IMF to Evaluate Ghana’s Progress on Key Commitments in April 2025
The International Monetary Fund (IMF) has confirmed that it will conduct a formal assessment of Ghana’s progress in meeting crucial commitments under the Extended Credit Facility (ECF) arrangement in April 2025. This evaluation will form part of the fourth review process of Ghana’s engagement with the IMF’s ECF programme.
The IMF’s statement followed the conclusion of a recent visit by a staff mission, led by Stéphane Roudet, to Ghana. The primary focus of the mission was to assess the country’s macroeconomic performance under the framework of the ECF programme, which has provided critical financial support to Ghana over recent years. During their visit, the IMF team held a series of discussions with key Ghanaian authorities regarding the country’s economic developments, recent fiscal policies, and steps taken to address economic challenges.
Throughout their visit, the IMF staff team interacted with various Ghanaian officials, including President Mahama, Finance Minister Cassiel Ato Forson, and Acting Governor of the Bank of Ghana, Dr. Johnson Asiama. These engagements were aimed at reviewing the country’s economic performance, the effectiveness of the ECF arrangement, and the policies being implemented to address fiscal imbalances and inflationary pressures. The IMF’s assessment considered the economic policies currently in place as well as their impact on national growth, inflation control, and fiscal consolidation efforts.
The mission also opened discussions on the policies that will form the basis of the national budget for 2025. According to the IMF, these discussions will continue over the next few weeks, focusing on Ghana’s fiscal strategies and economic policies as the country seeks to stabilize its economy and meet the conditions outlined in the IMF programme. One key point emphasized by the IMF staff was the importance of continuing efforts to reduce inflation, maintain a stable currency, and ensure sustainable fiscal management.
The IMF staff noted that part of their mission was to take stock of the Ghanaian authorities’ progress in fulfilling the key commitments they made under the Fund-supported programme. These commitments will be formally evaluated during the fourth review of the ECF arrangement, which is expected to take place in April 2025. This review will be crucial in determining Ghana’s eligibility for further financial support from the IMF and whether the country has met the key targets set under the programme.
The IMF has highlighted that its discussions with the Ghanaian authorities during the visit were productive and collaborative, with both sides working together to ensure that the goals of the ECF programme are met. The IMF mission team also expressed appreciation for the constructive engagement and cooperation it received from the Ghanaian authorities and other stakeholders throughout the visit.
As part of the ECF arrangement, Ghana has received approximately US$1.9 billion in disbursements. The funds have been critical in supporting the country’s economic stabilization efforts, particularly in addressing fiscal deficits, boosting foreign exchange reserves, and mitigating the impact of global economic shocks. The IMF’s support has also been essential in helping Ghana implement structural reforms and address long-term challenges such as public sector inefficiencies, debt management, and economic diversification.
Looking ahead, the IMF’s upcoming review in April 2025 will provide an important opportunity for the international community to assess Ghana’s progress in fulfilling its economic reform commitments. The review will also examine the extent to which the country’s policies have supported sustained economic growth, improved public finances, and restored investor confidence in the national economy.
For Ghana, the outcome of the April 2025 review will be critical in shaping the country’s economic trajectory. The government, through its collaboration with the IMF and the implementation of key reforms, aims to foster an environment of stability and growth that will benefit all sectors of the economy. The IMF’s continued support, along with the commitment of Ghana’s authorities to meeting programme targets, will play a pivotal role in guiding the country toward a more resilient and prosperous future.
In conclusion, while Ghana’s progress will be formally assessed in April 2025, the ongoing collaboration with the IMF and the commitment to economic reforms indicate that the country is on a path toward economic recovery and growth. The IMF’s support remains a critical element in helping Ghana navigate the challenges it faces and achieve its long-term development goals.
