Ghana has reached a Staff-Level Agreement (SLA) with the International Monetary Fund (IMF) following the successful completion of the fifth review of its three-year Extended Credit Facility (ECF) programme.
Once approved by the IMF Executive Board, the agreement will pave the way for the disbursement of US$385 million to support the country’s economic recovery efforts.
The IMF mission, led by Ruben Atoyan, held meetings in Accra from September 29 to October 10, 2025, with the Government of Ghana and other key stakeholders to assess the progress of policy reforms under the ECF arrangement. The programme, approved in May 2023 for a total of US$3.2 billion, is designed to help restore macroeconomic stability, ensure debt sustainability, and promote inclusive growth.
Announcing the outcome of the review, Mr Atoyan said, “IMF staff and the authorities have reached a staff-level agreement on the fifth review of Ghana’s economic programme under the Extended Credit Facility arrangement.” He added that the agreement, once approved by the Executive Board, would bring total disbursements to about US$2.825 billion since the programme’s inception.
Mr Atoyan noted that “macroeconomic stabilisation is taking root,” highlighting stronger-than-expected growth in the first half of 2025, driven by robust services and agricultural output. He added that the cedi had appreciated markedly on the back of strong exports and reserve accumulation. Inflation, he said, had fallen to single digits for the first time since 2021, allowing for a gradual normalisation of monetary policy.
“The positive momentum is expected to continue into 2026, with growth projected at 4.8 percent,” Mr Atoyan stated, noting that inflation is forecasted to remain within the Bank of Ghana’s target band of 8±2 percent. He praised the government’s progress in fiscal consolidation, energy sector reforms, and debt restructuring, including the signing of a Memorandum of Understanding with the Official Creditor Committee under the G20 Common Framework and bilateral agreements with five countries.
Finance Minister Dr Cassiel Ato Forson described the agreement as “a powerful validation of the disciplined and comprehensive strategy pursued over the past nine months.” He said the government had achieved all six Quantitative Performance Criteria and four Indicative Targets for the review period, marking a strong endorsement of President Mahama’s Reset Agenda.
“Ghana is beginning to see strong outcomes from the Reset Agenda,” Dr Forson stated. “Economic growth has accelerated, inflation has fallen sharply to single digits, interest rates have declined, and the cedi has demonstrated notable stability. Fiscal consolidation efforts are also yielding results, reflected in a budget surplus and a substantial reduction in public debt.”
The IMF mission also lauded Ghana’s progress in restructuring legacy arrears in the energy sector, renegotiating power purchase agreements, and enhancing transparency through quarterly tariff adjustments and improved payments under the Cash Waterfall Mechanism.
On monetary policy, the Fund acknowledged the Bank of Ghana’s decision to cut its policy rate by 650 basis points to 21.5 per cent as prudent, aimed at re-anchoring inflation expectations. It further commended efforts to strengthen financial stability, including the recapitalisation of state-owned banks and reforms to address non-performing loans.
The IMF Executive Board is expected to consider Ghana’s fifth review by the end of December 2025. Upon approval, the new disbursement will raise Ghana’s total receipts under the ECF to US$2.6 billion.
Dr Forson extended the government’s gratitude to the people of Ghana for their “patience and resilience” and thanked the IMF mission team for their “constructive engagement and tireless work.”