Ghana: 2026 Article IV Consultation, Sixth Review under the Arrangement under the Extended Credit Facility, Request for a Waiver of Nonobservance of a Performance Criterion, Financing Assurances Review, and Request for a 36-month Policy Coordination Instrument-Press Release; Staff Report; and Statement by the Executive Director for Ghana

Ghana's ECF program has delivered substantial stabilization and debt-sustainability gains following the 2022 debt crisis. It has helped restore macroeconomic stability, sharply reduce inflation, rebuild international reserves, and ease acute financing pressures. These improvements were supported by fiscal consolidation, progress on debt restructuring, and renewed confidence in the cedi following favorable commodity-price developments, particularly gold. Nonetheless, vulnerabilities persist. Fiscal adjustment remains heavily reliant on spending compression despite large development and security needs; financial‑sector risks remain elevated with high non-performing loans, particularly among state‑owned and some private banks; and sizable fiscal risks from SOEs.