Beyond the proposed extension of Ghana’s ECF programme, the International Monetary Fund has outlined plans to adjust key elements of the programme framework to reflect prevailing macroeconomic conditions.
In its latest Staff Report, the Fund disclosed that revisions would be made to the Indicative Targets (ITs) and the Monetary Policy Consultation Clause (MPCC). By the end of March 2026, the primary balance and non-oil revenue indicative targets are expected to be revised to align with current macroeconomic developments, while preserving the overall fiscal effort relative to gross domestic product.
The IMF also indicated that the MPCC bands for December 2025 and March 2026 would be revised downward. These changes are intended to better capture the impact of recent macroeconomic developments on projected disinflation trends.
According to the Fund, these adjustments are aimed at ensuring that programme targets remain realistic and supportive of Ghana’s ongoing economic stabilisation efforts as the country moves toward the final review of the ECF programme.
