GHANA is set to receive an additional $385 million under the Extended Credit Facility (ECF) programme following the successful completion of the fifth review by the Executive Board of the International Monetary Fund (IMF).
The amount represents the fifth tranche to be disbursed under the 39-month ECF programme, bringing total disbursements to about $2.8 billion.
The IMF, announcing this in a statement issued from Washington DC, said the successful review was underpinned by Ghana's satisfactory performance under the programme.
The Executive Board completed the fifth review of the S$3 billion ECF arrangement, which was approved in May 2023, paving the way for the immediate release of about U$385 million.
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Ghana's IMF-supported reforms, according to the Fund, were yielding tangible results following last year's policy slippages, adding that economic growth through September 2025 exceeded expectations, driven largely by strong performance in the services and agriculture sectors.
The IMF also acknowledged progress made in safeguarding financial sector stability, saying the measures implemented by the authorities included the ongoing restructuring and reform of state-owned banks, efforts to close gaps in the crisis management and bank resolution framework, and a multi-pronged strategy to reduce non-performing loans.
While these actions have helped stabilise the sector, the Fund cautioned that vulnerabilities persist, particularly within state-owned banks, and called for stronger governance, effective supervision, and timely recapitalisation to mitigate risks and support credit growth to the private sector.
It said inflation had declined into the Bank of Ghana's target range, while the external sector strengthened on the back of robust gold and cocoa exports.
The IMF noted that international reserves accumulation surpassed programme targets, the cedi appreciated, and the country's debt trajectory improved significantly.
The Fund stated that Ghana's performance under the programme had been "generally satisfactory," with all quantitative performance criteria and indicative targets for the fifth review met. Despite some delays, progress was recorded on key structural reforms, including measures carried over from previous reviews.
On debt restructuring, the IMF commended the authorities for making significant headway. Ghana has signed bilateral debt relief agreements with several members of its Official Creditor Committee and concluded Agreements in Principle with some external commercial creditors.
It said engagements were continuing with remaining creditors to ensure restructuring consistent with programme parameters and comparability of treatment, adding that the IMF fiscal consolidation remained on track, with Ghana expected to achieve a primary surplus of 1.5 per cent of GDP by year-end.
The Fund said the 2026 Budget submitted to Parliament aligned with programme objectives and the new fiscal responsibility framework, while accommodating development and security needs.
The IMF stressed that sustaining fiscal discipline would require stronger revenue administration, improved public financial management and enhanced oversight of State-Owned Enterprises (SOEs).
In the monetary sector, the IMF observed that easing inflationary pressures and the recent appreciation of the cedi had allowed the Bank of Ghana to begin a cautious monetary easing cycle. It advised that any further easing should be "gradual and data-dependent," while commending the central bank for implementing a new structured foreign exchange operations framework to smooth market volatility and build reserves.
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Commenting on the review, IMF Deputy Managing Director, Mr Bo Li, said: "Ghana's performance under its ECF-supported reform programme has been generally satisfactory. The authorities have shown strong programme ownership by decisively implementing ambitious corrective actions after the 2024 policy slippages."
He added that these efforts had "driven a stronger-than-anticipated recovery in growth, brought inflation within the target range, and supported robust reserve accumulation."
Mr Li emphasised the need for continued reforms to maintain macroeconomic stability, strengthen governance and transparency, and support sustainable, private sector-led growth and job creation.
