Ghana has received a fresh injection of $367 million from the International Monetary Fund (IMF) after the successful completion of its fourth review under the Extended Credit Facility programme.
The amount, which has officially been credited to the Bank of Ghana’s account, represents the fifth tranche of a $3 billion support package approved by the IMF in 2023. It is aimed at helping the country restore debt sustainability and rebuild its battered economy.
The funds are expected to bolster Ghana’s foreign reserves, provide critical support for budgetary operations, stabilise the cedi, and help meet urgent balance-of-payment needs.
In a statement, Finance Minister Dr Cassiel Ato Forson said Ghana has so far “exceeded expectations” under the IMF programme, helping to rebuild investor confidence and restore international credibility.
“We are beginning to see early signs of recovery,” he noted. “This support will strengthen our external position and allow us to stay the course of reform.”
The Extended Credit Facility was launched in May 2023 following one of Ghana’s worst economic crises in decades, characterised by soaring inflation, a sharp depreciation of the cedi, and mounting debt levels that prompted the country to default on some of its external obligations.
As part of the agreement, Ghana undergoes regular reviews by the IMF to monitor progress on key fiscal, monetary, and structural reforms.
The release of this latest tranche also comes at a critical time, as the government continues talks with external creditors and Eurobond holders under the G20 Common Framework, a crucial step toward finalising Ghana’s ongoing debt restructuring process.
Economists have urged the government to use the new funds wisely. Professor Patrick Asuming, an economist at the University of Ghana, said a significant portion should be directed towards the agriculture sector and stalled infrastructure projects.
“Agriculture remains the backbone of our economy,” he said. “If we want to drive sustainable growth and realise the vision of a 24-hour economy, supporting agriculture and fixing critical road networks must be a priority.”
With just over a year since the IMF programme began, Ghana’s macroeconomic indicators are showing signs of stabilisation. But analysts warn that the next phase ensuring inclusive growth and protecting social spending, will be key to sustaining the recovery.
The Finance Ministry says details of how the latest disbursement will be allocated are expected to be made public in the coming days.
