The International Monetary Fund (IMF) reached a staff-level agreement with Ghana on October 10, 2025, concluding the fifth review of the nation’s $3 billion Extended Credit Facility (ECF) program, unlocking a $385 million disbursement pending Executive Board approval.
This milestone, achieved after talks in Accra from September 29 to October 10, led by IMF Mission Chief Ruben Atoyan, will bring total IMF support to approximately $2.83 billion since May 2023, bolstering Ghana’s recovery from the 2022 debt default and economic crisis.
The IMF commended Ghana’s macroeconomic strides, noting stronger-than-expected growth in the first half of 2025, driven by vibrant services and agriculture sectors, alongside a rebounding cedi and declining inflation. The Fund projects 4.8% economic growth for 2026, with inflation stabilizing within the Bank of Ghana’s 8±2% target, enabling a 650-basis-point policy rate cut to 21.5% to support growth.
A primary fiscal surplus of 1.1% of GDP from January to August 2025 aligns with the 1.5% year-end target, reflecting fiscal discipline under the Fiscal Responsibility Framework.
Significant progress in energy sector reforms, including renegotiated Independent Power Producer (IPP) debts and quarterly tariff adjustments, has enhanced transparency and stability. Debt restructuring under the G20 Common Framework advances, with bilateral agreements secured with five creditor nations and commercial creditor talks ongoing, improving debt sustainability.
The Bank of Ghana’s structured forex framework has strengthened reserves, while financial sector reforms, including state-owned bank recapitalization set for completion by year-end, aim to reduce non-performing loans and bolster crisis management. A new Governance Diagnostic Assessment, soon to be published, underscores advancements in transparency, particularly in gold, cocoa, and energy sectors.
Finance Minister Dr. Cassiel Ato Forson and Bank of Ghana Governor Dr. Maxwell Opoku-Afari were praised for their cooperation, with the IMF noting the disbursement could boost investor confidence as Ghana consolidates its economic turnaround.
