Hot SourceIn a significant boost to Ghana’s economic recovery efforts, the Executive Board of the International Monetary Fund (IMF) has approved the Fourth Review of Ghana’s Extended Credit Facility (ECF) programme, paving the way for an immediate disbursement of $370 million.
The approval, announced on Monday, 7 July 2025, reflects the IMF’s firm confidence in Ghana’s ongoing economic reforms and its unwavering commitment to restoring macroeconomic stability.
The newly released funds are expected to hit the Bank of Ghana’s reserves within days, further strengthening the country’s foreign exchange position and supporting the cedi.
Finance Minister Dr Cassiel Ato Forson described the Board’s decision as a clear endorsement of Ghana’s homegrown policies aimed at stabilising the economy and fostering inclusive growth. According to him, the progress made so far is not only restoring investor confidence but also positioning Ghana as a resilient and forward-looking economy in the sub-region.
“This landmark approval validates Ghana’s unwavering commitment to fiscal discipline and strategic economic transformation. Our comprehensive macroeconomic policies and carefully crafted structural reforms are delivering real results that the international community recognizes and supports,” he said.
The IMF’s decision comes after a comprehensive assessment of Ghana’s economic performance and its commitment to meeting programme targets.
This latest disbursement brings Ghana’s total support under the ECF arrangement to nearly $2 billion since the programme’s inception in May 2023. It underscores the government’s success in implementing tough but necessary fiscal and structural measures, including expenditure rationalisation, revenue mobilisation, and steps to tackle debt vulnerabilities.
The IMF has also acknowledged Ghana’s commitment to debt restructuring, including the recent $2.8 billion deal with official bilateral creditors, which has significantly eased the country’s debt service burden.
Ghana joined the Extended Credit Facility (ECF) programme as part of comprehensive efforts to stabilise the economy and restore macroeconomic balance after facing severe fiscal pressures.
The programme has prioritised narrowing the fiscal deficit, strengthening debt management, and advancing structural reforms to build a more resilient and sustainable economic framework.
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