The International Monetary Fund (IMF) and the Government of Ghana have reached a staff-level agreement on the fourth review of Ghana’s three-year Extended Credit Facility (ECF) program.
Once approved by the IMF Executive Board, the agreement will unlock approximately US$370 million in financial support for Ghana.
This development follows an IMF mission led by Stéphane Roudet, Mission Chief for Ghana, which was held in Accra from April 2 to April 15, 2025. The IMF’s support falls under a 36-month ECF arrangement that was approved in May 2023, totaling SDR 2.242 billion (about US$3 billion).
At the end of the mission, Mr. Roudet issued a statement acknowledging notable economic progress and persistent challenges. He reported that Ghana’s economy outperformed expectations in 2024, with growth driven by strong performances in mining and construction. The country’s external position also improved significantly, supported by robust gold exports and increased remittances.
However, the IMF highlighted a drop in program performance towards the end of 2024. Fiscal slippages in the lead-up to the general elections led to a buildup of arrears, inflation exceeded targets, and several key reforms experienced delays.
In response, Ghana’s new administration has rolled out bold measures, including a more disciplined 2025 budget and reforms in public financial management to revive program momentum. The IMF team also held discussions with Ghanaian authorities on tackling structural challenges in fiscal governance, procurement, and social protection—especially for vulnerable populations affected by inflation and fiscal tightening.
The Bank of Ghana’s recent monetary tightening, including a policy rate hike, is expected to help curb inflation. On the structural front, the government reaffirmed its commitment to transparency and governance reforms, with a focus on managing State-Owned Enterprises (SOEs) in the gold, cocoa, and energy sectors.
The IMF also commended Ghana’s continued progress on comprehensive debt restructuring, including efforts under the G20 Common Framework.
During the mission, IMF officials met with key stakeholders, including Finance Minister Dr. Cassiel Ato Forson and Bank of Ghana Governor Dr. Johnson Asiama. The IMF praised the Ghanaian authorities for their transparent and cooperative engagement throughout the review process.
