After the fourth review of the IMF Extended Credit Facility, Ghana has secured a crucial staff-level agreement with the fund, paving the way for a potential $370 million disbursement once the IMF Executive Board grants final approval.
In a statement released after the conclusion of the review mission, the IMF acknowledged that although Ghana saw stronger-than-expected growth and significant improvements in its external balance last year, the country’s program performance “deteriorated markedly” toward the end of 2024 due to election-related fiscal slippages and delayed reforms.
“Fiscal slippages in the run-up to the elections led to a large accumulation of payables; inflation exceeded program targets; and several reforms were delayed,” the IMF noted in a statement cited by The High Street Journal.
Despite these setbacks, the Fund expressed confidence in the new administration’s recent actions to restore discipline and get the economic program back on track.
Since the beginning of 2025, authorities have implemented what the IMF describes as “bold measures” to correct the anomalies highlighting a stronger budget framework, enhanced public financial management reforms, tighter monetary policy, and energy tariff adjustments as key corrective actions.
“These efforts are critical to achieving the program’s objectives of restoring macroeconomic stability and debt sustainability, building resilience, and laying the foundation for stronger and more inclusive growth,” the IMF stated.
If approved by the IMF Executive Board in the coming weeks, the latest tranche will bring Ghana a much-needed $370 million injection, helping to stabilize reserves, ease liquidity pressures, and support fiscal consolidation efforts.
“Once the review is approved by the IMF Executive Board, Ghana will have access to about US$370 million in financing,” the statement from the IMF indicated.
The fourth review marks a pivotal moment in Ghana’s recovery journey under the Extended Credit Facility (ECF) program, as the country seeks to rebuild credibility with investors and development partners after navigating turbulent years.
The IMF Team arrived in Ghana last week to engage authorities on their wide-ranging structural reform the program recommended, with a focus on enhancing governance and transparency and strengthening State-Owned Enterprises management in the gold, cocoa, and energy sectors.
The staff met with Finance Minister Ato Forson, Bank of Ghana Governor Dr. Johnson Asiama, and their teams, as well as representatives from various government agencies and other stakeholders.
