By Jibril Abdul Mumuni
Accra, Dec. 18, GNA – The Executive Board of the International Monetary Fund (IMF) has completed the fifth review of Ghana’s US$3 billion Extended Credit Facility (ECF) arrangement.
The review paved the way for an immediate disbursement of about US$385 million to support the country’s economic programme.
This decision, announced by the Fund in Washington DC on Wednesday, brings Ghana’s total disbursements under the 39-month programme to about US$2.8 billion since its approval in May 2023.
The completion of the review follows Ghana’s satisfactory performance under the IMF-supported reforms, with all quantitative performance criteria and indicative targets for the fifth review being met.
The Fund noted that the authorities’ corrective actions after some policy slippages last year were yielding strong results.
In a statement issued after the Executive Board discussion, Mr. Bo Li Deputy Managing Director, commended Ghana’s efforts.
“Ghana’s performance under its ECF-supported reform programme has been generally satisfactory. The authorities have shown strong programme ownership by decisively implementing ambitious corrective actions,” he stated.
The IMF highlighted several positive economic outcomes.
Growth through September 2025 exceeded expectations, driven by strong performance in the services and agriculture sectors.
It said Inflation had now been brought within the Bank of Ghana’s target range, while robust gold and cocoa exports have strengthened the external sector.
International reserves accumulation has surpassed programme targets, accompanied by an appreciation of the Ghana Cedi and a significantly improved debt trajectory.
Significant headway was also noted in Ghana’s public debt restructuring. The authorities have signed bilateral debt relief agreements with many members of the Official Creditor Committee and finalised several Agreements in Principle with external commercial creditors.
Fiscal discipline remains a cornerstone of the programme, with Ghana on track to achieve a primary surplus of 1.5 per cent of GDP by year-end.
The recently submitted 2026 budget aligned with the programme’s objectives and the new fiscal responsibility framework.
The Bank of Ghana has begun a cautious monetary easing cycle, supported by subsiding inflation and a stable currency.
The central bank has also implemented a new structured foreign exchange operations framework to smooth market volatility while building reserves.
While acknowledging the “important progress” made in strengthening governance and public sector efficiency, as outlined in the recently published IMF Governance Diagnostic Assessment, the Fund emphasised the need for continued efforts.
It called for enhanced transparency and oversight, particularly in the management of State-Owned Enterprises.
GNA
Edited by Christian Akorlie