Ghana has received a fresh disbursement of $367 million from the International Monetary Fund (IMF) under its Extended Credit Facility (ECF) arrangement. This follows the successful completion of the fourth review of the three-year program, which was approved in May 2023 and allows the West African nation access to up to $3 billion. The latest disbursement brings the total funds received so far to approximately $2.3 billion.
The IMF hailed Ghana’s efforts in restoring fiscal discipline and addressing deep-rooted structural weaknesses. According to Bo Li, IMF Deputy Managing Director, the Ghanaian authorities have demonstrated strong commitment by passing a 2025 budget aligned with the program’s objectives and enacting a more robust fiscal responsibility framework.
“These reforms are essential to reversing past fiscal slippages and stabilizing the economy,” said Li. The funds are expected to support Ghana’s ongoing economic reform agenda, which has faced significant challenges in recent years, particularly in managing public debt and inflation.
Despite these hurdles, the IMF notes that Ghana’s economic growth in 2024 and early 2025 has surpassed expectations. The growth was driven by solid performances in the mining, agriculture, ICT, manufacturing, and construction sectors signaling a gradual rebound in economic activity.
Looking forward, the IMF emphasized the importance of continuing with fiscal adjustments and finalizing the ongoing debt restructuring process to maintain long-term fiscal sustainability. Li underscored the need to enhance domestic revenue collection and cut down on non-essential expenditures to create fiscal space for key development and social protection initiatives.
Ghana’s engagement with the IMF comes amid mounting external pressures, including high global interest rates and inflationary shocks, which have strained public finances and currency stability. The government’s focus remains on achieving macroeconomic stability, attracting investment, and protecting vulnerable populations through targeted social spending.
With nearly $700 million in IMF funds still available under the current arrangement, Ghana is expected to stay the course of reform while navigating the complex terrain of economic recovery and structural transformation.
