The International Monetary Fund (IMF) has reached a staff-level agreement with the Government of Ghana on the fifth review of the country’s three-year Extended Credit Facility (ECF) arrangement, subject to approval by the IMF Executive Board.
In a statement following the conclusion of the IMF mission to Accra, the Fund said Ghana has continued to make progress under the ECF-supported program, recording improvements in fiscal performance, debt management, and financial sector stability.
According to the IMF, Ghana’s government has made notable strides in addressing challenges in the energy sector. The Fund also said the government has renegotiated legacy arrears and power purchase agreements with most independent power producers, while quarterly tariff adjustments have helped reflect underlying costs. Payments through the Cash Waterfall Mechanism have also increased significantly.
On the fiscal front, the IMF noted that Ghana recorded a primary surplus of 1.1 percent of GDP for the first eight months of 2025 and is on track to achieve the 1.5 percent of GDP target by year-end. Authorities have committed to adopting a 2026 budget that targets a similar surplus, in line with the recently adopted Fiscal Responsibility Framework.
The Fund said discussions with Ghanaian authorities also focused on structural fiscal reforms aimed at supporting fiscal adjustment, enhancing domestic revenue mobilization, and strengthening public financial and investment management systems.
The IMF reported that Ghana’s comprehensive debt restructuring is progressing well. A Memorandum of Understanding has been signed with the Official Creditor Committee under the G20 Common Framework, and bilateral agreements have been concluded with five countries. Negotiations with remaining commercial creditors are ongoing, while the country’s debt trajectory has improved due to stronger fiscal discipline and a better macroeconomic outlook.
With inflation trending toward its target band, the Bank of Ghana has begun a policy easing cycle, cutting the policy rate by a cumulative 650 basis points to 21.5 percent. The Fund said prudent monetary policy and a structured foreign exchange operations framework are expected to help stabilize the market and rebuild international reserves.
The IMF also acknowledged efforts to strengthen financial stability through the restructuring and recapitalization of state-owned banks, addressing non-performing loans, and reforming the crisis management framework. The recapitalization of state-owned banks is expected to be completed by the end of 2025.
The Fund further highlighted ongoing actions to enhance governance and transparency, including the completion of a Governance Diagnostic Assessment report, which is expected to be published in the coming weeks. It encouraged continued oversight of state-owned enterprises, particularly in the gold, cocoa, and energy sectors.
During the mission, IMF staff held meetings with Finance Minister Dr. Cassiel Ato Forson, Bank of Ghana Governor Dr. Maxwell Opoku-Afari Asiama, and other senior government officials, as well as representatives from key public institutions and civil society.
The IMF expressed appreciation to the Ghanaian authorities for their warm hospitality and constructive engagement. Upon Executive Board approval of the fifth review, Ghana will gain access to the next tranche of financing under the $3 billion ECF program.
