The IMF Executive Board will meet on July 7, 2025, in Washington, DC, to consider Ghana’s fourth review under the Extended Credit Facility (ECF) programme.
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According to sources close to Ghana’s IMF programme, the government has met nearly all required conditions. Relevant documents were submitted earlier this week to meet the minimum four-day review timeline.
The review follows a staff-level agreement reached in April 2025, after an IMF team assessed Ghana’s progress under the recovery programme.
What’s at Stake?
Approval of the review is expected to unlock a $370 million disbursement, which could hit the Bank of Ghana’s account by July 11. If cleared, this will bring total IMF disbursements under the ECF to over $2.3 billion since Ghana signed the deal in May 2023.
In addition, a separate $360 million World Bank facility is expected to arrive by the end of July, potentially boosting Ghana’s international reserves significantly.
Programme Goals and Progress
Ghana’s IMF-supported economic programme aims to:
- Restore macroeconomic stability
- Achieve debt sustainability
- Promote inclusive growth
One key target is to reduce Ghana’s debt-to-GDP ratio to 55% by 2028. However, the latest Bank of Ghana data indicates this goal has already been met as of April 2025, thanks largely to the cedi’s sharp appreciation, over 40% against the US dollar since January.
President John Mahama recently stated that the stronger cedi has cut Ghana’s debt stock by ₵150 billion.
Ghana has also exceeded another target, foreign reserves. As of April, the country held $10.6 billion, equivalent to 4.7 months of import cover, a major improvement over past levels.
