Accra, Dec. 18, – The Executive Board of the International Monetary Fund (IMF) has concluded the fifth review of Ghana’s US$3 billion Extended Credit Facility (ECF) arrangement, clearing the way for the immediate release of about US$385 million to support the country’s economic recovery programme.
The approval, announced in Washington DC on Wednesday, brings total disbursements under the 39-month programme to approximately US$2.8 billion since its inception in May 2023.
Completion of the review followed Ghana’s strong implementation of IMF-supported reforms, with all quantitative performance criteria and indicative targets for the fifth review met. The Fund said corrective policy measures taken after last year’s slippages were delivering tangible results.
In a statement issued after the Board’s discussion, Bo Li, Deputy Managing Director of the IMF, commended Ghana’s progress, noting that programme performance has been “generally satisfactory” and underscored by firm ownership and decisive execution of agreed policy actions.
The IMF cited a range of favourable macroeconomic outcomes. Economic activity up to September 2025 outperformed projections, driven largely by robust services and agriculture sector growth. Inflation has returned to the Bank of Ghana’s target range, while strong gold and cocoa exports have reinforced the external sector.
International reserves have risen beyond programme benchmarks, alongside an appreciation of the Ghana cedi and significant improvement in the debt outlook.
Marked advances have also been achieved in debt restructuring. The government has concluded bilateral debt relief agreements with several members of the Official Creditor Committee and reached Agreements in Principle with a number of external commercial creditors.
Fiscal consolidation remains central to the programme, with Ghana on course to post a primary surplus of 1.5 per cent of GDP by year-end. The 2026 Budget recently submitted to Parliament is aligned with programme objectives and the revised fiscal responsibility framework.
The Bank of Ghana has commenced a gradual monetary policy easing cycle, supported by moderating inflation and relative exchange-rate stability. It has also introduced a structured foreign exchange operations framework aimed at smoothing market volatility while continuing reserve accumulation.
The Fund acknowledged notable progress in governance and public-sector efficiency identified in the IMF Governance Diagnostic Assessment but stressed the importance of sustained reforms, particularly in transparency and oversight of State-Owned Enterprises.
GHBUSS
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