IMF Appoints Dr. Adrian Alter as New Ghana Resident Representative
Accra, Ghana - 7 July, 2025 - The International Monetary Fund (IMF) has appointed Dr. Adrian Alter, a senior economist with extensive experience in financial stability and sovereign debt restructuring, as its new Resident Representative to Ghana, effective 2 September 2025.
The announcement, made on 7 July, comes as Ghana navigates the final year of its $3 billion Extended Credit Facility (ECF) programme, aimed at stabilising its economy following a severe crisis in 2022.
Dr. Alter succeeds Dr. Leandro Medina, who concludes his three-year tenure in August 2025 after overseeing significant progress in Ghana’s ECF programme, which began in May 2023.
Dr. Medina played a pivotal role in securing multiple disbursements, including a staff-level agreement in April 2025 for the fourth review, expected to unlock $370 million by 11 July, bringing total disbursements to over $2.3 billion.
The programme has supported Ghana’s economic stabilisation, with the cedi appreciating by over 40% against the US dollar in 2025, inflation dropping to 13.7% in June, and international reserves reaching $11 billion by June, equivalent to five months of import cover. Dr. Alter, who has been part of the IMF team supervising Ghana’s ECF, will arrive in Accra in August to ensure a smooth transition.With over a decade at the IMF, Dr. Alter brings expertise in macroprudential and monetary policies, having contributed to programmes in Ghana, Tunisia, and Serbia, as well as Financial Sector Assessment Programs for Canada, Singapore, and Lesotho.
His prior roles at the European Central Bank, Deutsche Bundesbank, and UBS Investment Bank focused on banking supervision, systemic risk, and financial stability, aligning with Ghana’s priorities under the ECF, such as fiscal reforms and financial sector strengthening. Dr. Alter holds a Ph.D. in Quantitative Economics and Finance from the University of Konstanz, a Master’s in Finance from HEC Lausanne, and has completed executive training in financial stability at Yale University. His research on the interplay between governments and financial institutions is expected to inform Ghana’s ongoing tax policy reforms and efforts to achieve inclusive growth.Ghana’s ECF programme, set to conclude in May 2026, has been a cornerstone of its recovery from a 2022 default on external debt, triggered by high cocoa and gold prices and fiscal pressures.
The programme has facilitated a $2.8 billion debt restructuring deal with 25 creditor nations, including China and France, approved by Ghana’s parliament on 24 June 2025. This agreement, alongside tightened monetary policies and public financial management reforms, has bolstered investor confidence, leading to a Fitch Ratings upgrade from ‘Restricted Default’ to ‘B-’ in July 2025.
Dr. Alter’s mandate includes coordinating the ECF programme, acting as the IMF’s local spokesperson, and engaging with the Ministry of Finance, Bank of Ghana, and civil society. His role will be crucial as Ghana negotiates with commercial creditors to finalize debt restructuring and meet IMF benchmarks.
