- IMF staff and Ghanaian authorities have reached a staff-level agreement to conclude the fifth review of the ECF program. Once approved, Ghana will gain access to US$ 385 million.
- Ghana's economy is gaining momentum, with stronger growth and single-digit inflation for the first time since 2021. Robust exports and rising international reserves have boosted the cedi. These gains reflect sustained reforms, a favorable external environment, and improved investor confidence.
- The authorities are making progress on debt restructuring, fiscal consolidation, energy sector reforms, foreign exchange operations, and financial sector resilience.
Accra: An International Monetary Fund (IMF) staff team, led by Mr. Ruben Atoyan, held meetings in Accra from September 29 to October 10, 2025, to discuss progress on the authorities' policy and reform priorities in the context of the fifth review of Ghana's 3-year program under the Extended Credit Facility. The arrangement was approved by the IMF Executive Board for a total amount of SDR 2.242 billion (about US$3.2 billion) on May 17, 2023.
At the end of the mission, Mr. Atoyan issued the following statement:
"IMF staff and the authorities have reached a staff-level agreement on the fifth review of Ghana's economic program under the Extended Credit Facility arrangement. This staff-level agreement is subject to IMF Management approval and Executive Board consideration. Upon completion of the Executive Board review, Ghana would have access to SDR 267.5 million (about US$ 385 million), bringing the total IMF financial support disbursed under the arrangement, since May 2023, to SDR 1,975.5 million (about US$ 2,825 million).
"Macroeconomic stabilization is taking root. Growth in 2025H1 was stronger than anticipated, underpinned by strong services activity and agricultural output. The external sector has improved noticeably on robust exports—particularly gold and cocoa. International reserves accumulation continues to exceed the ECF-supported program targets, while the cedi appreciated markedly in the first half of the year.
"The positive momentum is expected to continue into 2026, with growth projected at 4.8 percent. Inflation is forecasted to remain within the Bank of Ghana's (BoG) target band of 8±2 percent, allowing for gradual monetary policy normalization. A solid current account surplus will continue to aid reserves accumulation, though external risks remain significant largely on account of lingering uncertainty of commodity prices for Ghana's key exports.
"The authorities made notable strides in addressing long-standing challenges in the energy sector. The government has renegotiated legacy arrears and power purchasing agreements with most independent power producers (IPPs). Tariff adjustments are now conducted quarterly, helping better reflect costs. Payments through the Cash Waterfall Mechanism have also increased significantly.
"On the fiscal front, the primary balance for the first eight months of 2025 posted a surplus of 1.1 percent of GDP, on track to achieve the 1.5 percent of GDP target by year-end. The authorities are committed to adopting a 2026 budget targeting a 1.5 percent of GDP primary surplus on a commitment basis, in line with the recently adopted Fiscal Responsibility Framework.
"Discussions with the authorities also centered on structural fiscal reforms to support fiscal adjustment and entrench discipline, boost domestic revenues, strengthen public financial and public investment management systems, and bolster the credibility of Ghana's fiscal framework.
"The comprehensive debt restructuring is progressing well. Following the signing of a Memorandum of Understanding with the Official Creditor Committee under the G20 Common Framework, bilateral agreements have been concluded with five countries. The authorities are actively engaging in negotiations with remaining commercial creditors to finalize debt treatments. Moreover, Ghana's debt trajectory improved markedly on an upgraded macroeconomic outlook and continued fiscal discipline, a significant step toward Ghana's long-term debt viability.
"With inflation falling towards its target band, the BoG has embarked on an easing cycle, cutting the policy rate by a cumulative 650 basis points to 21.5 percent. Prudent monetary policy is expected to help re-anchor inflation expectations. In collaboration with the Fund, the BoG has developed a structured foreign exchange operations framework to intermediate FX flows and smooth excessive market volatility, while accumulating international reserves.
"The authorities have taken strong actions to support financial stability, including by implementing the strategy to restructure and reform state-owned banks, addressing gaps in the crisis management and resolution framework, and implementing a multi-pronged strategy to address non-performing loans. The recapitalization of state-owned banks is expected to be completed by end-2025.
"The authorities are committed to strengthening governance and public sector efficiency. The Governance Diagnostic Assessment report was completed and will be published in the coming weeks. Efforts to improve transparency and oversight need to continue, particularly in the management of SOEs in the gold, cocoa, and energy sectors."
IMF staff met with Finance Minister Forson, Bank of Ghana Governor Asiama, and their teams, as well as representatives from various government agencies, and other stakeholders. The IMF team would like to express its gratitude to the Ghanaian authorities and other counterparts for their warm hospitality and continued open and constructive engagement.
