The Executive Board of the International Monetary Fund (IMF) has concluded the fifth review of the 39-month Extended Credit Facility (ECF) arrangement with Ghana, clearing the way for the immediate release of about US$385 million to the country.
Following the approval, Ghana’s total receipts under the US$3 billion IMF programme have risen to approximately US$2.8 billion since the arrangement was endorsed in May 2023.
In a statement published on its website, the Fund said Ghana’s overall performance under the programme has been broadly satisfactory, despite delays in implementing some complex structural reforms.
The IMF noted that macroeconomic stabilisation is strengthening, supported by robust economic growth and the return of inflation to single-digit levels for the first time since 2021.
It added that Ghana’s fiscal and external positions have improved markedly, while progress in debt restructuring has enhanced investor confidence and improved the country’s economic prospects.
Economic growth through September 2025 surpassed projections, largely driven by strong output in the services and agriculture sectors. Inflation has fallen back within the Bank of Ghana’s target range, and the external sector has benefited from solid gold and cocoa exports.
The Fund said reserves accumulation exceeded programme targets, the cedi appreciated, and Ghana’s debt outlook improved significantly.
According to the IMF, all quantitative performance criteria and indicative targets for the fifth review were met. While acknowledging delays in certain areas, the Fund said substantial progress was achieved on key structural reforms, including measures carried forward from earlier programme reviews.
On debt restructuring, the IMF said the authorities have made notable progress, signing bilateral debt relief agreements with several members of Ghana’s Official Creditor Committee and concluding Agreements in Principle with other external commercial creditors.
Discussions with remaining creditors are ongoing to secure restructuring terms consistent with programme objectives.
The IMF indicated that Ghana remains on course to achieve a primary surplus of 1.5 per cent of GDP by year-end. It said the 2026 budget presented to Parliament is aligned with programme goals and the new fiscal responsibility framework, while accommodating development and security needs and safeguarding vulnerable groups.
The IMF stressed that maintaining fiscal discipline will depend on stronger revenue administration, enhanced public financial management and improved oversight of State-Owned Enterprises (SOEs).
With inflationary pressures easing and the recent appreciation of the cedi, the IMF stated that the Bank of Ghana has appropriately initiated a cautious monetary easing cycle, noting that any further easing should be gradual and guided by data. It also welcomed the rollout of a new structured foreign exchange operations framework designed to reduce market volatility and rebuild reserves.
The Fund stated that decisive actions have been taken to preserve financial stability, including reforms in state-owned banks, strengthened crisis management frameworks, and measures to reduce non-performing loans. It also acknowledged progress in governance and public sector efficiency following the publication of the IMF Governance Diagnostic Assessment, while urging continued improvements in transparency and oversight.
Commenting on the review, IMF Deputy Managing Director Bo Li said, “Ghana’s performance under its ECF-supported reform program has been generally satisfactory. The authorities have shown strong program ownership by decisively implementing ambitious corrective actions after the 2024 policy slippages.”
He added that, “These efforts, coupled with structural reforms, have driven a stronger-than-anticipated recovery in growth, brought inflation within the Bank of Ghana’s target range, and supported robust reserve accumulation.”
Mr Li emphasised that sustained reform efforts remain critical to preserving macroeconomic stability and debt sustainability, while addressing longstanding structural weaknesses.
He also highlighted the importance of continued fiscal adjustment, stronger revenue mobilisation and improved governance, particularly in the energy sector and state-owned enterprises.
On monetary policy and financial stability, he said, “The Bank of Ghana has successfully brought inflation within its target range and rebuilt international reserve buffers, while cautiously easing the monetary policy stance.”
He added that reinforcing central bank independence and improving bank governance remain key priorities.
