Ghana receives fresh $385m IMF disbursement
The International Monetary Fund (IMF) has released an additional $385 million to Ghana under its three-year financial support programme, citing steady progress in the country’s economic reform efforts.
With the latest disbursement, total funding received by Ghana under the $3 billion IMF arrangement has risen to about $2.8 billion since the programme began two years ago, according to a statement issued by the IMF Executive Board late Tuesday.
Economists say the importance of the payout goes beyond its monetary value. Leeuwner Esterhuysen, a senior economist at Oxford Economics, noted that this sends a strong signal of policy credibility and reform consistency. He said it boosts investor and development partner confidence that Ghana’s macroeconomic stabilisation efforts are yielding results.
Investor sentiment reflected the positive outlook, with Ghana’s dollar-denominated bonds extending gains for a second day. Bonds maturing in 2037 climbed to 56.31 cents on the dollar, while securities due in 2035 rose slightly to 91.43 cents by mid-morning trading in London.
Ghana entered the IMF programme in May 2023, roughly a year after defaulting on its debt obligations. Since then, fiscal reforms tied to the IMF conditions alongside President John Mahama’s push for tighter fiscal discipline have helped stabilize public finances. The Ghanaian cedi has appreciated by 28% against the US dollar this year, making it one of the strongest-performing currencies tracked by Bloomberg.
The stronger currency and easing inflationary pressures have allowed the Bank of Ghana to begin loosening monetary policy. In June, the central bank cut its benchmark interest rate by 350 basis points to 18%, down from 25% in July.
In its assessment, the IMF said macroeconomic stabilisation is gaining traction, supported by robust growth and single-digit inflation for the first time since 2021. The fund added that Ghana’s fiscal and external positions have improved significantly, with notable progress in debt restructuring.
The IMF projects inflation to average 7.9% next year, down from an estimated 15% in 2025.
However, the fund cautioned that sustained commitment to fiscal discipline and reform remains essential to restoring long-term economic stability and debt sustainability. It stressed the need for continued fiscal adjustment while creating room to expand social programmes and protect vulnerable households from the effects of economic reforms.
