The International Monetary Fund (IMF) and Ghana have reached staff-level agreement to conclude the fifth review of Ghana’s Extended Credit Facility (ECF) programme. Upon approval by the IMF Executive Board, Ghana will gain access to approximately US$385 million in additional support.
Ghana entered the ECF programme in 2023 to restore fiscal stability, restructure debt, rebuild reserves, and drive sustainable growth.
IMF staff held meetings in Accra with Finance Minister Dr. Cassiel Ato Forson, Bank of Ghana Governor Dr. Johnson Asiama, and officials from various government agencies and development partners as part of the review mission.
Dr. Forson confirmed that Ghana achieved all six Quantitative Performance Criteria and four Indicative Targets for the review period. He described the agreement as “a powerful validation of the disciplined and comprehensive strategy pursued over the past nine months.”
At the conclusion of the mission, IMF Mission Chief Dr. Ruben Atoyan said Ghana’s economic recovery continues to strengthen.
“Macroeconomic stabilization is taking root. Growth in the first half of 2025 was stronger than anticipated, underpinned by strong services activity and agricultural output,” he said.
“The external sector has improved noticeably on robust exports, particularly gold and cocoa. International reserves accumulation continues to exceed the ECF-supported programme targets, while the cedi appreciated markedly in the first half of the year.”
The IMF projects continued momentum into 2026, with growth expected at 4.8 percent and inflation remaining within the Bank of Ghana’s target band of 8±2 percent, paving the way for gradual monetary policy normalization. While external risks, particularly from commodity price volatility, remain, the Fund maintained a confident outlook for Ghana’s ongoing fiscal and structural reforms.
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Finance Minister Dr. Cassiel Ato Forson emphasized that Ghana’s progress reflects the success of President John Mahama’s Reset Agenda, which prioritizes inclusive growth and fiscal discipline.
“Ghana is beginning to see strong outcomes from President Mahama’s Reset Agenda. Economic growth has accelerated, non-oil sectors where most jobs are created are expanding, inflation has fallen sharply to single digits, and interest rates have declined significantly,” he noted.
“The Ghana cedi has demonstrated notable strength and stability, and fiscal consolidation efforts are yielding results, reflected in a budget surplus and a substantial reduction in public debt.”
He thanked the people of Ghana for their resilience and the IMF team for their constructive engagement and technical support.
The IMF Executive Board is expected to consider Ghana’s Fifth Review by the end of December 2025. The agreement marks a key milestone as Ghana approaches the end of its three-year IMF programme in May 2026.
Source: Starrfm.com.gh
