By Prince Offeh
Ghana Secures Final IMF $371 Million Disbursement | Ghana has secured a final US$371 million disbursement after the International Monetary Fund (IMF) completed the sixth and final review of the country’s Extended Credit Facility (ECF) programme. The payment brings total IMF support under the 39-month programme to US$3 billion and marks the successful completion of the arrangement.
The IMF approved the final disbursement after its Executive Board completed the last ECF review, concluded Ghana’s 2026 Article IV consultation and considered the Government’s request for a 36-month non-financing Policy Coordination Instrument (PCI). As a result, Ghana will now shift from loan-backed support to policy-focused engagement with the Fund.
According to the IMF, the ECF programme restored macroeconomic stability and strengthened the country’s debt position. Economic growth remained strong throughout the programme. Real Gross Domestic Product (GDP) expanded by six per cent in 2025 before rising to 6.4 per cent year-on-year in the first quarter of 2026. Broad-based economic activity drove the improved performance.
Inflation also continued to ease. Headline inflation fell to 5.4 per cent at the end of 2025 and declined slightly to 5.3 per cent in June 2026. The IMF attributed the improvement to prudent monetary policy, the appreciation of the cedi and better food supply.
Furthermore, Ghana recorded a current account surplus of 7.9 per cent of GDP in 2025, supported by strong gold prices. At the same time, gross international reserves almost doubled to US$11.9 billion by the end of the year. The reserve level covered about four months of imports and strengthened the country’s external position.
Fiscal performance also improved during the programme. Ghana achieved a primary fiscal surplus of 2.1 per cent of GDP, reinforcing efforts to restore public finances.
The IMF upgraded Ghana’s risk of external and overall debt distress from high to moderate. It said the improvement came two years earlier than expected because all debt indicators now remain below the relevant Low-Income Country Debt Sustainability Framework thresholds.
Moreover, the Fund noted that Ghana’s stronger debt outlook has created carefully calibrated fiscal space under the upcoming PCI. It said the additional space would help the Government address development priorities, increase social spending and maintain the country’s target of reducing public debt to 45 per cent of GDP by 2034.
Despite the progress, the IMF urged the Government to maintain fiscal discipline. It also encouraged stronger domestic revenue mobilisation, better public financial and investment management and improved oversight of state-owned enterprises, especially in the energy and cocoa sectors. In addition, the Fund called for stronger social protection for vulnerable households.
The IMF acknowledged improvements in the financial sector but warned that some state-owned and private banks, as well as specialised deposit-taking institutions, still face vulnerabilities. Consequently, it encouraged authorities to strengthen supervision, implement corrective measures and complete the financial crisis management and resolution framework. It also stressed the need to pass the reformed Conduct of Public Officials Bill to improve transparency, accountability and public confidence.
Meanwhile, the Ministry of Finance confirmed that Ghana will begin a new phase of engagement with the IMF through the 36-month non-financing PCI. The Ministry said the programme would support the Government’s reform agenda and help sustain confidence in the country’s economic policies.
The Government reaffirmed its commitment to protecting the gains achieved under the ECF programme while continuing reforms to build a stronger, more resilient and more prosperous economy for all Ghanaians.
Ghana Secures Final IMF $371 Million Disbursement | AviationGhana
