The IMF to immediately disburse $360 million to Ghana under its Extended Credit Facility, praising progress in reforms and debt restructuring, while urging continued fiscal and monetary discipline.
The International Monetary Fund (IMF) has approved an immediate disbursement of $360 million to Ghana following the completion of the third review of the country’s $3 billion, 36-month Extended Credit Facility (ECF) programme. This brings Ghana’s total disbursement under the programme to $1.9 billion since it was approved in May 2023.
In its press release, the IMF noted that Ghana’s ongoing policy and reform initiatives under the IMF-supported programme are yielding positive results. The country, which faced severe economic pressures in 2022, is now seeing signs of stabilization. Growth is improving, inflation is being controlled, and fiscal conditions are showing progress. However, challenges remain, particularly with the upcoming elections and issues in the energy sector. Despite these hurdles, the IMF maintains a favorable medium-term outlook for Ghana’s economy.

The Fund also commended Ghana’s significant progress in restructuring its public debt. Following a successful domestic debt restructuring in 2023, Ghana reached an agreement with its Official Creditors Committee under the G20 Common Framework in mid-2024. Additionally, the government has completed a Eurobond exchange and is actively negotiating with external commercial creditors for further restructuring in line with programme parameters.
The IMF highlighted that Ghana is on track to achieve a primary surplus of ½ percent of GDP in 2024, despite emerging challenges, such as drought and energy sector issues. The government aims to increase the primary surplus to 1½ percent by 2025 through measures such as improved domestic revenue mobilization and rationalization of non-priority expenditures. Meanwhile, social programs will be expanded to cushion vulnerable populations. Continued efforts to consolidate fiscal discipline, enhance revenue administration, and improve state-owned enterprise (SOE) management are essential for long-term financial stability, the Fund stated.
The Bank of Ghana has also been recognized for maintaining a prudent monetary policy stance, helping to reduce inflation while taking important steps to rebuild international reserves. The central bank is working to ensure the stability of the financial sector by promoting bank recapitalization and supporting the viability of state-owned banks.

IMF Deputy Managing Director Bo Li lauded Ghana’s progress under the programme but stressed the need for continued commitment to reforms. He urged the authorities to stay the course to fully restore macroeconomic stability and address structural vulnerabilities. Key priorities include addressing challenges in the energy sector, enhancing fiscal responsibility, and completing the debt restructuring process. The ultimate goal is to foster long-term economic growth and stability in Ghana.