Ghana secures US$380m as IMF approves fifth ECF review

Ghana’s fifth programme review under the IMF supported programme has been approved by the Executive Board of the International Monetary Fund (IMF).

The decision followed a board meeting in Washington, DC, on December 17, 2025, where members assessed Ghana’s performance against key targets and benchmarks under the programme.

Finance Minister, Dr Cassiel Ato Forson in a social media post on December 17, 2025, said the approval reflects the progress Ghana has made, particularly in meeting the requirements for the fifth review.

In its staff report, the IMF noted that macroeconomic stabilisation is gathering pace, with Ghana recording strong growth and achieving single digit inflation for the first time since 2021.

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The report said fiscal and external positions have strengthened, while significant headway has been made in the ongoing debt restructuring process. These improvements were attributed to firm programme ownership by the authorities, favourable external conditions, and rising investor confidence.

According to the IMF, reforms under the programme are beginning to deliver results, following policy slippages recorded in 2024.

It explained that economic growth up to September 2025 exceeded expectations, supported largely by robust performance in the services and agriculture sectors.

Inflation has returned to the Bank of Ghana’s target band, while the external sector benefited from strong gold and cocoa exports. Foreign reserves exceeded ECF targets, the cedi appreciated, and the country’s debt outlook improved markedly.

Government officials have also reassured investors that fiscal discipline will be sustained even after Ghana completes the IMF programme in May 2026.

Earlier, on October 10, 2025, the IMF announced a staff level agreement with Ghana after a two week mission to review recent economic developments. That agreement was subject to approval by IMF management and consideration by the Executive Board.

With the completion of the board review, Ghana will now access SDR 267.5 million, equivalent to about $385 million, bringing total IMF support since May 2023 to SDR 1,975.5 million, or roughly $2.83 billion.

The IMF further praised Ghana’s progress in key reform areas, including debt restructuring, fiscal consolidation, energy sector reforms, foreign exchange operations, and strengthening financial sector resilience, noting that steady advances are being made across these fronts.

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