The International Monetary Fund’s Executive Board has officially expressed satisfaction with Ghana’s economic performance, marking a significant milestone in the country’s recovery journey. Following the approval of the fifth program review, the IMF has authorized an immediate disbursement of approximately $385 million, which increases the total financial support provided under the current arrangement to roughly $2.8 billion.
Although there have been minor delays in executing certain complex structural changes, the Board highlighted that Ghana’s efforts toward macroeconomic stabilization are gaining significant speed. This is evidenced by a return to single-digit inflation for the first time since 2021 and a period of robust economic growth.
A key factor in this positive assessment is Ghana’s success in restructuring its public debt. The government has already secured relief agreements with several members of its Official Creditor Committee and is actively negotiating with commercial creditors to ensure all debt treatment remains consistent with the program’s goals.
Fiscal discipline has also remained a priority, with the country on track to achieve a primary surplus of 1.5 percent of GDP. The 2026 budget reflects these objectives by balancing the need for financial stability with the country’s developmental and security requirements.
The Bank of Ghana has played a pivotal role in this stabilization through effective monetary management. By successfully bringing inflationary pressures under control and overseeing a recent appreciation of the cedi, the central bank has been able to begin a cautious cycle of monetary easing.
The IMF also noted the implementation of a new framework for foreign exchange operations designed to reduce market volatility and rebuild international reserves. Moving forward, the Fund emphasizes that long-term stability will depend on maintaining the independence of the central bank, ending quasi-fiscal activities, and fostering a deeper, more transparent foreign exchange market.
