IMF Managing Director, Kristalina Georgieva
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) program.
The agreement comes after two weeks of negotiations between the IMF mission team, led by Ruben Atoyan, and Ghanaian authorities including Minister of Finance, Dr Cassiel Ato Forson, Bank of Ghana Governor, Dr Johnson Asiama and among others.
The meetings were held in Accra from September 29 to October 10, 2025.
According to the IMF, Ghana has made significant progress under the program, 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 $385 million, bringing total disbursements since the program’s approval in May 2023 to approximately $2.8 billion.
The Head of the IMF Mission team, Ruben Atoyan noted that growth in the first half of 2025 was stronger than anticipated, driven by robust performance in the services and agricultural sectors.
Overall, the IMF projects overall GDP growth for Ghana at 4.8 percent in 2026.
“The positive momentum is expected to continue into 2026, with growth projected at 4.8 percent,” Atoyan said.
The IMF also commended Ghana’s progress in addressing long-standing challenges in the energy sector.
Ghana’s $3 billion IMF-supported program, 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 program’s completion in May 2026.
MA
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