The Executive Board of the International Monetary Fund on Wednesday approved the fifth review of Ghana’s reform programme under its Extended Credit Facility, unlocking an immediate disbursement of about US$385 million, the Fund said.
The decision brings total disbursements to Ghana under the US$3 billion, 39-month facility to roughly US$2.8 billion since the programme was approved in May 2023, as the West African nation seeks to stabilise its economy following a deep fiscal and debt crisis.
The IMF said Ghana’s performance under the programme had been “generally satisfactory”, despite delays in implementing some complex structural reforms, and noted growing signs that macroeconomic stabilisation efforts were beginning to bear fruit.
“Macroeconomic stabilisation is gaining momentum,” the Fund said in a statement, pointing to strong economic growth and single-digit inflation for the first time since 2021.
Growth through September 2025 exceeded expectations, driven largely by robust activity in the services and agriculture sectors, while inflation has fallen back into the target range of the Bank of Ghana after surging to multi-year highs during the crisis.
The IMF said Ghana’s external position had also improved, supported by strong gold and cocoa exports, while international reserves accumulation surpassed programme targets. The cedi has appreciated and the country’s debt trajectory has “improved significantly”, reflecting progress on restructuring talks and renewed investor confidence.
All quantitative performance criteria and indicative targets for the fifth review were met, the Fund said, adding that progress had been made on key structural reforms, including some measures carried over from earlier reviews.
Ghana has been working to restructure its public debt after defaulting in 2022. The IMF said the authorities had signed bilateral debt relief agreements with several members of the Official Creditor Committee and reached agreements in principle with a number of external commercial creditors.
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Engagement with remaining creditors is ongoing to secure restructuring terms consistent with programme parameters and the principle of comparable treatment, the Fund added.
On the fiscal front, Ghana is on track to post a primary surplus of 1.5 percent of gross domestic product by the end of the year. The 2026 budget submitted to parliament aligns with programme objectives and a new fiscal responsibility framework, while allowing for development spending and security needs.
However, the IMF cautioned that sustaining fiscal discipline would require stronger revenue administration, improved public financial management and tighter oversight of state-owned enterprises, which continue to pose significant fiscal risks.
With inflation pressures easing and the cedi strengthening, the central bank has begun a cautious monetary easing cycle. The IMF said any further rate cuts should remain gradual and data-dependent.
The Bank of Ghana has also rolled out a new foreign exchange operations framework aimed at smoothing excessive market volatility while rebuilding reserves, in collaboration with IMF staff.
The Fund welcomed steps taken to safeguard financial stability, including reforms to state-owned banks, measures to close gaps in crisis management and efforts to reduce non-performing loans. It also pointed to progress in strengthening governance and public sector efficiency following the publication of a Governance Diagnostic Assessment.
Speaking after the board discussion, IMF Deputy Managing Director Bo Li said Ghana’s authorities had shown “strong programme ownership” by implementing corrective actions after policy slippages last year.
“Going forward, continued reform efforts remain essential to maintain macroeconomic stability and debt sustainability, while addressing longstanding structural vulnerabilities,” he said.
The IMF said ambitious structural reforms to boost private sector investment, improve transparency and create sustainable jobs would remain central to Ghana’s economic recovery.
