Ghana secures fresh IMF support as staff-level deal is reached
The US$3 billion programme, which was approved in May 2023, aims to restore macroeconomic stability and promote sustainable growth
An International Monetary Fund (IMF) team, led by Mission Chief Stéphane Roudet, has wrapped up a two-week mission in Accra after engaging Ghanaian authorities on progress made under the country’s ongoing three-year support programme.
The discussions, which took place from 2 to 15 April 2025, focused on the fourth review of Ghana’s economic reform agenda under the IMF’s Extended Credit Facility (ECF) programme.
The US$3 billion programme, which was approved in May 2023, aims to restore macroeconomic stability and promote sustainable growth.
At the conclusion of the mission, Roudet announced that the IMF and the Ghanaian government had reached a staff-level agreement—a key milestone that paves the way for the next disbursement of funds.
“Upon approval by the IMF Executive Board, Ghana will have access to approximately US$370 million, bringing the total disbursed so far to about US$2.36 billion,” Roudet stated.
The IMF team noted that Ghana’s economic growth in 2024 exceeded expectations, driven largely by strong performance in the mining and construction sectors.
Exports—especially gold—along with higher remittances, contributed to a stronger external position and boosted international reserves beyond programme targets.
However, the team flagged concerns over Ghana’s fiscal performance towards the end of 2024, citing significant shortfalls linked to the general election period.
“Preliminary data shows a large accumulation of payables and a miss on inflation targets,” the IMF said, adding that several planned reforms in the fiscal, financial, and energy sectors were delayed.
Government responds with bold measures
The IMF acknowledged recent efforts by the new administration to correct course. These include launching an audit into the outstanding payables and enacting the 2025 budget, which targets a primary surplus of 1.5% of GDP.
The government has also introduced new rules to tighten public spending and improve fiscal responsibility, while discussions are ongoing to address deeper structural issues in procurement and financial management systems.
Focus on inflation and social protection
The Bank of Ghana has raised its policy rate and is reviewing its liquidity operations to contain inflationary pressures. The combination of tighter monetary and fiscal policy is expected to help bring inflation under control.
Meanwhile, the IMF commended the government’s continued focus on social protection, with plans to strengthen support for vulnerable groups hit hardest by rising prices and ongoing economic adjustments.
Reforming state enterprises and tackling energy debt
Another key area of discussion was the government’s structural reform agenda. The mission highlighted the need for improved governance in key sectors, including gold, cocoa, and energy.
The return to quarterly electricity tariff adjustments, alongside broader reforms, is expected to help reduce debt in the energy sector and prevent the accumulation of new arrears.
Financial sector stability was also on the agenda, with authorities making progress on bank recapitalisation and reaffirming their commitment to strengthening public banks.
Debt restructuring efforts ongoing
On the debt front, Ghana has made strides towards completing its restructuring process. All parties have signed a Memorandum of Understanding (MoU) with the Official Creditors Committee under the G20 Common Framework, and the government is now focused on finalising bilateral deals and engaging commercial creditors.
The IMF team held meetings with Finance Minister Dr Cassiel Ato Forson, Bank of Ghana Governor Asiama, and other senior officials. They also met with various government agencies and stakeholders.
The mission expressed appreciation to the Ghanaian authorities for what it described as “open and constructive engagement” throughout the process.
Asaase Broadcasting Company airs on Asaase 99.5 Accra, Asaase 98.5 Kumasi, Asaase 99.7 Tamale, Asaase 100.3 Cape Coast, AsaasePa 107.3 (Accra).
Affiliates: Bawku FM 101.5, Bead FM 99.9 (Bimbilla), Mining City Radio 89.5 (Tarkwa), Nandom FM 101.9, Nyatefe Radio 94.5 (Dzodze), Sissala Radio 96.3 (Tumu), Somuaa FM 89.9 (Gushegu), Stone City 90.7 (Ho) and Wale FM 106.9 (Walewale).
Listen online: asaaseradio.com, Sound Garden and TuneIn.
Follow us:
X: @asaaseradio995, @Asaase985ksi, @Asaase997tamale, @asaase1003, asaasepa1073
Instagram: asaaseradio99.5, asaase985ksi, asaase100.3, asaase99.7tamale, asaasepa107.3
LinkedIn: company/asaaseradio995. TikTok: @asaaseradio99.5
Facebook: asaase99.5, asaase985ksi, Asaase100.3, asaase99.7, AsaasePa107.3.
YouTube: AsaaseRadioXtra.
Join the conversation. Accra: call 020 000 9951/054 888 8995, WhatsApp 020 000 0995. Kumasi: call 059 415 7985 or call/WhatsApp 020 631 5260. Tamale: call/WhatsApp/SMS 053 554 6468. Cape Coast: call/WhatsApp 059 388 2652.
#AsaaseRadio
#AsaasePa
#TheVoiceofOurLand
