The Executive Board of the International Monetary Fund (IMF) is expected to review Ghana’s fourth programme assessment today, July 7, 2025, in Washington, D.C., according to sources familiar with the country’s ongoing programme with the Fund.

According to joybusiness the government has met nearly all the necessary conditions for the review, with all required documentation submitted in time to meet the IMF’s minimum four-day review window.

The meeting follows a staff-level agreement reached in April 2025 as part of Ghana’s fourth review under the Extended Credit Facility (ECF).

Expected Disbursement and Economic Outlook

Sources say the IMF Board is likely to approve Ghana’s review, unlocking a disbursement of approximately US$370 million, expected to be credited to the Bank of Ghana by July 11, 2025.

This would bring total disbursements under the ECF—signed in May 2023—to over US$2.3 billion. Analysts believe this funding will help strengthen the country’s foreign reserves and stabilize the economy.

In addition to the IMF disbursement, Ghana is also expecting US$360 million in support from the World Bank by the end of July. Together, these inflows are projected to significantly boost Ghana’s international reserves.

Progress Toward IMF Programme Goals

Ghana’s ECF-supported programme is built around three key objectives:


  1. Restoring macroeconomic stability


  2. Ensuring debt sustainability


  3. Laying the foundation for inclusive economic growth

A central target is to reduce Ghana’s debt-to-GDP ratio to 55% by 2028. However, the latest figures from the Bank of Ghana indicate the country has already met this goal. As of April 2025, Ghana’s debt-to-GDP ratio had dropped to 55%, primarily due to the significant appreciation of the cedi.

Data from commercial banks shows the cedi has strengthened by over 40% against the US dollar since the beginning of 2025. President John Dramani Mahama, speaking recently at the African Development Bank in Côte d’Ivoire, said the currency’s performance has led to a GH¢150 billion reduction in Ghana’s debt stock.

Reserves Strengthen Ahead of IMF Decision

Another milestone achieved under the programme is the improvement of Ghana’s international reserves. According to the Bank of Ghana’s May 2025 Economic Report, reserves at the end of April stood at US$10.6 billion, equivalent to 4.7 months of import cover—a significant improvement over past levels.

With the anticipated IMF and World Bank inflows, Ghana is well-positioned to continue rebuilding its economic resilience and meet its reform targets under the ongoing ECF programme.