The International Monetary Fund (IMF) and the Ghanaian government have reached a staff-level agreement on the fourth review of Ghana’s $3 billion loan programme. This agreement, pending approval by the IMF’s Executive Board, will release an additional $370 million to the country.
Ghana, a major producer of gold, oil, and cocoa, is in recovery from its worst economic crisis in decades, compounded by difficulties in its cocoa and gold sectors. The IMF noted that while the nation’s performance under the loan programme deteriorated significantly by the end of 2024, the government has since taken corrective action to address policy and reform failings.
Discussions between the IMF and Ghanaian authorities highlighted the need for additional measures to resolve structural weaknesses in public financial management.
In a related development, Ghana has mandated that all foreign entities exit its local gold trading market by April 30, 2025, as part of a strategic overhaul to increase revenue from artisanal and small-scale gold mining and curb illegal smuggling. This initiative is spearheaded by a new government agency, the Gold Board (GoldBod), which will now hold exclusive rights to buy, sell, assay, and export gold from small-scale miners. Under this reform, all previous export licenses have been rendered invalid.
The IMF has indicated that it will formally assess Ghana’s progress in meeting key commitments in April 2025. This will be in the context of the fourth review of the Extended Credit Facility arrangement. The Fund pointed this out in a statement after a Staff team led by Stéphane Roudet concluded a visit to Ghana to assess the country’s macroeconomic performance under the ECF programme.
The IMF staff held meetings with President Mahama, Finance Minister Cassiel Ato Forson, and Bank of Ghana Acting Governor Dr. Johnson Asiama, and their teams, as well as representatives from various government agencies and other key stakeholders.
Ghana’s total disbursements under the ECF programme amounts to about US$1.9 billion.
