The International Monetary Fund (IMF) Executive Board has approved Ghana’s 4th Review under the Extended Credit Facility (ECF) Programme, unlocking a fresh $370 million disbursement to support the country’s economic recovery efforts.
The decision, announced by Ghana’s Finance Minister Dr. Cassiel Ato Forson on July 7, 2025, signals growing international confidence in the West African nation’s progress in stabilising its economy through sound fiscal policies and structural reforms.
“This landmark approval validates Ghana’s unwavering commitment to fiscal discipline and strategic economic transformation,” Dr. Forson said. “Our comprehensive macroeconomic policies and carefully crafted structural reforms are delivering real results that the international community recognises and supports.”
Fifth Tranche Boosts Ghana’s Reform Agenda
The $370 million represents the fifth tranche under the IMF’s ECF arrangement. It comes following a thorough review of Ghana’s performance, including benchmarks for fiscal consolidation, debt sustainability, and structural reforms.
Ghana first entered the ECF programme to address serious fiscal imbalances and restore macroeconomic stability. The government has since focused on narrowing the budget deficit, strengthening debt management practices, and implementing reforms to make the economy more resilient.
According to the Finance Ministry, the latest disbursement will offer crucial budgetary support, enabling the government to maintain essential public services while pressing forward with its reform agenda. The funds will also bolster investor confidence and help Ghana rebuild international credibility in financial markets.
“Today marks another decisive step forward in Ghana’s economic recovery journey, demonstrating that our reform agenda is not just working — it’s exceeding expectations and rebuilding confidence in our nation’s financial future,” Dr. Forson added.
The IMF’s endorsement is seen as a powerful signal to international investors, development partners, and credit markets that Ghana is on a credible path to economic recovery.
Also Read: IMF reaches Staff-Level Agreement on third review with Ghana
