Ghana has exceeded a significant benchmark under the International Monetary Fund (IMF) programme aimed at increasing the country’s gross international reserves, achieving this milestone a year ahead of the programme’s completion date in May 2026.
Data released following a staff-level agreement between the government and the IMF indicates that Ghana’s gross international reserves reached $9.3 billion as of February 2025, equivalent to four months of import cover. The country was initially expected to reach this threshold by mid-2026.
Reacting to this development, Dr. Benjamin Amoah, a senior finance lecturer at the University of Ghana Business School, described the achievement as a positive step that could help sustain the cedi’s stability. “I think this is a good development for the cedi. Improving the reserves will send a positive signal to investors that the currency is in a good position,” he stated. He also advised the government to continue implementing debt sustainability measures to further bolster the country’s reserves.
Government and IMF Reach Staff-Level Agreement
On April 15, 2025, Ghana and the IMF reached a staff-level agreement on a package of economic policies and reforms to conclude the fourth review of the 36-month Economic Credit Facility (ECF)-supported programme. This agreement is subject to consideration by the executive board.
Upon completion of the executive board review, Ghana would gain access to SDR 267.5 million (approximately US$370 million), bringing the total IMF financial support disbursed under the arrangement since May 2023 to SDR 1,708 million, or about US$2.355 billion.
The Fund noted in a communique that growth in 2024 was higher than expected, supported by robust mining and construction activities. “The external sector has seen a considerable improvement, driven by solid exports, particularly gold and, to a lesser extent, oil, and higher remittances. As a result, international reserves accumulation has far exceeded the ECF-supported programme targets,” it emphasized.
Despite these achievements, the Fund indicated that overall performance under the IMF-supported programme markedly deteriorated at the end of 2024. “Preliminary fiscal data point to slippages in the run-up to the 2024 general elections, due to a large accumulation of payables. Inflation exceeded programme targets, and several reforms and policy actions were delayed across the fiscal, financial, and energy sectors,” it added.
In response, the new authorities have implemented bold measures to address these policy slippages and ensure the programme objectives remain attainable. On the fiscal front, the government has launched an audit of the payables to clarify the size and nature of the slippages. Preliminary estimates suggest that the primary balance posted a deficit of about 3¼ percent of Gross Domestic Product (GDP), compared to a targeted surplus of ½ percent of GDP.
To tackle these issues, the IMF noted that the government has enacted a 2025 Budget aiming for a 1½ percent of GDP primary surplus and adopted several public financial management reforms, including an enhanced fiscal responsibility framework and new rules to tighten expenditure commitments.
The IMF mission, which visited Ghana last week, engaged with authorities on their wide-ranging structural reform programme, focusing on enhancing governance and transparency and strengthening the management of State-Owned Enterprises in the gold, cocoa, and energy sectors. The mission met with Finance Minister Forson, Bank of Ghana Governor Dr. Johnson Asiama, and their teams, along with representatives from various government agencies and other stakeholders. The IMF expressed gratitude to the Ghanaian authorities and counterparts for their continued open and constructive engagement.
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