Ghana’s international reserves have continued to outperform benchmarks set under its International Monetary Fund (IMF)–supported programme, backed by robust exports, fiscal discipline, and improving investor confidence, the Fund said on Friday.
“International reserves accumulation continues to exceed the ECF-supported program targets, while the cedi appreciated markedly in the first half of the year,” the IMF said in a statement at the end of a staff visit to Accra.
The Fund said the external sector had strengthened on higher gold and cocoa exports, while services and agricultural output lifted economic growth beyond expectations in the first half of 2025. Inflation has eased into single digits for the first time since 2021, supported by tight monetary policy and improved food supplies.
The IMF expects the positive momentum to continue into 2026, projecting growth at 4.8% and inflation to remain within the Bank of Ghana’s target band of 8±2%. “Macroeconomic stabilization is taking root,” the Fund said, adding that prudent fiscal management and ongoing debt restructuring were key to sustaining the recovery.
Once the IMF Executive Board approves the staff-level agreement reached this week, Ghana will gain access to about US$385 million, bringing total disbursements under the $3.2 billion Extended Credit Facility to around $2.8 billion since its approval in May 2023.