IMF Reaches Staff-Level Agreement with Ghana, Unlocking $385 Million Funding
Accra ,Ghana - October 10,2025 - The International Monetary Fund (IMF) has announced a significant development in its financial support for Ghana, reaching a staff-level agreement with the government to conclude the fifth review of the country's $3 billion Extended Credit Facility (ECF) program. This agreement paves the way for Ghana to access approximately $385 million in fresh funding once the IMF Executive Board gives its approval.
Ghana's economy is gaining momentum, with stronger growth and single-digit inflation recorded for the first time since 2021. The country's growth is projected to reach 4.8 percent in 2026, driven by robust performance in the services and agricultural sectors. The IMF has commended Ghana's progress in addressing long-standing challenges in the energy sector, including renegotiating legacy power purchase agreements and arrears with independent power producers.
Ghana will receive approximately $385 million once the IMF Executive Board approves the agreement. The country's debt trajectory has improved markedly on the back of a firmer macroeconomic outlook and prudent fiscal management. The government has pledged to maintain a primary surplus of 1.5 percent of GDP in 2026, in line with the recently adopted Fiscal Responsibility Framework. Inflation is forecasted to remain within the Bank of Ghana's target band of 8±2 percent, allowing for gradual monetary policy normalization.
The IMF's Extended Credit Facility program aims to restore macroeconomic stability, ensure debt sustainability, and promote inclusive growth in Ghana. The program's fifth review marks a significant milestone, with the IMF praising Ghana's progress in implementing structural reforms and strengthening fiscal discipline.
The IMF Executive Board is expected to review Ghana's fifth assessment by December 2025. Once approved, the funding will support Ghana's economic recovery efforts, reinforcing fiscal buffers and boosting investor confidence. The final review of the program is scheduled for April 2026, ahead of the program's completion in May 2026.
Source - Lead News Online
