IMF Approves $385M Transfer to Ghana as Economy Shows Strong Recovery
The International Monetary Fund’s (IMF) Executive Board has concluded the fifth assessment of Ghana’s 39‑month, roughly US$3 billion Extended Credit Facility (ECF) programme, clearing the way for an immediate transfer of about US$385 million and lifting total funds received under the arrangement to around US$2.8 billion; authorities’ performance under the scheme was judged broadly satisfactory, with all key numerical benchmarks achieved and solid advancement on structural policy changes despite some implementation lags, and macroeconomic stability has strengthened, evidenced by robust growth, inflation dipping into single digits for the first time since 2021, healthier fiscal and external balances, stronger reserve buffers, an appreciated cedi, and meaningful strides in restructuring public debt. Ghana’s policymakers remain positioned to deliver a primary surplus of about 1.5 percent of GDP, supported by a 2026 fiscal blueprint geared toward prudent budget management, enhanced revenue generation, streamlined spending, and protections for vulnerable populations, alongside careful, data‑guided monetary easing by the Bank of Ghana; progress has also been recorded in fortifying financial sector resilience, reforming state‑owned banks, improving governance and public‑sector efficiency, and advancing measures to catalyse private sector investment, while the IMF emphasised that consistent application of fiscal, monetary, governance, and structural reforms is vital to uphold macroeconomic stability, reestablish debt sustainability, tackle fiscal risks , especially in the energy sector and bolster transparency, anti‑corruption frameworks, and public confidence.
