The International Monetary Fund (IMF) has reached a staff-level agreement with the Government of Ghana to complete the fifth review of the country’s $3 billion Extended Credit Facility (ECF) programme.
Ruben Atoyan and his IMF mission met Ghanaian officials in Accra to assess how the country is implementing policies and advancing reforms under the ECF arrangement approved in May 2023.
According to the IMF, Ghana’s macroeconomic stabilisation efforts are showing positive results, supported by stronger growth, easing inflation, and a recovering cedi. Economic growth in the first half of 2025 exceeded expectations, driven by solid performance in the services and agriculture sectors, while foreign reserve accumulation surpassed programme targets. The cedi also strengthened notably, boosted by higher export earnings, particularly from gold and cocoa.
The Fund projects Ghana’s economic growth to reach 4.8% in 2026, with inflation stabilising within the Bank of Ghana’s target range of 8±2%, creating room for a gradual reduction in interest rates. The current account surplus is expected to sustain reserve accumulation, although risks remain due to fluctuations in global commodity prices.
On the fiscal side, the government recorded a primary surplus of 1.1% of GDP in the first eight months of 2025 and is on track to meet its year-end target of 1.5%. The IMF praised Ghanaian authorities for maintaining fiscal discipline under the Fiscal Responsibility Framework, aimed at achieving sustainable budget surpluses through 2026.
The statement also noted meaningful progress in energy sector reforms, including the restructuring of legacy debts and renegotiation of power purchase agreements with Independent Power Producers (IPPs).
SOURCE: Citinewsroom
