Cash out: Ghana, IMF reach staff-level agreement on $370 million disbursement

IMF Deal: Ghana Secures $370 Million Financial Support

The government of Ghana and the International Monetary Fund (IMF) have reached a new agreement. This staff-level agreement is part of the fourth review of Ghana’s three-year Extended Credit Facility. It will provide Ghana with approximately $370 million in financial support once approved.

Stéphane Roudet, the IMF Mission Chief for Ghana, led a review from April 2 to April 15, 2025. He noted that Ghana's economy grew more than expected in 2024. This growth was mainly due to strong performances in mining and construction.

Roudet stated that the external sector improved significantly. Solid exports, especially gold and oil, contributed to this improvement. Higher remittances also helped increase international reserves beyond program targets.

Finance Minister Dr. Cassiel Ato Forson previously reported a 5.7% GDP growth for 2024. He attributed this growth partly to increased activity in the mining sector, including illegal small-scale mining known as galamsey.

Ghana sought IMF assistance in May 2023 for a $3 billion bailout after defaulting on debts. However, the IMF raised concerns about fiscal performance toward the end of 2024. They noted inflation exceeded program targets and key reforms were delayed.

To address these issues, the government implemented a disciplined budget for 2025. This budget aims for a primary surplus of 1½ percent of GDP and includes public financial management reforms.

The IMF welcomed Ghana's progress on debt restructuring efforts as well. Currently, Ghana has a Memorandum of Understanding with its official Creditors Committee under the G20 Common Framework.

President John Mahama stated there are no plans to extend the current $3 billion Extended Credit Facility with the IMF. He affirmed his administration's commitment to adhering to the existing program while noting future extensions remain an option.