Source: IMF
The Executive Board of the International Monetary Fund (IMF) has completed the fifth review of Ghana’s 39-month Extended Credit Facility (ECF) programme, paving the way for the immediate release of about US$385 million.
The latest approval brings Ghana’s total disbursements under the US$3 billion IMF-supported programme to approximately US$2.8 billion since its approval in May 2023.
According to the Fund, Ghana’s overall performance under the programme has been broadly satisfactory, with all quantitative performance criteria and indicative targets for the review period met, despite some delays in implementing complex structural reforms.
The IMF noted that macroeconomic stabilisation is gaining momentum, supported by stronger-than-expected growth through September 2025, driven mainly by the services and agriculture sectors. Inflation has returned to single-digit levels for the first time since 2021 and is now within the Bank of Ghana’s target range.
External sector conditions have also improved, aided by strong gold and cocoa exports, while international reserves exceeded programme targets. The cedi has appreciated, and Ghana’s public debt trajectory has shown significant improvement, reflecting progress in debt restructuring and rising investor confidence.
On fiscal policy, Ghana is on course to achieve a primary surplus of 1.5 per cent of GDP by the end of the year. The 2026 budget submitted to Parliament aligns with programme objectives and the new fiscal responsibility framework, balancing fiscal consolidation with developmental and security needs, while protecting vulnerable groups.
The IMF commended progress on public debt restructuring, including the signing of bilateral agreements with several official creditors and agreements in principle with some commercial creditors. Engagements with remaining creditors are ongoing to ensure consistency with programme parameters.
In monetary policy, the Fund said the Bank of Ghana has appropriately begun a cautious easing cycle as inflation pressures subside, stressing that further easing should remain gradual and data-dependent. Measures to strengthen the foreign exchange market and rebuild reserves were also welcomed.
The IMF further acknowledged steps taken to safeguard financial stability, reform state-owned banks, reduce non-performing loans, and improve governance and transparency following the publication of Ghana’s Governance Diagnostic Assessment.
However, the Fund emphasised that sustained implementation of reforms remains critical to fully restoring macroeconomic stability, strengthening governance, and placing public debt on a sustainable path.
