US$365m IMF disbursement set to strengthen cedi and boost reserves

Ghana’s currency is set to receive further support following the crediting of approximately US$365 million from the International Monetary Fund (IMF) to the Bank of Ghana on Monday, December 22, 2025. The disbursement follows the IMF’s approval of Ghana’s fifth programme review under the Extended Credit Facility (ECF).

The IMF Executive Board completed its assessment of Ghana’s programme in Washington, DC, on December 17, 2025, describing the country’s performance as broadly satisfactory.

With this latest tranche, total disbursements under the IMF programme now amount to about US$2.8 billion since Ghana joined the arrangement in May 2023.

The immediate effect of the inflow will be to strengthen the government’s cash position for financing priority projects outlined in the 2025 Budget while boosting the country’s external reserves.

Under the programme framework, the Bank of Ghana is expected to convert the foreign exchange into cedis and provide the equivalent funds to Finance Minister Dr. Ato Forson for budget execution.

The inflow is also expected to enhance dollar liquidity in the foreign exchange market, supporting the cedi’s recent recovery against the US dollar. Analysts note that recent pressures on the currency, largely driven by seasonal import demand, are temporary and likely to ease after the festive period.

Experts also suggest that the IMF disbursement sends a strong signal to the forex market, reinforcing confidence in the government’s commitment to macroeconomic stability and disciplined policy management.

In its statement, the IMF Executive Board highlighted that Ghana’s macroeconomic stabilisation efforts are gaining traction, citing strong economic growth and single-digit inflation for the first time since 2021—a development reflecting improved policy coordination under the programme.