Ghana’s $3 billion programme under the International Monetary Fund’s (IMF) 36-month Extended Credit Facility (ECF) has come under scrutiny due to significant policy slippages and delays in implementing critical reforms.

According to the IMF’s latest review, the country’s performance under the programme “deteriorated markedly” by the end of 2024. This assessment follows the completion of Ghana’s Fourth Review, which approved a fresh disbursement of $367 million—bringing total disbursements to approximately $2.3 billion since the programme began.

The IMF noted that, although Ghana posted stronger-than-expected economic growth and a markedly improved external position in 2023, these gains were undermined by fiscal challenges and stalled reforms entering the 2024 election year.

“This reflected pre-election fiscal slippages, inflation remaining above programme targets—though recent figures show rapid disinflation—and delays in reform implementation,” the report stated.

Deputy Managing Director of the IMF, Bo Li, emphasized the severity of the setbacks. “By the end of 2024, programme performance had deviated significantly from original targets. However, the new administration has since taken bold corrective measures to realign the programme,” he said.

The Fund believes that these corrective actions, coupled with continued structural reforms and a strong external sector, will help Ghana move toward its objectives of economic stabilization, resilience, and inclusive growth.

Despite the challenges, Ghana’s macroeconomic indicators have begun to show signs of improvement:


  • The cedi has appreciated by over 30% against the US dollar


  • Inflation has fallen sharply to 13.7% as of end-June 2025


  • Gross International Reserves have strengthened, now covering more than four months of imports

One of the most encouraging signs is the improved investor sentiment, reflected in the upgraded outlook on Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR).

Government sources indicate that discussions are underway for Ghana’s return to the international capital market, buoyed by growing investor confidence and the successful reopening of domestic bond issuances.

As Ghana navigates the road to recovery, the IMF stresses the need for consistent policy discipline, timely reforms, and strengthened institutional capacity to sustain the recent gains and safeguard long-term economic progress.