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Source: raylizaghana.com