ACCRA – Ghana has unlocked a $367 million disbursement from the International Monetary Fund (IMF), following the successful completion of the fourth review under its three-year Extended Credit Facility (ECF) program.
The funding brings Ghana’s total drawdown under the $3 billion agreement to approximately $2.3 billion since the arrangement was approved in May 2023. The facility aims to stabilize the economy and restore fiscal health after a prolonged period of economic strain.
IMF Deputy Managing Director Bo Li confirmed the release of the funds, stating, “The authorities are strongly committed to restoring fiscal discipline and addressing the structural weaknesses that led to the slippages.”
Ghana’s 2025 national budget, passed earlier this year, aligns with the ECF program’s core goals. Li noted that it includes an enhanced fiscal responsibility framework designed to improve public finance management.
The IMF acknowledged that Ghana’s economic output in 2024 and the first quarter of 2025 exceeded projections. Growth was driven by increased activity in the mining, agriculture, ICT, manufacturing, and construction sectors.
Looking forward, the IMF emphasized that continued fiscal adjustments and completing debt restructuring are essential to maintaining economic stability. “This should be supported by continued efforts to enhance domestic revenue mobilization and streamline non-priority expenditure, while creating space for development priorities and enhanced social safety nets,” Li added.
The IMF funds are expected to support Ghana’s ongoing economic reforms as the country works to meet its recovery targets and reduce its public debt burden. The next program review is scheduled for later this year.
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