Ghana and IMF reach staff-level agreement for $370m disbursement

The International Monetary Fund (IMF) and the Government of Ghana have reached a staff-level agreement on the fourth review of Ghana’s three-year Extended Credit Facility (ECF) program.

Upon IMF Executive Board approval, Ghana will access around US$370 million, bringing total disbursements since May 2023 to approximately US$2.36 billion.

The agreement follows a recent IMF mission to Accra, during which the team noted stronger-than-expected economic growth in 2024, largely driven by the mining and construction sectors, alongside improved external performance from gold exports and remittances.

However, fiscal slippages in the lead-up to the 2024 elections, delayed reforms, and inflation exceeding targets weakened program performance toward the year’s end.

To address these setbacks, the new administration has launched public financial management reforms and enacted a 2025 budget aiming for a primary surplus of 1.5% of GDP.

Measures include an audit of government payables and tighter expenditure controls.

The IMF also discussed with authorities steps to fix structural weaknesses in fiscal management and procurement, while protecting vulnerable populations from inflation.