ACCRA, May 16 – Ghana and the International Monetary Fund have reached a staff-level agreement on the final review of the West African nation’s $3 billion support programme, marking a major milestone in Ghana’s recovery from its worst economic crisis in a generation.
The IMF said on Friday that the agreement remains subject to approval by its Executive Board.
The oil, gold and cocoa-producing nation sought IMF assistance in 2022 after rising debt-servicing costs, the economic fallout from the COVID-19 pandemic, Russia’s invasion of Ukraine and elevated global interest rates triggered severe pressure on the cedi and accelerated inflation.
According to the IMF, the programme delivered “substantial stabilisation gains,” including lower inflation, stronger foreign reserves and improved investor confidence in the cedi.
The Fund added that Ghana’s economic growth in 2025 exceeded expectations, supported largely by stronger gold export revenues and an improving fiscal position.
Ghana’s presidency described the completion of the Extended Credit Facility-supported programme as a significant milestone in efforts to restore macroeconomic stability and debt sustainability.
The government has also requested a transition to a non-financing Policy Coordination Instrument focused on maintaining fiscal discipline, strengthening economic resilience and advancing structural reforms.
While the new framework will not provide additional IMF financing, Ghanaian authorities said it is expected to support investor confidence, attract private capital and strengthen the country’s long-term goal of regaining investment-grade status.
The latest development follows recent upgrades to Ghana’s sovereign ratings by major credit agencies. Fitch Ratings upgraded Ghana’s sovereign rating to “B” from “B-” earlier this month, following a positive assessment from Moody’s Ratings in April.
The IMF programme has been widely viewed as central to Ghana’s broader economic stabilization strategy after years of fiscal stress and debt restructuring negotiations.
