IMF Staff, Ghana achieve agreement on 5th review, Ghana will obtain access to US$ 385 million
An International Monetary Fund (IMF) staff team, led by Mr. Ruben Atoyan, held meetings in Accra from September 29 to October 10, 2025, to discuss progress on the authorities’ policy and reform priorities in the context of the fifth review of Ghana’s 3-year program under the Extended Credit Facility.
The IMF Executive Board authorized the agreement for a total value of SDR 2.242 billion (approximately US$3.2 billion) on May 17, 2023.
After the expedition, Mr. Atoyan delivered the following statement:
“IMF staff and the authorities have reached a staff-level agreement on the fifth review of Ghana’s economic program under the Extended Credit Facility arrangement. This staff-level agreement is subject to approval by IMF Management and assessment by the Executive Board. Upon completion of the Executive Board review, Ghana will have access to SDR 267.5 million (approximately US$385 million), increasing the total IMF financial support provided under the agreement since May 2023 to SDR 1,975.5 million (approximately US$2,825 million).
“Macroeconomic stabilization is taking root. Growth in 2025 H1 was greater than projected, driven by robust service activity and agricultural output. The foreign sector has strengthened substantially on the back of solid exports—particularly gold and cocoa. International reserves accumulation continued to surpass the ECF-supported program objectives, but the cedi appreciated considerably in the first half of the year.
“The positive momentum is expected to continue into 2026, with growth projected at 4.8 percent. Inflation is likely to remain within the Bank of Ghana’s (BoG) target zone of 8±2 percent, allowing for a gradual normalization of monetary policy. A robust current account surplus will continue to boost reserve building; however, external risks remain essential, partly due to persisting uncertainty about commodity prices for Ghana’s core exports.
"The authorities made notable strides in addressing long-standing challenges in the energy sector. The government has renegotiated historical debts and power purchase agreements with most independent power providers (IPPs). Tariff changes are now undertaken quarterly, helping better reflect expenses. Payments through the Cash Waterfall Mechanism have also grown dramatically.
“On the fiscal front, the primary balance for the first eight months of 2025 posted a surplus of 1.1 percent of GDP, on track to achieve the 1.5 percent of GDP target by year-end. The authorities are committed to proposing a 2026 budget targeting a 1.5 percent of GDP primary surplus on a commitment basis, in line with the newly established Fiscal Responsibility Framework.
“Discussions with the authorities also centered on structural fiscal reforms to support budgetary adjustment and entrench discipline, boost domestic revenues, strengthen public financial and public investment management systems, and bolster the credibility of Ghana’s fiscal framework.
“The comprehensive debt restructuring is progressing well. Following the signing of a Memorandum of Understanding with the Official Creditor Committee under the G20 Common Framework, bilateral agreements have been negotiated with five nations. The authorities are actively participating in discussions with remaining business creditors to conclude debt resolutions. Moreover, Ghana’s debt trajectory has improved considerably with an updated macroeconomic outlook and continued budgetary discipline, a key step toward achieving long-term debt sustainability.
“With inflation falling towards its target band, the BoG has embarked on an easing cycle, cutting the policy rate by a cumulative 650 basis points to 21.5 percent. Prudent monetary policy is likely to help re-anchor inflation expectations. In partnership with the Fund, the BoG has developed a structured framework for foreign exchange operations to intermediate FX flows and mitigate excessive market volatility, while accumulating international reserves.
“The authorities have taken decisive actions to support financial stability, including implementing the strategy to restructure and reform state-owned banks, addressing gaps in the crisis management and resolution framework, and implementing a multi-pronged approach to address non-performing loans. The recapitalization of state-owned banks is projected to be completed by the end of 2025.
“The authorities are committed to strengthening governance and public sector efficiency. The Governance Diagnostic Assessment report has been completed and will be published in the coming weeks. Efforts to strengthen openness and supervision need to continue, notably in the administration of SOEs in the gold, cocoa, and energy sectors.”
IMF personnel met with Finance Minister Forson, Bank of Ghana Governor Asiama, and their teams, as well as representatives from other government agencies and other stakeholders. The IMF team would like to extend its gratitude to the Ghanaian government and its peers for their warm welcome and ongoing open and productive interactions.