Ghana Clears IMF’s 5th Review, Set for $385 Million Payou
Ghana has successfully passed the International Monetary Fund’s (IMF) fifth review under its three-year Extended Credit Facility (ECF) programme, paving the way for the disbursement of about $385 million in fresh funding.
The staff-level agreement, reached after a two-week mission led by Ruben Atoyan in Accra from September 29 to October 10, 2025, will bring Ghana’s total receipts under the $3.2 billion bailout to $2.8 billion, pending approval by the IMF’s Executive Board.
Mr. Atoyan, who heads the IMF mission to Ghana, said the economy is showing clear signs of recovery.
> “Macroeconomic stabilisation is taking root, with growth in the first half of 2025 stronger than anticipated, supported by the services and agriculture sectors,” he noted.
He said Ghana’s external position had strengthened on the back of robust gold and cocoa exports, a firmer cedi, and rising foreign reserves that have exceeded programme targets.
Growth Outlook and Inflation
The IMF projects Ghana’s growth to reach 4.8% in 2026, with inflation expected to remain within the Bank of Ghana’s target band of 8 ± 2 per cent.
The Bank of Ghana has already reduced its policy rate by 650 basis points to 21.5%, reflecting confidence in the downward inflation trend. A new framework is also being implemented to manage foreign exchange flows, build reserves, and reduce market volatility.
Fiscal Gains and Energy Reforms
On the fiscal front, the government recorded a primary surplus of 1.1% of GDP in the first eight months of 2025 and remains on track to meet its 1.5% year-end target.
The IMF mission commended authorities for “notable strides” in addressing structural issues in the energy sector, including the renegotiation of legacy arrears, improved power purchase agreements, and regular tariff adjustments.
Mr. Atoyan said Ghana remains committed to maintaining fiscal discipline under a new Fiscal Responsibility Framework, with plans to sustain a primary surplus in the 2026 budget.
Debt Restructuring and Financial Stability
On debt restructuring, he confirmed that Ghana has concluded bilateral agreements with five countries following the signing of a Memorandum of Understanding with the Official Creditor Committee under the G20 Common Framework. Negotiations with commercial creditors are ongoing.
He added that Ghana’s debt trajectory has improved “markedly” thanks to a stronger macroeconomic outlook and sustained fiscal discipline.
The IMF also welcomed ongoing efforts to recapitalise state-owned banks, restructure non-performing loans, and strengthen financial sector governance—with recapitalisation expected to conclude by end-2025.
Governance and Transparency
The Fund disclosed that Ghana’s governance diagnostic assessment has been completed and will be published soon. It urged continued efforts to enhance transparency and oversight in key sectors such as gold, cocoa, and energy.
Next Steps
The IMF team met with Finance Minister Dr. Ato Forson, Bank of Ghana Governor Dr. Johnson Asiama, and other senior officials during the review mission.
The Fund expressed appreciation for the government’s cooperation and hospitality, noting that the agreement marks a crucial milestone in Ghana’s path to economic recovery and fiscal sustainability.
