The International Monetary Fund (IMF) has announced that it has reached a staff-level agreement with the Government of Ghana on the fifth review of its ongoing $3 billion Extended Credit Facility (ECF) programme.
Once the agreement receives formal approval from the IMF’s Executive Board, Ghana will gain access to approximately $385 million, bringing total disbursements under the programme to more than $2.8 billion since its inception in 2023.
In a statement released on Friday, the IMF commended Ghana’s continued progress in restoring macroeconomic stability, despite persistent challenges such as inflationary pressures, exchange rate volatility, and fiscal constraints. The Fund noted that the Ghanaian authorities have remained committed to key reforms under the ECF arrangement, including fiscal consolidation, debt restructuring, and structural reforms aimed at improving governance and revenue mobilization.
According to the IMF mission chief for Ghana, the agreement reflects the country’s strong policy performance and determination to rebuild economic resilience, adding that significant progress has been made toward stabilizing the economy and restoring investor confidence.
The $385 million tranche, once disbursed, is expected to bolster Ghana’s foreign reserves and provide crucial budgetary support as the country continues to recover from recent economic shocks and global financial pressures.
The Ghanaian government also expressed optimism about the agreement, describing it as a “milestone achievement” that reinforces its commitment to responsible economic management and sustained recovery.
Finance analysts say the approval of the fifth review will further strengthen Ghana’s position in global markets, improve its credit outlook, and support the government’s medium-term plan to reduce inflation, stabilize the cedi, and stimulate inclusive growth.
The IMF’s Executive Board is expected to meet in the coming weeks to finalize the review and authorize the next disbursement, marking another critical step in Ghana’s partnership with the Fund to ensure long-term economic stability and fiscal sustainability.
