BoG Expects $370m IMF Disbursement in Early June; Disbursement to Further Strengthen Cedi Appreciation
The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has revealed that the anticipated disbursement of $370 million from the International Monetary Fund (IMF) is expected to be credited to the Central Bank’s account in the early days of June 2025.
The expected inflow follows the successful conclusion of the fourth review under Ghana’s $3 billion Extended Credit Facility (ECF) programme with the Fund. Disbursements under the IMF-supported programme are typically made following meetings by the IMF Executive Board, which is scheduled to take place on June 3, 2025.
“We expect the funds to hit our accounts early next month,” Dr Asiama stated during the 124th Monetary Policy Committee (MPC) press briefing in Accra. “This will further bolster our reserves and support the ongoing recovery of the economy.”
The IMF and the Government of Ghana reached a staff-level agreement in April on a comprehensive set of policy and reform measures. The agreement, once approved by the Executive Board, will trigger the release of SDR 267.5 million (approximately US$370 million), bringing total disbursements under the programme to SDR 1.708 billion, or roughly $2.36 billion since the programme’s inception in May 2023.
The incoming funds are expected to further strengthen the Ghana cedi, which has so far recorded a year-to-date appreciation of 24.1% against the US dollar.
Meanwhile, Governor Asiama has dismissed speculation that the Central Bank has set an appreciation threshold for the local currency, beyond which it would intervene to weaken the cedi.
“We don’t have such a plan on the table that says when the cedi reaches a certain point, we must move to ease the appreciation,” Dr Asiama clarified. “As much as we don’t want to see the Ghana cedi depreciate excessively, we don’t keep a target rate that we want to defend aggressively.”
He reiterated that the BoG’s approach to exchange rate management is anchored on curbing excessive volatility rather than defending arbitrary thresholds.
The IMF cash injection, combined with tight monetary policy and stabilising macroeconomic fundamentals, is expected to cushion the local currency and reinforce confidence in the broader economy as the country continues to implement fiscal and structural reforms under the Fund programme.
