About US$365 million cash from the International Monetary Fund (IMF) has been credited to the Bank of Ghana’s account today 22nd December 2025.
This is what Joy Business has picked up from persons with knowledge of the IMF programme.
It is coming after the Executive Board of the IMF completed its fifth review of Ghana’s programme with the Fund in Washington, DC, USA, on December 17 2025.
The development brings Ghana’s total disbursements under the Extended Credit Facility arrangement to about US$2.8 billion.
This might be the fifth tranche of IMF cash that Ghana has received since it signed up onto the Fund programme on May 17, 2023.
Impact
Some market watchers have argued that the immediate impact will be the fact that it will offer government some extra cash to finance projects identified in the 2025 Budget.
This is because the primary aim of this disbursement under the IMF programe, is to finance budget related projects and support Ghana’s reserves.
The Bank of Ghana will take the cash inflows and give the cedi equivalent to the Finance Minister Dr. Ato Forson to spend on some projects identified in the 2025 Budget.
Some market analysts have sought to downplay the impact of this disbursement on Ghana’s reserves, especially when the Central Bank’s reserves are estimated to reach US$13 billion or even more by the end of 2025.
However, there are some who have also maintained it could go a long way to improve dollar liquidity on the market, at a time that the cedi is recovery strongly against the dollar after recent pressures.
Others are of also the view about the signal that it will send to the forex market, indicating the government’s commitment to firmly stabilise the economy.
Fifth Programme Review
The Executive Board of the International Monetary Fund (IMF) had described Ghana’s performance under the programme as broadly satisfactory.
This was after it passed the country’s fifth programme review on December 17 2025.
The Board also noted that Ghana’s macroeconomic stabilisation is gaining momentum, adding that there is “strong growth and single-digit inflation for the first time since 2021”
In a statement, the Board argued that the Ghanaian authorities have continued to make significant headway in public debt restructuring, saying, “They have signed debt relief agreements with many members of Ghana’s Official Creditor Committee.”
“They have also intensified engagement with their remaining external commercial creditors on a restructuring consistent with programme parameters and comparability of treatment,” the Board’s statement added.
On October 10, 2025, the IMF announced that it had reached a staff level agreement with Ghana after a two week mission to assess economic developments.
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