Julie Kozack is the IMF Director of Communications
The International Monetary Fund (IMF) has indicated that Ghana’s recent currency gains could trigger a revision of key programme targets under the country’s US$3 billion Extended Credit Facility (ECF) arrangement.
The cedi’s sharp appreciation of over 40% against the US dollar since the start of 2025 has significantly improved Ghana’s macroeconomic outlook, including a substantial reduction in the national debt-to-GDP ratio.
According to the Bank of Ghana, on Friday, June 13, 2025, the cedi is currently trading at GH¢10.25 to the dollar.
Speaking during a press briefing in Washington DC, the IMF Director of Communications, Julie Kozack, said the Fund is closely monitoring macroeconomic developments, including foreign exchange movements, and may adjust targets accordingly.
“As we look at the programme, we look at all of these developments, including, of course, developments in the exchange rate,” she stated.
She explained that future reviews of the programme will offer an opportunity to ensure that targets remain “appropriate and achievable” in light of Ghana’s evolving financial conditions.
Ghana has also exceeded another key IMF benchmark, international reserves.
As of April 2025, the Bank of Ghana reported reserves of GH¢10.6 billion equivalent to 4.7 months of import cover, well above the programme’s target.
The positive macroeconomic indicators are likely to strengthen Ghana’s position ahead of the IMF Executive Board’s scheduled review in early July 2025.
If approved, the review would unlock a US$360 million disbursement bringing total programme support to US$2.355 billion.
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