The International Monetary Fund (IMF)
The International Monetary Fund (IMF) has said Ghana has made notable progress in its comprehensive debt restructuring efforts, following the signing of a Memorandum of Understanding (MoU) with the Official Creditor Committee under the G20 Common Framework.
According to the Fund, bilateral agreements have already been concluded with five countries, while negotiations continue with remaining commercial creditors to finalise debt treatments.
“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 concluded with five countries. The authorities are actively engaging in negotiations with remaining commercial creditors to finalise debt treatments,” the IMF said in a statement issued on October 10, 2025.
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“Moreover, Ghana’s debt trajectory improved markedly on an upgraded macroeconomic outlook and continued fiscal discipline, a significant step toward Ghana’s long-term debt viability,” the Fund added.
The IMF noted that the country’s monetary policy has also supported economic stability, with the Bank of Ghana (BoG) cutting the policy rate by a cumulative 650 basis points to 21.5 percent, as inflation falls toward its target band.
“Prudent monetary policy is expected to help re-anchor inflation expectations,” the IMF said.
The Fund added that a structured foreign exchange operations framework has been developed in collaboration with the IMF to intermediate FX flows, smooth excessive market volatility, and build international reserves.
The IMF also highlighted ongoing efforts to strengthen financial stability, including restructuring and reforming state-owned banks, addressing gaps in the crisis management framework, and tackling non-performing loans.
Additionally, the recapitalisation of state-owned banks is expected to be completed by the end of 2025.
“The authorities are committed to strengthening governance and public sector efficiency. The Governance Diagnostic Assessment report was completed and will be published in the coming weeks. Efforts to improve transparency and oversight need to continue, particularly in the management of SOEs in the gold, cocoa, and energy sectors,” the IMF said.
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