$370 Million Disbursement for Ghana; IMF Reaches Staff-Level Agreement after Fourth ECF Review

The IMF team and Ghanaian authorities have agreed at the staff level on the fourth review of the Extended Credit Facility (ECF), clearing the way for $370 million in funding pending final approval by the IMF Executive Board.

Ghana’s economy grew 2.9% in 2024, surpassing expectations, driven by strong mining and construction activity. However, fiscal performance deteriorated late in the year, with election-related spending pushing the primary deficit to 3.25% of GDP far above the program’s targeted 0.5% surplus. Inflation also exceeded IMF targets.

To address these slippages, the government has enacted a 2025 budget targeting a 1.5% of GDP primary surplus, tightened monetary policy, and resumed quarterly electricity tariff adjustments. Structural reforms focus on debt restructuring, public financial management, and state-owned enterprise governance.

The IMF team, led by Stéphane Roudet, held talks in Accra from April 2–15 with Finance Minister Forson and Central Bank Governor Asiama. Final approval hinges on IMF Board review.