Ghana to receive US$380m after IMF approves fifth ECF review

Ghana has secured approval for its fifth programme review under the International Monetary Fund (IMF)–supported programme, following a meeting of the Fund’s Executive Board in Washington, DC, on December 17, 2025.

The Board’s decision came after an assessment of Ghana’s performance against key targets and benchmarks under the programme. Finance Minister Dr Cassiel Ato Forson, in a social media post on the same day, described the approval as a reflection of the country’s progress, particularly in meeting the requirements for the fifth review.

In its staff report, the IMF said macroeconomic stabilisation in Ghana is gaining momentum, citing strong economic growth and the return of inflation to single-digit levels for the first time since 2021. The Fund noted that both fiscal and external positions have improved, while meaningful progress has been made in the ongoing debt restructuring process.

According to the IMF, these gains stem from firm ownership of the programme by the authorities, supportive external conditions, and growing investor confidence. The report added that reforms under the programme are beginning to yield results, following policy slippages recorded in 2024.

Economic growth up to September 2025 exceeded expectations, driven largely by strong performance in the services and agriculture sectors. Inflation has returned to the Bank of Ghana’s target band, while the external sector benefited from increased gold and cocoa exports. Foreign reserves surpassed ECF targets, the cedi appreciated, and Ghana’s debt outlook improved significantly.

Government officials have reiterated their commitment to maintaining fiscal discipline even after the IMF programme ends in May 2026.

The approval follows a staff-level agreement reached on October 10, 2025, after a two-week IMF mission to assess recent economic developments. That agreement was subject to endorsement by IMF management and final approval by the Executive Board.

With the completion of the fifth review, Ghana will now access SDR 267.5 million, equivalent to about US$385 million, bringing total IMF disbursements since May 2023 to SDR 1,975.5 million, or approximately US$2.83 billion.

The IMF also commended Ghana for progress in key reform areas, including debt restructuring, fiscal consolidation, energy sector reforms, foreign exchange operations, and efforts to strengthen financial sector resilience, noting steady advances across these areas.