The IMF Executive Board approved the latest tranche on July 27 after completing the sixth and final review of Ghana’s 39-month Extended Credit Facility (ECF) programme.
The disbursement brings total funding under the $3 billion programme to about $3 billion, marking a major milestone in Ghana’s efforts to restore economic stability after the 2022 debt crisis.
The IMF also concluded Ghana’s 2026 Article IV consultation and reviewed the country’s request for a new 36-month Policy Coordination Instrument (PCI), which will guide reforms after the ECF programme ends.
According to the IMF, Ghana’s performance under the programme has been “broadly satisfactory”, with significant progress made in macroeconomic stabilisation and debt sustainability.
Inflation, which peaked at 54.1% in 2022, fell to 5.4% at the end of 2025 and eased further to 5.3% in June 2026.
International reserves also improved sharply, nearly doubling to $11.9 billion by the end of 2025, equivalent to four months of import cover.
Economic growth strengthened during the programme period. Real gross domestic product expanded by 6.0% in 2025 and accelerated to 6.4% year-on-year in the first quarter of 2026.
The current account surplus reached 7.9% of gross domestic product (GDP) in 2025, supported by strong gold exports and a recovery in cocoa exports.
The IMF said Ghana’s debt outlook has improved substantially. The risk of external and overall debt distress has been upgraded from high to moderate after debt indicators moved below key sustainability thresholds.
Progress has also been made in restructuring public debt, with agreements signed with more than half of bilateral creditors and agreements-in-principle reached with a similar share of commercial creditors.
Despite the gains, the IMF warned that vulnerabilities remain. These include commodity price volatility, fiscal pressures, weaknesses in some financial institutions and risks linked to state-owned enterprises in the energy and cocoa sectors.
Non-performing loans remain elevated at 18.1% of banking sector loans, while youth unemployment remains around 30%.
The new PCI will not provide IMF financing but is expected to help Ghana maintain reform momentum, strengthen fiscal discipline and support private sector-led growth.
The programme will also focus on governance, social protection, revenue collection and reducing fiscal risks in the energy, gold and cocoa sectors.
The IMF said sustained reform implementation will be critical to preserving recent gains, maintaining debt sustainability and creating space for development spending as Ghana works towards returning fully to international capital markets.
–IMF/ChannelAfrica–
