Ghana’s economy is set for another shot of stability as the Bank of Ghana (BoG) anticipates a $370 million disbursement from the International Monetary Fund (IMF) in early June 2025. This follows the successful conclusion of the fourth review under the country’s $3 billion Extended Credit Facility (ECF) programme.
Speaking at the 124th Monetary Policy Committee (MPC) press briefing in Accra, BoG Governor Dr. Johnson Asiama confirmed the inflow is expected “early next month,” shortly after the IMF Executive Board’s scheduled meeting on June 3.
“We expect the funds to hit our accounts early next month. This will further bolster our reserves and support the ongoing recovery of the economy.” Dr. Asiama said.
The anticipated disbursement of SDR 267.5 million (approximately $370 million) will bring total receipts under the ECF programme to SDR 1.708 billion equivalent to about $2.36 billion since the programme began in May 2023. The injection is expected to reinforce Ghana’s macroeconomic recovery, stabilize inflation, and strengthen the local currency, which has already appreciated 24.1% year-to-date against the US dollar.
The cedi’s performance has prompted speculation over whether the central bank might intervene to slow further gains. However, Dr. Asiama firmly dispelled such rumors.
“We don’t have such a plan on the table that says when the cedi reaches a certain point, we must move to ease the appreciation, as much as we don’t want to see the Ghana cedi depreciate excessively, we don’t keep a target rate that we want to defend aggressively.” he clarified.
He emphasized that BoG’s exchange rate strategy is focused on maintaining stability rather than enforcing arbitrary thresholds. “Our approach remains one of managing excessive volatility not defending levels.”
The upcoming IMF cash injection, combined with continued tight monetary policy and advancing fiscal reforms, is expected to reinforce confidence in the Ghanaian economy. As structural adjustments progress under the Fund programme, the government and central bank appear aligned in steering the country toward sustainable macroeconomic recovery.
