Ghana is set to receive an additional $370 million from the International Monetary Fund (IMF), following a successful staff-level agreement on the fourth review of the country’s economic reform program under the Extended Credit Facility (ECF).
“IMF staff and the Ghanaian authorities have reached a staff-level agreement on the fourth review,” said Stéphane Roudet, IMF Mission Chief for Ghana, in a statement issued after a two-week mission in Accra. He noted that “upon completion of the Executive Board review, Ghana would have access to SDR 267.5 million (about US$370 million),” raising the total IMF disbursement under the program to over $2.3 billion since May 2023.
The mission acknowledged that Ghana’s economy grew faster than expected in 2024, thanks largely to strong performances in the mining and construction sectors. The country also saw improvements in its external sector, aided by robust gold exports, increased remittances, and stronger foreign reserve buffers.
However, the IMF flagged concerns over slippages in the lead-up to the 2024 general elections. “Overall performance under the IMF-supported program deteriorated markedly at end-2024,” the Fund said, citing “a large accumulation of payables” as the primary cause. The government has since launched an audit to verify the size and nature of those liabilities.
In response to the fiscal slippages, the authorities have adopted reforms targeting a 1.5% primary surplus in 2025 and introduced tighter expenditure controls. The IMF also noted monetary tightening efforts by the Bank of Ghana, expected to help bring inflation down.
Reforms in key sectors are also underway. The IMF mission pointed to efforts to improve governance, increase transparency in state-owned enterprises, and reduce arrears in the energy sector through the “resumption of quarterly electricity tariff adjustments.”
Ghana has also signed a Memorandum of Understanding with its Official Creditors Committee as part of its ongoing debt restructuring efforts. Talks with commercial creditors are ongoing, with a focus on achieving parity in treatment and aligning with program targets.
The IMF concluded by commending Ghanaian authorities for their renewed commitment to the reform agenda and pledged continued engagement.
