The International Monetary Fund (IMF) Executive Board has approved the disbursement of $370 million to Ghana following the successful completion of the fourth review of the country’s three-year Extended Credit Facility (ECF) programme. The approval brings Ghana’s total disbursement under the $3 billion programme to approximately $2.3 billion.
The announcement was made on July 7, 2025, following the board’s endorsement of Ghana’s progress in implementing economic reforms aimed at restoring macroeconomic stability and promoting inclusive growth. The fourth review confirmed that Ghana met all the necessary performance benchmarks.
Finance Minister Dr. Cassiel Ato Forson welcomed the decision, describing it as a clear vote of confidence in Ghana’s economic management and reform agenda.
“This approval by the IMF is a strong endorsement of our commitment to fiscal discipline, economic recovery, and sustainable growth. It is a critical step towards rebuilding confidence in our economy,” he said.
According to the Ministry of Finance, the $370 million inflow will be used to boost foreign exchange reserves, support the cedi, and finance essential government spending. The funds are expected to further stabilize Ghana’s economy, which has faced challenges in recent years, including high inflation, currency depreciation, and mounting public debt.
Economists have urged the government to prioritize investment in productive sectors such as agriculture and infrastructure to ensure the funds deliver long-term benefits. Professor Patrick Asuming of the University of Ghana Business School emphasized that “agriculture should be at the heart of spending decisions if we want to see real transformation.”
The IMF programme, which began in May 2023, aims to support Ghana’s economic recovery and debt restructuring efforts. The approval also comes amid ongoing negotiations with external creditors under the G20 Common Framework to restructure Ghana’s external debt.
Ghana’s government has expressed optimism that continued cooperation with the IMF, coupled with sound economic policies, will put the country back on a path to sustained growth and development. Another review and possible disbursement are expected later this year, pending continued performance.
