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TLDR
- The International Monetary Fund (IMF) has approved a $367 million disbursement to Ghana after completing the fourth review of its Extended Credit Facility (ECF) programme
- Ghana’s economy outperformed forecasts in 2024 and Q1 2025, led by growth in mining, agriculture, ICT, and construction
- However, the IMF flagged a slowdown in implementing key economic reforms. It also noted overspending ahead of the 2024 general elections and inflation breaching programme targets
The International Monetary Fund (IMF) has approved a $367 million disbursement to Ghana after completing the fourth review of its Extended Credit Facility (ECF) programme. This brings total IMF support since May 2023 to $2.3 billion.
Ghana’s economy outperformed forecasts in 2024 and Q1 2025, led by growth in mining, agriculture, ICT, and construction. However, the IMF flagged a slowdown in implementing key economic reforms. It also noted overspending ahead of the 2024 general elections and inflation breaching programme targets, though recent data shows signs of disinflation.
The $3 billion, 36-month ECF agreement was signed in 2023 to help Ghana restore macroeconomic stability and manage its debt. The IMF said the new government has introduced corrective measures to address fiscal slippages and aims for a 1.5% primary surplus in 2025.
Medium-term growth prospects remain positive, with GDP projected to grow 2.8% in 2025 and 4.7% in 2026.
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Key Takeaways
Ghana’s economy is growing, but policy momentum is slipping. The IMF’s latest review signals a delicate balance: rising output in key sectors contrasts with weakening reform discipline. Overspending in 2024, partially tied to pre-election pressures, raised fiscal concerns, though the government has since moved to tighten controls. Inflation has eased but remains a risk. Ghana’s macro framework–anchored by a $3 billion IMF programme–requires ongoing fiscal discipline, energy reform, and improved public finance management to stay on track. With a high debt burden and limited external buffers, future IMF disbursements will likely hinge on reform compliance. Investors and creditors will be watching for consistency in policy execution as the country targets debt sustainability and inclusive growth. The next phase will test Accra’s ability to balance political pressures with long-term economic commitments.
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