IMF Approves Ghana’s 4th Review, Unlocks $370M for Economic Recovery – Finance Minister Confirms
Ghana’s economic reform agenda received a major boost today following the International Monetary Fund’s (IMF) approval of the 4th Review under the country’s Extended Credit Facility (ECF) programme.
The decision, confirmed by Finance Minister Dr. Cassiel Ato Forson, clears the way for the disbursement of a $370 million tranche, further strengthening Ghana’s foreign reserves and economic stability efforts.
“The IMF Executive Board has just approved Ghana’s 4th Review under the ECF Programme, clearing the path for a substantial $370 million disbursement!” Dr. Forson announced via his official X (formerly Twitter) handle.
Calling it a “landmark approval”, the minister said the development affirms Ghana’s ongoing efforts at fiscal discipline, structural reform, and macroeconomic transformation, all aimed at restoring investor confidence and supporting growth.
“Our comprehensive macroeconomic policies and carefully crafted structural reforms are delivering real results that the international community recognizes and supports,” he added. “Today marks another decisive step forward in Ghana’s economic recovery journey.”
The approval brings Ghana’s total disbursement under the $3 billion bailout programme to nearly $2 billion since its launch in May 2023. It also follows a recent $360 million development package from the World Bank, pushing total support inflows to over $700 million this quarter.
Economic Context
The IMF’s latest decision comes amid signs of macroeconomic recovery. Inflation has dropped to 18.4% in May from a high of over 54% in 2022, while the cedi, despite pressures in the forex bureau market, has remained relatively stable on the interbank market. Analysts say the fresh injection of IMF funds will further support foreign exchange liquidity, ease balance of payments pressure, and potentially strengthen the cedi in the short term.
The Finance Ministry and the Bank of Ghana have jointly rolled out revenue-enhancing reforms, tighter monetary policy, and energy sector restructuring as part of conditions tied to the programme.
International Endorsement of Ghana’s Reforms
Global credit rating agencies and financial institutions are now viewing Ghana’s reform trajectory more positively, citing progress in public financial management, debt restructuring, and social protection efforts.
“This shows the world that Ghana is not just committed to reform, but delivering on it,” Dr. Forson stated.
As the country continues on its path toward fiscal consolidation and sustainable growth, the latest IMF approval is expected to trigger renewed investor interest and pave the way for further donor and private-sector engagement.
