Ghana has received a fresh infusion of approximately US$365 million from the International Monetary Fund (IMF), credited to the Bank of Ghana’s (BoG)
Ghana has received a fresh infusion of approximately US$365 million from the International Monetary Fund (IMF), credited to the Bank of Ghana’s (BoG) account on December 22, 2025.
This marks the fifth tranche under the country’s Extended Credit Facility (ECF) arrangement, bringing total IMF disbursements since Ghana joined the programme in May 2023 to around US$2.8 billion.
The release of these funds follows the successful completion of the IMF’s fifth programme review of Ghana, conducted by its Executive Board in Washington, D.C., on December 17, 2025.
According to the Fund, the macroeconomic performance under the programme has been “broadly satisfactory,” citing gains in stabilisation, strong growth, and the achievement of single-digit inflation for the first time since 2021.
The IMF review also highlighted the progress on public debt restructuring. Officials have reportedly concluded debt relief agreements with multiple members of the Official Creditor Committee, while continuing negotiations with remaining external commercial creditors in line with programme parameters and principles of comparability of treatment.
Financial analysts note that the immediate impact of the disbursement is likely to bolster government liquidity for projects outlined in the 2025 budget.
The Bank of Ghana is expected to convert the US dollar inflows into cedis and transfer them to the Finance Ministry, headed by Dr. Ato Forson, for deployment across priority budgetary interventions.
While some market watchers argue that the injection will have a limited effect on the reserves—estimated to reach US$13 billion or more by the end of the year—others emphasize its potential to ease dollar shortages in the domestic forex market and reinforce the cedi’s recent recovery against the dollar.
Economists further note that such disbursements send a positive signal to the market about the government’s commitment to maintaining economic stability and supporting structural reforms.
In addition to liquidity support, the IMF funding reinforces the broader agenda of fiscal discipline, debt management, and macroeconomic resilience, which have been central pillars of the ongoing ECF programme.
This latest tranche follows a staff-level agreement reached on October 10, 2025, after a two-week IMF mission assessing the economic performance and prospects.
The disbursement is part of a wider strategy by the Fund to provide financial support contingent on policy implementation, aimed at stabilising the economy and promoting sustainable growth.
COMMENTS