ACCRA— The International Monetary Fund (IMF) has reached a staff-level agreement with Ghana for the fourth review of the country’s Extended Credit Facility program, paving the way for a $370 million disbursement pending approval by the IMF Executive Board.
The agreement follows a two-week mission in Accra led by IMF Mission Chief Stéphane Roudet and signals continued engagement with the country despite recent economic setbacks.
“IMF staff and the Ghanaian authorities have reached a staff-level agreement on the fourth review of Ghana’s economic program under the Extended Credit Facility arrangement,” Roudet said in a statement released April 15. “Upon completion of the Executive Board review, Ghana would have access to SDR 267.5 million, or about $370 million.”
The latest disbursement would bring total IMF support to Ghana to approximately $2.36 billion since May 2023.
According to the IMF, Ghana’s economy showed stronger-than-expected growth in 2024, supported by solid performances in the mining and construction sectors.
The country also benefited from improved external conditions, including stronger gold exports, increased remittances and a healthy buildup of foreign reserves.
However, these gains were offset by what the IMF described as a “marked deterioration” in overall program performance late in the year.
The Fund cited fiscal slippages linked to the 2024 general election, inflation exceeding targets, and delays in key reforms across the fiscal, financial and energy sectors.
“Preliminary fiscal data point to slippages in the run-up to the 2024 general elections, on account of a large accumulation of payables,” Roudet said. “Inflation exceeded program targets. Several reforms and policy actions were delayed.”
In response, the country’s new leadership has implemented corrective measures, including a 2025 budget targeting a primary surplus of 1.5% of GDP—up from a deficit of over 3% the previous year—and new public financial management reforms aimed at curbing overspending.
The IMF welcomed efforts to address weaknesses in procurement and financial systems, while also reinforcing social protections for vulnerable populations impacted by inflation.
The Fund also endorsed recent monetary tightening by the Bank of Ghana, saying the moves were necessary to help contain inflation.
In the energy sector, the resumption of quarterly electricity tariff adjustments and broader structural reforms are expected to reduce fiscal pressures and prevent the accumulation of new arrears.
The IMF mission also reviewed progress on broader reforms aimed at improving governance and efficiency in state-owned enterprises in the cocoa, gold and energy sectors.
On debt restructuring, the Fund praised Ghana’s continued commitment to restoring debt sustainability.
A Memorandum of Understanding under the G20 Common Framework has been signed with the Official Creditors Committee, with bilateral agreements underway. Discussions with commercial creditors are ongoing.
During the visit, the IMF team met with Finance Minister Cassiel Ato Forson, Bank of Ghana Governor Maxwell Opoku-Afari and other senior government officials.
The Fund commended Ghana’s “continued open and constructive engagement.”