Ghana is on the cusp of a pivotal moment in its economic recovery efforts as the Executive Board of the International Monetary Fund (IMF) is set to begin its fourth review of the country’s performance under the Extended Credit Facility (ECF) programme starting tomorrow, July 7.
This follows the staff-level agreement reached in April 2025 between the IMF and the Ghanaian government, which, if endorsed, will unlock $370 million, the fifth disbursement under Ghana’s $3 billion bailout package approved in 2023.
The expected inflow comes alongside fresh support from the World Bank, which just last week approved $360 million in development assistance. Together, these inflows are projected to significantly bolster Ghana’s foreign exchange reserves, strengthen the cedi, and reinforce macroeconomic stability.
The IMF staff agreement followed detailed discussions in Accra, where officials assessed progress on structural reforms, fiscal consolidation, and debt management, a package of efforts aimed at restoring confidence in Ghana’s economy.
Currency and Market Context
The Ghana cedi, after gaining ground in April, remained largely stable through June but has shown occasional weakness in the forex bureau market, where rates now exceed GH¢12 to the dollar. While the interbank rate has remained relatively steady, analysts suggest the Bank of Ghana (BoG) has recently slowed its direct interventions possibly indicating confidence in existing dollar liquidity.
However, with the IMF and World Bank inflows imminent, analysts expect the BoG may resume measured dollar injections to reinforce currency stability and help spur further cedi appreciation in the short term.
Macroeconomic Outlook and Reform Agenda
Beyond currency support, the expected $370 million from the IMF is expected to help plug Ghana’s external financing gap and meet its balance of payments and budgetary needs. It will also help sustain reforms in public financial management, the energy sector, and social protection systems.
Economists have welcomed the twin inflows, describing them as timely for a country still recovering from the economic shocks of 2022–2023, which included debt defaults and inflation surges. Ghana’s inflation rate, which peaked at over 54% in 2022, has now dropped to 18.4% as of May, thanks to improved fiscal discipline and food supply stability.
What to Expect
If approved, the upcoming disbursement will bring Ghana’s total receipts under the IMF programme to just under $2 billion. The review’s outcome will be closely watched by financial markets, investors, and development partners as a gauge of Ghana’s reform trajectory and credibility.
As the Board meets, attention will focus not just on the approval of funds, but also on the IMF’s forward-looking assessment of Ghana’s macroeconomic reforms and the pace of fiscal recovery heading into 2026.
