The Executive Board of the International Monetary Fund (IMF) has completed the fifth review of Ghana’s US$3 billion, 39-month Extended Credit Facility (ECF) Arrangement, paving the way for the immediate disbursement of about US$385 million (SDR 267.5 million).
This latest release brings Ghana’s total disbursements under the IMF programme to approximately US$2.8 billion.
According to the Fund, Ghana’s IMF-supported reform programme is delivering tangible results following policy slippages recorded last year. Economic growth through September 2025 exceeded expectations, driven largely by strong performance in the services and agriculture sectors.
Inflation has returned to the Bank of Ghana’s target range, while the external sector strengthened on the back of robust gold and cocoa exports. International reserves accumulation surpassed programme targets, the cedi appreciated, and Ghana’s debt trajectory improved significantly.
Speaking after the Executive Board’s approval, IMF Deputy Managing Director Bo Li commended Ghana’s progress but stressed the need for sustained reform efforts.
“Ghana’s performance under its ECF-supported reform programme has been generally satisfactory. Going forward, continued reform efforts remain essential to maintain macroeconomic stability and debt sustainability, while addressing longstanding structural vulnerabilities,” She said.
She emphasized that strengthening domestic revenue mobilzation and streamlining primary expenditure remain critical to sustaining fiscal discipline. According to him, these efforts must be supported by reforms to improve tax administration, expenditure control, arrears management, and the efficiency and governance of State-Owned Enterprises (SOEs).
The IMF also underscored the importance of decisively addressing challenges in the energy sector, particularly arrears, to contain fiscal risks.
While progress has been made in strengthening financial sector stability through ongoing bank recapitalization efforts, the Fund cautioned that vulnerabilities persist, especially within state-owned banks.
“ To address these challenges sustainably, it is critical to strengthen governance in state-owned banks, fully leverage the bank resolution framework, develop contingency plans for banks that fail to recapitalize, ensure cost-effective resolution of legacy issues, and implement robust supervisory strategies,“ the IMF noted.
With inflation pressures easing and the recent appreciation of the Cedi, the IMF said the Bank of Ghana has appropriately begun a cautious monetary easing cycle, stressing that any further easing should remain gradual and data-dependent.
The Fund also welcomed the implementation of a new structured foreign exchange operations framework, developed in collaboration with IMF staff, to smooth excessive market volatility while supporting reserve accumulation.
“The Bank of Ghana has successfully brought inflation within its target range and rebuilt international reserve buffers. Looking ahead, strengthening central bank independence, discontinuing quasi-fiscal activities, and deepening FX markets remain priorities,” Bo Li added.
The IMF further acknowledged progress made in strengthening governance and public sector efficiency, in line with the recently published Governance Diagnostic Assessment. However, it called for continued improvements in transparency, public disclosure, and oversight of SOEs, particularly in the gold, cocoa, and energy sectors.
On fiscal policy, the Fund noted that Ghana’s 2026 budget aligns with programme objectives and the new fiscal responsibility framework, while accommodating developmental and security needs. It cautioned, however, that the success of the budget will depend on effective revenue mobilization, expenditure rationalization, and safeguards to protect vulnerable groups.
