Ghana and the International Monetary Fund (IMF) have reached a staff-level agreement on the fourth review of Ghana’s economic reform programme under the Extended Credit Facility (ECF).
Once approved by the IMF Executive Board, the agreement will unlock an additional US$370 million in financing, bringing total disbursements under the 36-month ECF-supported programme to approximately US$2.355 billion.
The latest IMF mission to Accra, led by Mission Chief Stéphane Roudet, concluded on April 15, 2025, after nearly two weeks of high-level engagements with Ghanaian authorities.
“IMF staff and the Ghanaian authorities have reached a staff-level agreement on the fourth review of Ghana’s economic programme under the Extended Credit Facility arrangement.”
“This staff-level agreement is subject to Executive Board consideration. Upon completion, Ghana would have access to SDR 267.5 million (about US$370 million),” said Roudet.
The agreement comes despite a deterioration in programme performance at the end of 2024, largely attributed to election-year fiscal slippages.
“Preliminary fiscal data point to slippages in the run-up to the 2024 general elections, on account of a large accumulation of payables. Inflation exceeded programme targets,” Roudet noted.
However, Ghana’s economic growth in 2024 exceeded expectations, driven by strong mining and construction activity. The country’s external position also improved considerably, aided by higher exports—particularly gold—and increased remittances, which bolstered international reserves well beyond programme targets.
The Fund observed, however, as a response to the setbacks, the new administration has adopted several bold reforms aimed at restoring discipline. These include tighter monetary policy, a stronger fiscal framework, electricity price adjustments, and enhanced public financial management.
“The government has launched an audit of the payables to firm up the size and nature of the slippages.They have also enacted a 2025 budget targeting a 1.5 per percent of GDP primary surplus,” Roudet stated.
The IMF also emphasized the importance of social protection and structural reforms.
Discussions included measures to support the most vulnerable amid inflationary pressures and reforms in state-owned enterprises, especially in the energy, cocoa, and gold sectors.
