The International Monetary Fund (IMF) has reached a staff-level agreement with the Government of Ghana to conclude the fifth review of the country’s $3 billion Extended Credit Facility (ECF).
Once approved by the IMF Executive Board, Ghana will unlock US$385 million in fresh funding.
This development signals continued confidence in the country’s economic recovery trajectory.
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The IMF mission, led by Ruben Atoyan, held discussions with Ghanaian authorities in Accra from September 29 to October 10, 2025, focusing on the nation’s policy and reform progress under the ECF arrangement approved in May 2023.
This new disbursement will bring total IMF support to about US$2.83 billion since the start of the program.
According to the IMF, macroeconomic stabilization is taking hold, supported by stronger growth, falling inflation, and a rebounding cedi.
Growth in the first half of 2025 outperformed expectations, driven by robust services and agricultural output, while international reserves accumulation exceeded program targets.
The cedi also recorded significant appreciation, buoyed by strong export performance, particularly from gold and cocoa.
The Fund projects Ghana’s economic growth to reach 4.8% in 2026, with inflation stabilizing within the Bank of Ghana’s 8±2% target band, paving the way for gradual monetary easing.
Ghana’s current account surplus is expected to support continued reserve buildup, although risks from global commodity price volatility persist.
