1. $370 Million Incoming (Pending Board Approval): Ghana will unlock about $370 million in IMF funding once the Executive Board approves the fourth review, pushing total disbursements to $2.355 billion.
2. Staff-Level Agreement Secured: The IMF and Ghanaian authorities reached a staff-level agreement following a mission from April 2–15, 2025. The deal sets the stage for continued economic support.
3. Higher-Than-Expected Growth in 2024: Ghana’s economy outperformed expectations last year, thanks to strong mining, construction, and exports, particularly in gold.
4. Program Performance Deteriorated at End-2024: Despite the growth, fiscal slippages before the 2024 elections, delayed reforms, and higher-than-targeted inflation hurt program performance.
5. New Government, Bold Measures: The new authorities have enacted a tighter 2025 budget, launched an audit of accumulated payables, and implemented financial management reforms.
6. Debt Sustainability Still a Priority: The government remains focused on completing its debt restructuring, with a Memorandum of Understanding (MoU) signed with Official Creditors under the G20 Common Framework.
7. Inflation Control in Progress: The Bank of Ghana has raised policy rates, and tighter monetary and fiscal policies are expected to curb inflation.
8. Electricity Tariff Reforms Are Back: Quarterly electricity tariff adjustments have resumed as part of broader efforts to reduce energy sector shortfalls and prevent new arrears.
9. Structural Reforms Underway: Discussions included improving governance, transparency, and State-Owned Enterprise (SOE) oversight,especially in gold, cocoa, and energy sectors.
10. IMF Lauds Constructive Engagement: IMF staff met with Finance Minister Forson, BoG Governor Asiamah, and stakeholders, praising Ghana’s renewed reform commitment and constructive engagement.
So what?
Ghana’s path to economic stability is still unfolding. With continued commitment to reforms and IMF support, the country is taking steady steps toward recovery.
