Dollar Relief Arrives: IMF Disbursement Sends Cedi Soaring and Calms FX Market
Ghana’s cedi is projected to receive additional backing after approximately US$365 million from the International Monetary Fund was paid into the Bank of Ghana’s account on Monday, December 22, 2025, after the Fund endorsed the nation’s fifth review under its programme. The release followed the IMF Executive Board’s assessment of Ghana’s Extended Credit Facility arrangement in Washington, DC, on December 17, 2025, during which the country’s overall performance was rated as generally satisfactory. This payment raises Ghana’s cumulative receipts under the IMF-supported programme to an amount of about US$2.8 billion, representing the fifth instalment since the agreement commenced during May 2023. In the near term, the inflow is expected to enhance the government’s liquidity position to support key spending priorities outlined in the 2025 Budget, while also strengthening the country’s foreign exchange reserves. In line with programme conditions, the Bank of Ghana will convert the funds and transfer the cedi proceeds to the Finance Minister, Dr. Ato Forson, to facilitate budget implementation. In addition to fiscal relief, the funds are anticipated to ease pressure in the foreign exchange market by improving dollar supply, supporting the cedi’s recent appreciation against the US dollar, as recent mild strains mainly linked to increased import demand during the festive period are seen as short-lived and likely to subside as seasonal factors fade. Some analysts further note that the disbursement sends a positive signal to currency markets, reflecting the government’s adherence to macroeconomic reforms and policy discipline, which could help reinforce investor confidence and also market stability.
