IMF approves final US$371m disbursement for Ghana
The International Monetary Fund (IMF) has approved Ghana’s final disbursement of about US$371 million after completing the sixth and last review of the country’s 39-month Extended Credit Facility (ECF) programme.
The approval by the IMF Executive Board marks the conclusion of the US$3 billion financing arrangement, which commenced in May 2023. With the latest release, total disbursements under the programme have reached approximately US$3 billion.
The IMF Board also concluded Ghana’s 2026 Article IV Consultation and approved the country’s request for a 36-month non-financing Policy Coordination Instrument (PCI), which is expected to support the continuation of economic reforms after the completion of the ECF programme.
In its assessment, the IMF described Ghana’s performance under the programme as “broadly satisfactory”, highlighting progress made in restoring macroeconomic stability, improving fiscal outcomes and strengthening debt sustainability.
The Fund noted that Ghana’s economy recorded strong growth momentum, expanding by 6.0 per cent in 2025 before accelerating further to 6.4 per cent year-on-year growth in the first quarter of 2026.
Inflation also continued to moderate, declining to 5.3 per cent in June 2026, while gross international reserves nearly doubled to US$11.9 billion by the end of 2025, reflecting improved external conditions and stronger foreign exchange buffers.
The IMF further reported that Ghana’s primary fiscal balance improved significantly, moving to a surplus of 2.1 per cent of Gross Domestic Product (GDP) in 2025. It also confirmed that the country’s risk of external and overall debt distress had improved from “high” to “moderate” following progress made under the debt restructuring programme.
The Executive Board granted a waiver for a temporary breach of the performance criterion concerning Bank of Ghana claims on the central government. The IMF said the deviation was limited in nature and that corrective measures had already been implemented.
The newly approved Policy Coordination Instrument is expected to provide a framework for sustaining fiscal and structural reforms, maintaining macroeconomic stability and boosting investor and development partner confidence. It will also support government’s efforts to increase development spending while ensuring debt remains sustainable.
However, the IMF stressed the need for continued policy discipline, urging government to strengthen domestic revenue mobilisation, improve public financial management and sustain reforms in key sectors including energy and cocoa.
The Fund also called for further measures to enhance financial sector resilience, protect the independence of the Bank of Ghana, and advance governance and anti-corruption reforms.
In a statement following the IMF decision, the Ministry of Finance said government remains committed to safeguarding the gains achieved under the programme and pursuing reforms aimed at building a stronger, more resilient and prosperous economy for all Ghanaians.
