Ghana set to access $385m after IMF fifth review
The country and the International Monetary Fund (IMF) have reached a staff-level agreement on the fifth review of the country’s three-year programme under the Extended Credit Facility, paving the way for the nation to access about SDR 267.5 million, equivalent to USD385 million, once management and Executive Board approval are secured.
This will bring the total IMF disbursements to Ghana since May 2023 to roughly USD2.8 billion.
The IMF mission, led by Ruben Atoyan, met with government officials in Accra from Monday, 29 September to Friday, 10 October 2025 to assess reforms and policy priorities under the USD3.2 billion programme approved in May 2023.
Mr Atoyan said macroeconomic stabilisation was taking hold, with growth in the first half of 2025 exceeding expectations, supported by the services and agriculture sectors.
He noted strong performance in exports, especially gold and cocoa, a marked cedi appreciation, and growing reserves above programme targets.
The IMF expects the positive trend to continue into 2026, projecting growth of 4.8 per cent and inflation within the Bank of Ghana’s target band of 8 ± 2 per cent.
Mr Atoyan commended Ghana for progress in the energy sector, including renegotiating legacy arrears and power purchase agreements, as well as improved tariff adjustments. On fiscal matters, the country recorded a primary surplus of 1.1 per cent of GDP in the first eight months of 2025 and remains on track to reach a 1.5 per cent target by year-end.
The IMF also highlighted ongoing structural reforms aimed at strengthening public financial management, boosting domestic revenue, and entrenching fiscal discipline. Ghana’s debt restructuring is progressing, with bilateral agreements concluded with five countries and negotiations ongoing with commercial creditors.
On monetary policy, the Bank of Ghana has cut its policy rate by 650 basis points to 21.5 per cent as inflation trends toward the target band. A framework has also been developed to manage foreign exchange flows and build reserves while reducing market volatility.
Mr Atoyan added that Ghana’s governance diagnostic assessment has been completed and will be published soon, with continued efforts needed to strengthen transparency in the gold, cocoa, and energy sectors.
The IMF expressed appreciation for the cooperation and hospitality of the Ghanaian authorities, including Finance Minister Dr Cassiel Ato Forson and Bank of Ghana Governor Dr Johnson Asiama.
