The Government of Ghana has expressed cautious optimism ahead of the International Monetary Fund (IMF) Executive Board’s upcoming review of Ghana’s economic programme under the Extended Credit Facility (ECF), scheduled for early July 2025.

If the review is approved, Ghana stands to receive a disbursement of approximately $370 million, which would bring the total disbursement under the programme to $2.4 billion since it began in May 2023.

Presidential Advisor on the Economy, Seth Terkper, speaking on Channel One TV on Monday, June 30, described the review as a critical milestone for the country’s ongoing economic recovery.

“We came in as a new government with some experience to complete the fourth review of the IMF programme. It will go to the board this July. All indications—including feedback from the IMF staff who visited the country—suggest that things have gone well,” Terkper said.

He added that key structural benchmarks and policy commitments have been met, which boosts confidence in a favorable outcome:

“You can be cautiously optimistic that the IMF board will pass your programme and that we’ll see an injection into the economy,” he told host Bernard Avle.

The expected funding will provide a vital financial injection to support Ghana’s recovery efforts and reinforce its progress in debt sustainability and macroeconomic stability.

The IMF had earlier confirmed that a staff-level agreement for the fourth review was reached on April 15. At a subsequent press briefing, IMF Communications Director Julie Kozack stated that, pending board approval, Ghana would receive the next $370 million disbursement.

Market analysts view the forthcoming review as a strong signal of confidence in Ghana’s fiscal reform agenda, which includes:

Domestic revenue mobilization, Expenditure rationalization and Debt restructuring and sustainability measures

A successful review is also expected to boost investor sentiment, help stabilize the Ghanaian cedi, and contribute to easing inflationary pressures in the economy.