The International Monetary Fund’s executive board completed its sixth and final review of Ghana’s $3 billion Extended Credit Facility on Monday, approving an immediate disbursement of about $371 million.
The decision brings total disbursements under the 39-month arrangement to full capacity at $3 billion, marking the official end of Ghana’s macroeconomic stabilization program approved in May 2023.
IMF in a statement praised the West African gold and cocoa exporter’s progress, stating that “Ghana’s performance under the program has been broadly satisfactory. Since program approval, substantial gains have been achieved in macroeconomic stabilization and debt sustainability, with inflation falling sharply, reserves nearly doubling by 2025, the primary fiscal balance swinging to a surplus, and the risk of debt distress returning to moderate.” IMF noted.
The IMF board highlighted that headline inflation plummeted from 23.8% in late 2024 to 5.3% in June 2026, while first-quarter real GDP growth accelerated to 6.4% year-on-year.
Fiscal discipline pushed the primary budget balance into a surplus of 2.1% of gross domestic product, while gross international reserves expanded to nearly $12 billion, covering four months of essential imports.
The central bank lowered its key policy rate amid disinflation, while the current account recorded a 7.9% GDP surplus in 2025, driven by elevated export values for gold and cocoa.
To safeguard these gains, the executive board also reviewed Ghana’s request for a 36-month Policy Coordination Instrument to anchor long-term structural reforms and preserve fiscal discipline without requiring further direct financial assistance.
