The International Monetary Fund’s (IMF)
IMF Reaches Staff-Level Agreement with Ghana on Fifth ECF Review
The International Monetary Fund (IMF) has reached a staff-level agreement with Ghana following the completion of the country’s fifth review under the Extended Credit Facility (ECF) programme.
The agreement comes after two weeks of negotiations between the IMF mission team, led by Ruben Atoyan, and Ghanaian authorities including Finance Minister Dr. Cassiel Ato Forson and Bank of Ghana Governor Dr. Johnson Asiama. The meetings were held in Accra from September 29 to October 10, 2025.
According to the IMF, Ghana has made significant progress under the programme, which is designed to restore macroeconomic stability, ensure debt sustainability, and promote inclusive growth.
IMF to reach staff-level agreement with Ghana on October 10
The staff-level agreement paves the way for the disbursement of the next tranche of support, pending approval by the IMF’s Executive Board. Ghana is expected to receive about $360 million, bringing total disbursements since the programme’s approval in May 2023 to approximately $2.8 billion.
Mr. Atoyan noted that growth in the first half of 2025 was stronger than anticipated, driven by robust performance in the services and agricultural sectors. The IMF projects overall GDP growth at 4.8 percent in 2026.
The external sector has also improved on the back of strong exports of gold and cocoa, with the cedi appreciating markedly in the first half of the year. Inflation is forecast to remain within the Bank of Ghana’s target band of 8±2 percent, paving the way for gradual monetary policy normalisation. Meanwhile, international reserves accumulation continues to exceed programme targets, aided by a solid current account surplus.
The IMF also commended Ghana’s progress in addressing long-standing challenges in the energy sector.
Ghana’s $3 billion IMF-supported programme, approved in May 2023, seeks to restore stability, strengthen fiscal discipline, and drive structural reforms. The Fund’s final review is scheduled for April 2026, ahead of the programme’s completion in May 2026.
MA