• Fifth review completed under Ghana’s IMF-backed ECF program
• Decision unlocks immediate $385 million disbursement
• Total IMF support since 2023 reaches nearly $2.8 billion

The Executive Board of the International Monetary Fund (IMF) completed the fifth review of Ghana’s program supported by the Extended Credit Facility (ECF) on December 17.

The approval allows for the immediate disbursement of $385 million, bringing total financial support provided to Accra since May 2023 to nearly $2.8 billion. The Bretton Woods institution said Ghana’s implementation of the program had been satisfactory.

The IMF said Ghana’s performance under its ECF-supported reform program was broadly satisfactory, citing strong ownership by the authorities and decisive corrective measures taken after policy slippages in 2024. According to the institution, these efforts, combined with structural reforms, resulted in stronger-than-expected economic growth, brought inflation back within the Bank of Ghana’s target range, and supported solid reserve accumulation.

Despite this progress, the IMF called for continued fiscal adjustment, stronger domestic revenue mobilization, and more disciplined public spending, while ensuring adequate protection for the most vulnerable households.

The institution also stressed the need to address persistent challenges in the energy sector, strengthen the independence of the central bank, improve governance in the financial sector, and intensify efforts to fight corruption. These measures were described as essential to safeguarding macroeconomic stability and ensuring debt sustainability.

Ghana and the IMF reached a 36-month ECF agreement in 2023, with total financing of $3 billion. The program is designed to restore macroeconomic stability and debt sustainability, while laying the foundations for stronger and more inclusive growth.

It is supported by a package of structural reforms covering fiscal policy, revenue administration, and public financial management, as well as measures aimed at correcting structural weaknesses in the energy and cocoa sectors.

Ingrid Haffiny (intern)