The International Monetary Fund (IMF) says Ghana’s economic programme targets may be revised due to the sharp appreciation of the cedi against the US dollar in the first half of 2025.
Julie Kozack, IMF Director of Communications, confirmed during a Washington, DC, press briefing that the Fund will reassess macroeconomic indicators, including exchange rate developments, in upcoming programme reviews.
“As we look at the programme, we look at all of these developments, including, of course, developments in the exchange rate,” she said, adding that the reviews will ensure the targets remain realistic and aligned with Ghana’s evolving economic environment.
Debt and Exchange Rate Progress
Under the External Credit Facility (ECF), Ghana’s programme aims to restore macroeconomic stability, achieve debt sustainability, and promote inclusive growth. One key goal is to bring the debt-to-GDP ratio down to 55% by 2028.
According to April 2025 data from the Bank of Ghana, the debt-to-GDP ratio has already fallen to 55%, driven by the cedi’s more than 40% appreciation this year. Commercial banks currently quote the cedi at GH¢10.26 to the dollar.
President John Mahama recently stated that the appreciation helped slash Ghana’s total debt stock by GH¢150 billion. He also pegged the cedi’s real exchange rate value between GH¢10 and GH¢12.
Strong Reserve Performance
Ghana has also met the IMF’s target for gross international reserves. As of April 2025, reserves reached GH¢10.6 billion, equivalent to 4.7 months of import cover, exceeding the programme’s benchmark.
Next Steps
Julie Kozack confirmed that the IMF Executive Board will meet in early July 2025. If approved, Ghana will receive an additional $370 million, bringing total disbursements under the ECF to $2.4 billion since May 2023.
Meanwhile, President Mahama has disclosed that Ghana will not seek to extend the IMF programme beyond its May 2026 end date.
