- Ghana Secures $370m IMF Disbursement After Successful 4th Review
Ghana has passed its fourth review under the International Monetary Fund’s (IMF) $3 billion Extended Credit Facility (ECF) programme, unlocking a fresh disbursement of $370 million to support its economic recovery efforts. The approval by the IMF Executive Board signals renewed confidence in the government’s commitment to restoring macroeconomic stability, rebuilding buffers, and implementing structural reforms.
In a statement shared on X (formerly Twitter), Finance Minister Dr. Cassiel Ato Forson hailed the development as a “landmark” achievement. “This landmark approval validates Ghana’s unwavering commitment to fiscal discipline and strategic economic transformation,” he wrote. “Our reform agenda is not just working – it’s exceeding expectations and rebuilding confidence in our nation’s financial future.”
The Fund’s decision follows months of intense technical reviews and monitoring of Ghana’s progress against a stringent set of performance benchmarks and structural indicators. These include primary fiscal targets, social spending floors, public financial management improvements, and revenue-enhancing measures such as broadening the tax base and streamlining exemptions.
According to sources close to the negotiations, Ghana met all the quantitative performance criteria for the period under review, with notable strides in domestic revenue mobilization, expenditure rationalization, and external arrears clearance.
Inflation, which peaked in early 2023, but has dropped significantly to 13.7% as of June 2025, while the fiscal deficit has been narrowed through a combination of spending controls and improved compliance by revenue agencies. The Bank of Ghana has also stabilized the cedi through tight monetary policy, helping to anchor inflation expectations.
The IMF’s Executive Board noted in its assessment that the Ghanaian authorities have shown “strong resolve” in navigating difficult domestic and global conditions. A senior Fund official told NorvanReports that “Ghana’s programme remains on track and is delivering the desired macroeconomic correction.” He added that structural reforms are laying the foundation for more resilient and inclusive growth.
This fourth review is particularly significant as it was conducted in parallel with negotiations for the restructuring of Ghana’s Eurobond and other external commercial debts, under the G20’s Common Framework. The successful review enhances the credibility of Ghana’s request for debt relief from bilateral and private creditors.
Ghana’s path forward hinges on sustaining policy momentum in the lead-up to the final two reviews in 2026. For now, the $370 million disbursement offers a critical liquidity boost to Ghana’s central bank reserves, strengthens its ability to support the cedi, and sends a positive signal to external creditors, investors, and development partners alike.
As Dr. Forson puts it, “Today marks another decisive step forward in Ghana’s economic recovery journey.”
