Ghana’s economy is rebounding faster than anticipated, with the International Monetary Fund (IMF) declaring that “macroeconomic stabilisation is taking root” following a strong performance in the first half of 2025.
An IMF staff team led by Ruben Atoyan held meetings in Accra from September 29 to October 10, 2025, to assess progress on Ghana’s economic reforms under the three-year Extended Credit Facility (ECF).
The arrangement, worth about $3.2 billion, was approved in May 2023 to support the country’s recovery efforts.
At the end of the mission, Mr Atoyan announced that the IMF staff and the Ghanaian authorities had reached a staff-level agreement on the fifth review of the ECF programme.
The agreement, which is subject to approval by IMF Management and the Executive Board, will allow Ghana access to SDR 267.5 million, equivalent to about US$385 million.
This will bring the total IMF financial support disbursed to Ghana since May 2023 to approximately US$2.8 billion.
“The positive momentum is expected to continue into 2026, with growth projected at 4.8 per cent,” Mr. Atoyan said.
He noted that growth in the first half of 2025 was stronger than anticipated, driven by robust performance in the services and agricultural sectors.
He added that the external sector had improved on the back of strong exports of gold and cocoa, while the cedi appreciated markedly in the first half of the year.
Inflation, according to the IMF, is forecast to remain within the Bank of Ghana’s target band of 8±2 per cent, paving the way for gradual monetary policy normalisation.
International reserves accumulation continues to exceed programme targets, aided by a solid current account surplus.
The IMF commended Ghana’s progress in addressing long-standing challenges in the energy sector. The government has renegotiated legacy arrears and power purchasing agreements with most independent power producers.
Tariff adjustments are now conducted quarterly to better reflect costs, while payments through the Cash Waterfall Mechanism have increased significantly.
On the fiscal front, Ghana recorded a primary surplus of 1.1 per cent of GDP in the first eight months of 2025, on track to achieve the 1.5 per cent target by the end of the year.
The government is also committed to adopting a 2026 budget that maintains a 1.5 per cent surplus in line with the new Fiscal Responsibility Framework.
The Fund said discussions also focused on structural fiscal reforms to strengthen domestic revenue mobilisation, public financial management, and fiscal credibility.
It noted that Ghana’s debt restructuring process was progressing well, with bilateral agreements concluded with five countries under the G20 Common Framework and continued negotiations with commercial creditors.
Mr Atoyan highlighted that Ghana’s debt trajectory had improved significantly due to an upgraded macroeconomic outlook and continued fiscal discipline — a major step toward long-term debt sustainability.
He further noted that with inflation falling toward target, the Bank of Ghana had embarked on an easing cycle, cutting its policy rate by 650 basis points to 21.5 per cent.
The central bank, working with the IMF, has also developed a framework for foreign exchange operations to stabilise the market and build reserves.
The IMF acknowledged Ghana’s efforts to support financial stability by reforming state-owned banks, addressing gaps in crisis management, and tackling non-performing loans.
The recapitalisation of state-owned banks is expected to be completed by the end of 2025.
The Fund also welcomed ongoing steps to strengthen governance and transparency.
It confirmed that a Governance Diagnostic Assessment report has been completed and will be published in the coming weeks, with emphasis on improving oversight of state-owned enterprises in the gold, cocoa, and energy sectors.
The IMF team met with Finance Minister, Dr Ato Forson; Bank of Ghana Governor, Dr Johnson Asiama, and other senior officials.
It expressed appreciation for the Ghanaian authorities’ “warm hospitality and continued open and constructive engagement.”
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