Ghana’s engagement with the International Monetary Fund (IMF) has regained traction, with the Fund approving a US$367 million disbursement following successful reforms and improved economic indicators, Finance Minister Dr. Cassiel Ato Forson announced during the 2025 Mid-Year Budget Review.
“Mr. Speaker, Ghana remains on track on the implementation of the IMF Program,” Dr. Forson told Parliament on July 24. The successful Fourth Review unlocked new funds, bringing total disbursements under the three-year program to US$2.3 billion.
He quoted the IMF Executive Board’s recent assessment: “Faced with large policy slippages and reform delays at end-2024, the new administration has taken bold corrective actions to maintain the program on track.”
The minister also reported substantial progress on debt restructuring, with Ghana’s public debt declining from GH¢726.7 billion in December 2024 to GH¢613 billion in June 2025—a 15.6% reduction and the lowest debt-to-GDP ratio in five years.
“For the first time in Ghana’s history, there is a negative 15.6% rate of debt accumulation,” he said, noting a dramatic drop in the debt-to-GDP ratio from 61.8% to 43.8% in six months. “Ghana’s public debt sustainability has significantly improved,” he added.
On external debt, Dr. Forson said bilateral negotiations are progressing. “We are ready to sign agreements with two countries and expect four to be finalised by the end of July.” He also confirmed that the government made two Eurobond payments totalling US$700 million and GH¢9.8 billion in domestic bond coupons during the first half of the year.
“The government remains committed to honouring its debt service obligations,” he affirmed. A new sinking fund has been operationalised to address major debt humps between 2026 and 2028.
International credit agencies have taken notice. Fitch Ratings upgraded Ghana’s foreign currency rating to ‘B-’ from “Restricted Default” in June, citing declining debt levels, exchange rate appreciation, and improved reserves.
“These gains are not accidental,” Dr. Forson stressed. “They are the result of sound leadership, better economic management, and renewed investor confidence.”
While cautioning that challenges remain, he expressed confidence that Ghana’s course correction rooted in “fiscal consolidation, structural reform, and credibility has firmly reset the country’s standing with global lenders and markets.
