Ghana has achieved a significant milestone in its economic recovery journey, reaching a Staff-Level Agreement with the International Monetary Fund (IMF) on the fourth review of its Extended Credit Facility (ECF)-supported program. This development paves the way for the IMF Board’s approval, which would unlock a $370 million tranche, bringing total disbursements under the program to approximately $2.3 billion.
The agreement highlights Ghana’s economic stabilization efforts, with growth recovering rapidly and inflation declining. The IMF has commended the country’s strong policy and reform efforts, yielding positive results. Key policy measures include a 2025 budget targeting a 1.5% primary surplus of GDP and public financial management reforms.
Finance Minister Dr. Cassiel Ato Forson has pledged to lead efforts to deliver on all commitments, ensuring the program’s success. The IMF staff team, led by Mr. Stéphane Roudet, Mission Chief for Ghana, held meetings in Accra from April 2 to April 15, 2025, to discuss progress on the authorities’ policy and reform priorities.
The agreement also focuses on structural reforms, including enhancing governance, transparency, and strengthening State-Owned Enterprises management in key sectors. The Bank of Ghana has increased its policy rate and is reviewing liquidity management operations to tighten monetary policy and reduce inflation.
Ruth Abla ADJORLOLO
