The Executive Board of the International Monetary Fund (IMF) has approved the country’s 4th Review under the Extended Credit Facility (ECF) Programme, clearing the way for a $370 million disbursement.
The approval, announced by Ghana’s Finance Minister, Dr. Cassiel Ato Forson, is a strong signal of international confidence in the country’s economic reforms and fiscal discipline. According to Dr. Forson, this milestone reflects the government’s resilience and determination to steer the country toward financial stability and growth.
“This landmark approval validates Ghana’s unwavering commitment to fiscal discipline and strategic economic transformation,” Dr. Forson said. “Our comprehensive macroeconomic policies and carefully crafted structural reforms are delivering real results that the international community recognises and supports.”
The $370 million disbursement is expected to boost Ghana’s foreign exchange reserves, strengthen the cedi, and provide crucial support to government programmes aimed at stabilising the economy and improving livelihoods.
Since the start of the IMF programme in May 2023, the government has implemented tough but necessary reforms, including expenditure controls, revenue mobilisation strategies, and restructuring of the energy and financial sectors. The successful completion of each review under the ECF is proof that these reforms are on track.
The Finance Minister emphasised that this approval is not just a financial gain, but a validation of Ghana’s broader reform agenda. Today marks another decisive step forward in Ghana’s economic recovery journey. It shows that our reform efforts are not only working, they are exceeding expectations and restoring confidence in our nation’s financial future,” Dr. Forson added.
With this latest approval, Ghana has now received over $2 billion under the current programme, helping to stabilise the economy after years of global shocks, including the COVID-19 pandemic and supply chain disruptions.
The government says it remains committed to pushing forward with reforms that promote job creation, reduce inflation, and build a stronger, more resilient economy for the Ghanaian people.
