GHANA and the IMF have reached a staff-level agreement on the fourth review of the country’s $3bn loan programme, setting the stage for a fresh $370 million disbursement once it gains approval from the Fund’s Executive Board.
The agreement, confirmed in an IMF statement on Tuesday and reported by Reuters, represents another step forward in Ghana’s ongoing push to stabilise its economy after enduring its most severe crisis in decades.
Economic recovery remains fragile
The gold, oil, and cocoa-producing country has been contending with surging inflation, currency depreciation, and a rising debt load. Although the IMF noted that Ghana’s performance had markedly deteriorated by the end of 2024, it also acknowledged that the government has since made significant efforts to correct earlier reform and policy slippages.
‘Discussions with the authorities centred on possible additional measures needed to address structural weaknesses in the public financial management,’ the IMF said.
Reforms critical to unlock funding
The anticipated $370 million disbursement will bring Ghana’s total receipts under the extended credit facility to nearly $2bn. Government reforms in areas such as fiscal management, domestic revenue generation, and transparency are essential to securing long-term macroeconomic stability, the IMF noted.
Ghana’s finance officials have insisted that the programme is vital to restoring investor confidence, attracting capital, and achieving a sustained return to growth.
Structural weaknesses under scrutiny
Despite signs of macroeconomic improvement, core sectors such as gold and cocoa production continue to face significant headwinds. The IMF warned that lasting recovery will require deeper structural reforms, especially in public financial management — an area the institution has repeatedly flagged as needing urgent attention.
As Ghana pushes ahead with its reform commitments, citizens and investors alike are watching closely for concrete outcomes that reflect improved governance and real economic gains.
